brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Jun 14, 2018 23:35:54 GMT
Why not give them a break and let them get on with it, I am sure as soon they have the valuation and have studied the offer we will hear about it.please stop being so impatient..... Patience is a game lengthening approach as it conveys an upfront acceptance of a lack of urgency. You needn't be too worried for Lendy staff though, this isn't a hot line to Lendy Towers and posts like the one you are reprimanding jeepers for will not be giving the staff ulcers. They'll be getting on with whatever the current state of corporate desperation dictates whether it involves ulcers or not. I agree. I was persuaded to show patience with my investments at ReBS ('we like to work with the borrower to resolve any issues rather than force them out of business'). Three years later, there's been little if any progress; many more loans have transitioned from defaults to bad debt than from defaults to recoveries.
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Post by p2plender on Jun 15, 2018 1:25:17 GMT
"Give them a break"
Are you even serious with that comment? Maybe jump across to Gloucester and Somerset threads and say that. When it involves Lendy, that's the last advice you should offer. The project is late after we were told it was nearing completion moons ago, £14 million owed and late after investors were fed what now appears fortnightly BS.
An 'offer' made or is it 2 offers? Not that investors are deemed important enough to be entitled to these figures. Why not email investors in this loan if they don't want to put the 'offer' on the platform.
One loan left, fallen at the final hurdle. A near perfect escape from financial execution.
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rocky1
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Post by rocky1 on Jun 15, 2018 4:51:08 GMT
what is is it with all these borrowers wanting to make offers. we want our capital+interest back as per contract.lendy and borrowers come up with pie in the sky GDVs/LTVs and do very well out of us until it comes to payback.thats when all this s**t begins like we are working closely with the borrower and it drags out forever until we seem to be happy to receive part of our capital back.no interest for months /years and capital doing nothing.how are we not losing money.
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11025
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Post by 11025 on Jun 15, 2018 8:11:47 GMT
"Give them a break" Are you even serious with that comment? Maybe jump across to Gloucester and Somerset threads and say that. When it involves Lendy, that's the last advice you should offer. The project is late after we were told it was nearing completion moons ago, £14 million owed and late after investors were fed what now appears fortnightly BS. An 'offer' made or is it 2 offers? Not that investors are deemed important enough to be entitled to these figures. Why not email investors in this loan if they don't want to put the 'offer' on the platform. One loan left, fallen at the final hurdle. A near perfect escape from financial execution. I agree , I want Investors to be provided with more information regarding the loans their money is invested in and I do not understand why Lendy are not capable of doing this ....
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empirica
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Post by empirica on Jun 15, 2018 11:01:22 GMT
"Give them a break" Are you even serious with that comment? Maybe jump across to Gloucester and Somerset threads and say that. When it involves Lendy, that's the last advice you should offer. The project is late after we were told it was nearing completion moons ago, £14 million owed and late after investors were fed what now appears fortnightly BS. An 'offer' made or is it 2 offers? Not that investors are deemed important enough to be entitled to these figures. Why not email investors in this loan if they don't want to put the 'offer' on the platform. One loan left, fallen at the final hurdle. A near perfect escape from financial execution. I agree , I want Investors to be provided with more information regarding the loans their money is invested in and I do not understand why Lendy are not capable of doing this .... They are surely capable but are seemingly unwilling. There's an earlier comment on one of the threads about giving your customers a stick to measure you by, and end up being beaten with it.
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11025
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Post by 11025 on Jun 15, 2018 11:10:20 GMT
I agree , I want Investors to be provided with more information regarding the loans their money is invested in and I do not understand why Lendy are not capable of doing this .... They are surely capable but are seemingly unwilling. There's an earlier comment on one of the threads about giving your customers a stick to measure you by, and end up being beaten with it. Correct , I think the reticence to provide further info arises from the worry of confidentiality and lack of trust for loose lips ,
Maybe that isn't well-founded as I certainly wouldn't want to do anything to jeopardize my invested funds
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empirica
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Post by empirica on Jun 15, 2018 15:14:48 GMT
I'll accept either an update or a reason why they cant update us today/why it's confidential. To receive nothing would be nothing short of corporate arrogance. The 08/06/2018 update stated: Seems perfectly reasonable to me to wait for fortnightly update on Friday 22nd for the result of those ongoing deliberations. What I would be interested in is whether the Borrower has sight of the new valuation. I’d hope not as it gives Lendy the upper hand in negotiations which is maybe why information to the lenders is a bit thin on the ground in this instance. Arrogant? Or astute?
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Post by Please turn me over on Jun 15, 2018 15:26:29 GMT
I'll accept either an update or a reason why they cant update us today/why it's confidential. To receive nothing would be nothing short of corporate arrogance. The 08/06/2018 update stated:Seems perfectly reasonable to me to wait for fortnightly update on Friday 22nd for the result of those ongoing deliberations. What I would be interested in is whether the Borrower has sight of the new valuation. I’d hope not as it gives Lendy the upper hand in negotiations which is maybe why information to the lenders is a bit thin on the ground in this instance. Arrogant? Or astute? As Lendy's borrowers often/usually pay for the valuations, I would assume that the borrower in this case will have sight of it.
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empirica
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Post by empirica on Jun 15, 2018 15:30:07 GMT
The 08/06/2018 update stated:Seems perfectly reasonable to me to wait for fortnightly update on Friday 22nd for the result of those ongoing deliberations. What I would be interested in is whether the Borrower has sight of the new valuation. I’d hope not as it gives Lendy the upper hand in negotiations which is maybe why information to the lenders is a bit thin on the ground in this instance. Arrogant? Or astute? As Lendy's borrowers often/usually pay for the valuations, I would assume that the borrower in this case will have sight of it. Usually, maybe, but when the platform is at odds with the borrower, I'd expect both to take their own 'counsel' including separate valuations.
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Jeepers
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Post by Jeepers on Jun 15, 2018 15:53:58 GMT
It's not so much a need to know all the details, just to know the cogs are still turning.
The silence is deafening.
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rocky1
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Post by rocky1 on Jun 15, 2018 16:09:38 GMT
dont know if i can say on here [take down if not allowed]look at this company on CHwebsite shows a second charge for i think valuation just recently.
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Jeepers
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Post by Jeepers on Jun 15, 2018 16:12:07 GMT
dont know if i can say on here [take down if not allowed]look at this company on CHwebsite shows a second charge for i think valuation just recently. That was 7 months ago.
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empirica
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Post by empirica on Jun 15, 2018 19:54:49 GMT
It's not so much a need to know all the details, just to know the cogs are still turning. The silence is deafening. Isn't that what the fortnightly updates are for, though? (Especially given that the last update implied that there would be some lag in a) receiving the updated valuations and b) deliberating over the borrowers proposal in light of the new valuation.) You must be glad you aren't in COL _ how would you contain yourself with just an update every six months!
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webwizard
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Post by webwizard on Jun 16, 2018 12:59:07 GMT
When this loan and later tranches were launched there was information about rental income.
"8 units have also been let within Phase 1 on standard Assured Shorthold Tenancies (ASTs) at a rent of £110,000 pa and further lettings of the remaining completed units are imminent. All rental income will be mandated to us and held as a contingency fund in case of need."
Does anyone know what happened to all of this income over the last 12-18 months? Could it be used to return interest?
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rs
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Post by rs on Jun 16, 2018 15:33:01 GMT
When this loan and later tranches were launched there was information about rental income. " 8 units have also been let within Phase 1 on standard Assured Shorthold Tenancies (ASTs) at a rent of £110,000 pa and further lettings of the remaining completed units are imminent. All rental income will be mandated to us and held as a contingency fund in case of need." Does anyone know what happened to all of this income over the last 12-18 months? Could it be used to return interest? I think the word “mandated” in the sentence should give you a hint why Lendy does not have the rental income money.
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