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Post by broker2020 on Jul 20, 2018 8:40:21 GMT
No difficult questions are raised for Lendy because they are not providing financial advice. Any information obtained from their website in relation to any loans may or may not be accurate - much of the information is of course provided by borrowers. It is entirely up to lenders to do their own due diligence and to diversify their investment portfolios to mitigate risk Valuations are carried out by valuers who are independent professionals and Lendy may not be at all at fault if properly instructed valuations are off the mark. In their terms and conditions they grant themselves much leeway in the manner in which they go about loan recoveries which may take years. I do realise that is not what comes across on the website of Lendy although most of what I say is there somewhere in the small print. You may have strong views to the contrary but I fear you will get little real sympathy from Lendy - Caveat Emptor and all that. You could complain to Lendy, take issues further to the Ombudsman, consult a solicitor, see your MP, have a chat with Citizens Advice or your local Trading Standards. I don't honestly think any of it will get you anywhere. I don't know the answer. Lendy is not a bank nor a Building Society and certainly does not act like one. But difficult questions are raised, yes they do not provide financial advice, however it would appear that a valuation was used which included the adjacent land when in fact we were lending on the buildings with no land. The removal of the adjacent land has had a material impact on the valuation and therefore the published LTV. If the correct valuation had been published they would not have been able to raise as much money. For any platform or market to have any success the participants must have confidence in the information they are being provided.
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Post by brightspark on Jul 20, 2018 11:48:17 GMT
Completely agree. I have not invested via Lendy for several months for reasons of trust. I am not invested in PBL167 so have not followed in the ins and outs of the valuation. Lendy will I surmise stick to the position that it is up to lenders to do their own due diligence.
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rocky1
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Post by rocky1 on Jul 20, 2018 12:45:25 GMT
fair enough but a lot of lenders believe lendys rigourous and robust with over 100 years experience between them.that they only bring loans that have been scrutinised and have been through all their initial DD.should we not believe any of it.
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Post by GSV3MIaC on Jul 20, 2018 14:38:59 GMT
Completely agree. I have not invested via Lendy for several months for reasons of trust. I am not invested in PBL167 so have not followed in the ins and outs of the valuation. Lendy will I surmise stick to the position that it is up to lenders to do their own due diligence.
It's a nice theory but if the platform says 'we are lending against London Bridge', I can see how it is up to you to figure out what London bridge is worth. However if they then secure the money against a footbridge over the Ouse at Bedford, it is hardly your DD which is an issue - the security ain't what it was supposed to be.
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nsinvestor
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Post by nsinvestor on Jul 20, 2018 17:18:40 GMT
Completely agree. I have not invested via Lendy for several months for reasons of trust. I am not invested in PBL167 so have not followed in the ins and outs of the valuation. Lendy will I surmise stick to the position that it is up to lenders to do their own due diligence.
It's a nice theory but if the platform says 'we are lending against London Bridge', I can see how it is up to you to figure out what London bridge is worth. However if they then secure the money against a footbridge over the Ouse at Bedford, it is hardly your DD which is an issue - the security ain't what it was supposed to be.
i seem to remember a very gullible American buying london bridge in the 1970's ....
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Post by GSV3MIaC on Jul 20, 2018 20:18:33 GMT
Yes, and they got what they paid for .. what they THOUGHT they were buying was, of course, Tower Bridge (London .. not any other Tower Bridge).
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Post by df on Jul 20, 2018 20:42:49 GMT
fair enough but a lot of lenders believe lendys rigourous and robust with over 100 years experience between them.that they only bring loans that have been scrutinised and have been through all their initial DD.should we not believe any of it. I suppose most believed in it until tsunami of defaults came upon.
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Post by brightspark on Jul 20, 2018 21:09:53 GMT
fair enough but a lot of lenders believe lendys rigourous and robust with over 100 years experience between them.that they only bring loans that have been scrutinised and have been through all their initial DD.should we not believe any of it. Time and again belief has proved a fallacy. The Lendy platform is littered with under-performing loans.
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TheDriver
Member of DD Central
Slightly bonkers
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Post by TheDriver on Jul 22, 2018 19:12:51 GMT
So, another 3 day vote extended to 8! with no explanation (as far as I can see).
Earlier this year Lendy were confident of a full recovery by administration; now they have a downgraded valuation to £3M and are proposing a sale at £1.9M - who is the keen buyer, and would fees/additional interest really hit 6 figures?!?
I'm not willing to give up the expectation for Lendy's convenience, so option 2 it is! They are so unimaginative in the options offered, I wonder if repeated refusal will engender more creative options next time?
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adrianc
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Post by adrianc on Jul 26, 2018 16:09:13 GMT
...and the vote is in. Option 1. Sold* for £1.9m, with recovery options on the way for the remainder.
* - (soon, cross fingers)
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Post by spareafewcoppersguv on Jul 26, 2018 16:37:10 GMT
I would like to know the results of the vote please Lendy Support ie the percentage of votes cast for option one and option two. The email received makes no mention of the actual result....... |
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mosaic
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Post by mosaic on Jul 26, 2018 16:41:54 GMT
Log in to Lendy and look...
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scraggs
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Post by scraggs on Jul 26, 2018 17:05:25 GMT
I'm sick of being taken for an idiot by P2P platforms Lendy being one of them.
Lendy an explanation as to what happened to the £2Million offer would be a start, let alone how far this valuation is out. or do you intend to keep people like mushrooms for ever ?
Yet another large loss, by people who I now wouldn't trust or call competent enough to sell my kids dolls house.
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Post by slimanne on Jul 26, 2018 17:55:43 GMT
I'm sick of being taken for an idiot by P2P platforms Lendy being one of them. Lendy an explanation as to what happened to the £2Million offer would be a start, let alone how far this valuation is out. or do you intend to keep people like mushrooms for ever ? Yet another large loss, by people who I now wouldn't trust or call competent enough to sell my kids dolls house. You have recently made us aware of the difficulties you are experiencing with Ly. and in particular you drew to our attention the fact that Ly, up to the end of last year, were still advertising the BH investment using our original valuation report which is out of date and does not reflect the changes that took place after that report was done. Our report originally included the park land to the south and west of the cottage complex, but subsequently you obtained an option to purchase on that which has not yet been exercised. Ly were aware of this fact, but for some reason chose to continue offering investors this property based on an incorrect report. We request as a standard clause in our reports, that we should approve the form and context in which the reports are to be published prior to publication. We further reserve the right to withdraw our valuation should the circumstances change with regard to the property. In our opinion that situation did arise where there was a significant material change, but Lendy have never requested in writing our approval of how they propose to use our report, nor have they advised that they were continuing to use the original report despite the circumstances having changed. It would appear in our opinion therefore, that Ly have misrepresented the situation by not publishing an amended report following withdrawal of the land purchase. We trust that you will bring this matter to the attention of the various interested parties in your ongoing discussions with Ly.
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Post by brightspark on Jul 26, 2018 18:10:02 GMT
Looks like more ammunition to fire at the Ombudsman!
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