r1200gs
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Post by r1200gs on Jun 16, 2018 16:07:31 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. Perhaps I'm being a bit thick, but mandated tells me that Lendy should be receiving the rent.
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averageguy
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Post by averageguy on Jun 16, 2018 19:41:59 GMT
I think the word “mandated” in the sentence should give you a hint why Lendy does not have the rental income money. Perhaps I'm being a bit thick, but mandated tells me that Lendy should be receiving the rent. You mean like the bit ''mandated to us'' ![:)](//storage.proboards.com/forum/images/smiley/smiley.png)
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averageguy
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Post by averageguy on Jun 16, 2018 19:42:54 GMT
Perhaps I'm being a bit thick, but mandated tells me that Lendy should be receiving the rent. You mean like the bit ''mandated to us'' ![:)](//storage.proboards.com/forum/images/smiley/smiley.png) unfortunately its preceded by ''will be'' ...did that happen? probably not.
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Monetus
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Post by Monetus on Jun 22, 2018 15:39:05 GMT
Latest update:
"The new valuation report has now been received and has been reviewed. An offer of settlement has been made by the borrower and considered by Lendy, who have not accepted the settlement offer made by the borrower as it is considered insufficient, and Lendy have reverted to the borrower seeking an increased settlement offer."
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Jeepers
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Post by Jeepers on Jun 22, 2018 16:08:03 GMT
We have a situation here where Lendy will not accept any lower offer as final settlement.
Why? Because investors would have then lost money and the famous tag line would end. They couldn't kick the can down the hill forever with the 'our recovery strategy is progressing...' BS.
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Post by charliebrown on Jun 22, 2018 16:28:50 GMT
We have a situation here where Lendy will not accept any lower offer as final settlement. Why? Because investors would have then lost money and the famous tag line would end. They couldn't kick the can down the hill forever with the 'our recovery strategy is progressing...' BS. We all know that Lenders have already lost money. Is LY even still claiming that no investor has ever lost a penny? I don’t think they’re still claiming that, I haven’t seen them claiming that for quite some time. Anyone looking at the current loan book and reading the latest Fortnighly BS will realise that a lot of people are going to lose a lot of money (none of those people work for Lendy).
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Post by brightspark on Jun 22, 2018 16:56:37 GMT
We have a situation here where Lendy will not accept any lower offer as final settlement. Why? Because investors would have then lost money and the famous tag line would end. They couldn't kick the can down the hill forever with the 'our recovery strategy is progressing...' BS. One would need to know the new valuation before making a judgement. If the new value points to a downgrading of expectation then the borrower will likely hold to or near to their low offer. Their view will be why should they bear all the pain. If however the valuation is at or above Lendy expectations then in the best interests of investors they will hold out for as full a repayment as is reasonable. It may be a case of not being able to extract blood from a stone but there again it may not. One gets the impression that both parties are trying to find common ground and neither have reached a state of intransigence. We shall see. I hope agreement can be reached as the alternative will be a long slog.
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SteveT
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Post by SteveT on Jun 22, 2018 19:08:41 GMT
We have a situation here where Lendy will not accept any lower offer as final settlement. Why? Because investors would have then lost money and the famous tag line would end. They couldn't kick the can down the hill forever with the 'our recovery strategy is progressing...' BS. They might well accept rather less than the borrower owes Lendy, but enough to cover what is owed to their lenders. Remember that borrowers are charged a much higher rate than is passed on to lenders.
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Jeepers
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Post by Jeepers on Jun 22, 2018 19:26:01 GMT
SteveT Are you suggesting the offer might be full capital without the accrued interest?
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SteveT
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Post by SteveT on Jun 22, 2018 20:59:31 GMT
SteveT Are you suggesting the offer might be full capital without the accrued interest? No
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xpubman1
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Post by xpubman1 on Jun 22, 2018 21:59:15 GMT
It does seem that Steve T is suggesting exactly that.. and I would accept that offer in a heartbeat. I have already received in excess of 3k in interest and I stand to lose around 270.00 in accrued or bonus interest, all things considered such as the risky business we are in, it is a no brainer, get the cash back and put it in one of the university projects....
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xpubman1
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Post by xpubman1 on Jun 22, 2018 22:01:20 GMT
Sorry Steve for trying to put words in your mouth..... I have just seen your reply.
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tx
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Post by tx on Jun 22, 2018 22:18:59 GMT
It seems Ly nowadays actively seek settlement and try to close out such projects from its book. I think it is the right approach, cut loss and move on.
Unlike some very old SS loan still on platform hundreds of days overdue, I think investors would accept capital repayment without some accrued, at least I would. This would help not only the investors but also the platform survival and minimise reputation damages.
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Post by p2plender on Jun 22, 2018 23:04:25 GMT
No movement from 11th May update then. Another offer (allegedly).
Looks like this will go the way of the rest of Lendy lemon loans.
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Post by GSV3MIaC on Jun 28, 2018 15:44:41 GMT
I suspect a whole lot of the £14m will be injected into other places, VIA the platform .. 'one swallow does not a summer make' etc. Now if they could sort out DFL1 - 6, in some reasonable time frame, the cash might prove slightly stickier.
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