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Post by df on Jun 5, 2018 20:32:51 GMT
whatever the place turns out to be is not our problem. I disagree; whatever the place turns out to be most definitely is our problem, at least while the borrower has our money. A bank might be quite happy to refinance out a block of flats with minimum 6-month shorthold tenancies because the income stream is far more reliable than temporary week-by-week flats, where the property may become void at any time on short notice. A less reliable income stream + tenants who are less likely to look after their flats + a community which is less desirable to long-term renters = a lower property valuation, which in this case may be preventing the borrower from getting the necessary bank funding and paying us back. Of course it is our problem because our money locked in DFL004. It's also our fault chasing 12% returns and investing in loans like this. I doubt any bank will refinance this project (can't think of any p2p platforms who will do it either). So it will probably be put on the market, wich will take forever. 12-18 months estimated by Ly based on professional opinion, I wouldn't count on it if the intension is to repay the whole capital and interest accrued. I wonder if auction entry [asap] could be considered as an option, this way we could get something back sooner and put our losses down to experience?
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michaelc
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Post by michaelc on Jun 5, 2018 21:22:26 GMT
Of course it is our problem because our money locked in DFL004. It's also our fault chasing 12% returns and investing in loans like this. <snip> It is interesting to read the first few posts at the start of this thread. The positive vibe by folk at that time was what stupidly attracted me.
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Post by df on Jun 5, 2018 21:57:20 GMT
Of course it is our problem because our money locked in DFL004. It's also our fault chasing 12% returns and investing in loans like this. <snip> It is interesting to read the first few posts at the start of this thread. The positive vibe by folk at that time was what stupidly attracted me. There was quite a lot of trust in SS at that time. Only one default, PBL020?, and SM in a mode of starvation - even overdue loans were flying off the shelf in seconds. It feels like not long ago I was chasing some scraps and by the time I've ticked three images of pizza and proved that I'm not a robot the scrap was already gone.
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rocky1
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Post by rocky1 on Jun 6, 2018 4:43:05 GMT
whatever the place turns out to be is not our problem. I disagree; whatever the place turns out to be most definitely is our problem, at least while the borrower has our money. A bank might be quite happy to refinance out a block of flats with minimum 6-month shorthold tenancies because the income stream is far more reliable than temporary week-by-week flats, where the property may become void at any time on short notice. A less reliable income stream + tenants who are less likely to look after their flats + a community which is less desirable to long-term renters = a lower property valuation, which in this case may be preventing the borrower from getting the necessary bank funding and paying us back. surely the borrower knew the market he was trying to attract. did he expect a bunch of high flyers to snap them up. so what are we supposed to do, find buyers and tenants for all these projects whose way out is dependent on the sale of units before they can pay anything back.we did not worry about rental income/streams when financing these projects.i also did not think about finding buyers/tenants either.seems to be a lot more to think about now when lending on DFLs like fund the the whole thing then find me buyers and tenants and then i will pay you back in instalments.you cant make this up. absolute bloody joke.
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tx
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Post by tx on Jun 6, 2018 7:15:50 GMT
It is interesting to read the first few posts at the start of this thread. The positive vibe by folk at that time was what stupidly attracted me. There was quite a lot of trust in SS at that time. Only one default, PBL020?, and SM in a mode of starvation - even overdue loans were flying off the shelf in seconds. It feels like not long ago I was chasing some scraps and by the time I've ticked three images of pizza and proved that I'm not a robot the scrap was already gone. I remember those days. I was wondering if there was an api and someone is running the SM with auto trading. And I practice the “I am not a robot” thing to recognise “store front” and “road sign” ... the silly days are gone and reality is back. Oh well. We all learnt something.
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Post by df on Jun 6, 2018 20:31:47 GMT
There was quite a lot of trust in SS at that time. Only one default, PBL020?, and SM in a mode of starvation - even overdue loans were flying off the shelf in seconds. It feels like not long ago I was chasing some scraps and by the time I've ticked three images of pizza and proved that I'm not a robot the scrap was already gone. I remember those days. I was wondering if there was an api and someone is running the SM with auto trading. And I practice the “I am not a robot” thing to recognise “store front” and “road sign” ... the silly days are gone and reality is back. Oh well. We all learnt something. May be it is a common practise, but I've never seen such identification tool before signing up for Saving Stream. I thought it was a bit childish asking investors to identify land marks and pizzas. My first thought was "bots are involved" when I saw many purchases of loan parts bellow 10p, but then I myself ended up with 1p loan. I intended to buy a loan part, but there was only 1p left after my "store front" security check was completed, so I got 1p. I also noticed that you can have more success if hunting between midnight and dawn. I might be wrong, but I think the purchases were manual.
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Post by loftankerman on Jun 6, 2018 22:43:18 GMT
Speaking as someone who has a regularly travelling family member... It is always between midnight and dawn somewhere.
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tx
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Post by tx on Jun 6, 2018 23:26:57 GMT
May be it is a common practise, but I've never seen such identification tool before signing up for Saving Stream. I thought it was a bit childish asking investors to identify land marks and pizzas. My first thought was "bots are involved" when I saw many purchases of loan parts bellow 10p, but then I myself ended up with 1p loan. I intended to buy a loan part, but there was only 1p left after my "store front" security check was completed, so I got 1p. I also noticed that you can have more success if hunting between midnight and dawn. I might be wrong, but I think the purchases were manual. Speaking as someone who has a regularly travelling family member... It is always between midnight and dawn somewhere. 😉 I strongly agree with you both! I myself sometimes got sub-pound loan after all those google gotcha thingy. I also sometime trade 3am ... silly me. Those loans are long gone by now, either in next Hollywood blockbusters of “-300”, or successfully repaid, or in a infinite loop of DFLs, like a blackhole. Ly funds were so liquid in those days, even better than stock market and as good as cash. People were buying defaulted loans at par! What kind of sense does that make? Now, they are dead in the water, worst than BBB- junk held to maturity.
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Jeepers
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Post by Jeepers on Jun 9, 2018 11:20:31 GMT
Latest update: 'offer of settlement has been received'
I'm assuming it's less than the loan amount for it not to be immediately be accepted.
Don't like the wording on this, specifically the word 'settlement'. Just because a partial repayment is accepted now to allow for refinance, it's no reason to write of any remaining balance.
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mary
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Post by mary on Jun 9, 2018 11:40:21 GMT
Latest update: 'offer of settlement has been received' I'm assuming it's less than the loan amount for it not to be immediately be accepted. Don't like the wording on this, specifically the word 'settlement'. Just because a partial repayment is accepted now to allow for refinance, it's no reason to write of any remaining balance. I sssume so too, however the offer is likely to be conditional on it being a final settlement. The alternative being to appoint an LPA and hope that someone makes a better offer. This is a highly unique, and unfinished project, with a very high valuation. The market is therefore likely to be very small, and probably limited to someone who thinks they are getting a bargain.
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Jeepers
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Post by Jeepers on Jun 9, 2018 11:50:18 GMT
From what I gather, the council is very much interested in the project and would be very reluctant to have it standing unfinished. Perhaps it might step in with some funding.
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tx
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Post by tx on Jun 9, 2018 22:54:20 GMT
Council would never step in private projects, better not held hope up.
Ly said “maximise return”, not recovery. Seems Ly still think it is in the “return” territory, purely my speculation.
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richox
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Post by richox on Jun 9, 2018 22:55:20 GMT
What is the status of the contingency fund of all rental income which was to be mandated to Lendy. How much is in that?
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Post by charliebrown on Jun 10, 2018 5:29:45 GMT
Council would never step in private projects, better not held hope up. Ly said “maximise return”, not recovery. Seems Ly still think it is in the “return” territory, purely my speculation. Lendy use the words “maximise return” on most of their loans that are in big trouble. What I read it to mean is “you’re probably not going to get all of your invested capital back but we’ll do our best to get you back as much as we can”. At this stage in the proceedings the borrower has defaulted the loan and is holding all the cards. I’m quite sure any settlement offer is significantly below the loan amount. The borrower will be calling Lendy’s bluff, in the knowledge he has a position of strength, that the word on the street is that Lendy is a soft touch and that most investors are so desperate to exit that if put to the vote the majority would vote to accept capital loses.
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Post by p2plender on Jun 10, 2018 9:13:41 GMT
Hence why I said yday, word will be out. Offers are the order of the day.
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