Jeepers
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Post by Jeepers on Feb 9, 2018 21:58:28 GMT
Lendy stated: " As you know, we issued an update on 2 February 2018 in regard to DFL005 confirming that we expected the loan to be repaid shortly". There was no mention above of....."subject to/conditional upon DD", etc, so one could be excused for thinking it was just about 'in the bag'. Now, given the DD statement, it is a very different ball game as the goal posts have been moved. I am with skint4achange on this one. If DD throws up any last minute surprises, as has been known, you will not be getting your money "shortly".Quite right! We've been told for the past month to expect repayment shortly. Now is not the time to be starting legal due diligence. I just saw 'funds in place' and thought we're good to go. Where is 'in place' the solicitor ?
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Post by skint4achange on Feb 9, 2018 22:02:40 GMT
Lendy stated: " As you know, we issued an update on 2 February 2018 in regard to DFL005 confirming that we expected the loan to be repaid shortly". There was no mention above of....."subject to/conditional upon DD", etc, so one could be excused for thinking it was just about 'in the bag'. Now, given the DD statement, it is a very different ball game as the goal posts have been moved. I am with skint4achange on this one. If DD throws up any last minute surprises, as has been known, you will not be getting your money "shortly".Quite right! We've been told for the past month to expect repayment shortly. Now is not the time to be starting legal due diligence. I just saw 'funds in place' and thought we're good to go. Where is 'in place' the solicitor ? Jeepers, I would imagine that "In place" in this instance means that either another P2P platform has managed to pre-fund the refinance of this loan (Although I doubt it as nobody has mentioned it being on another platform?) or it is being taken onto a commercial mortgage.
My concern is how long the DD is taking, and if there is a problem, then Paul should open up about it and let us know why.
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Jeepers
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Post by Jeepers on Feb 9, 2018 22:08:45 GMT
Something doesn't add up. We're not just waiting for solicitors etc, they are still performing 'due dilligence' so why has this not been mentioned before? Why would the funds be 'in place' before due diligence has completed?
I get the feeling I'm being spun a yarn!
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Post by skint4achange on Feb 9, 2018 22:11:51 GMT
Something doesn't add up. We're not just waiting for solicitors etc, they are still performing 'due dilligence' so why are the funds 'in place' ? I get the feeling I'm being spun a yarn! There have been many loans in the Lendy pipeline that state that the DD is on-going and the loan has probably been filled 3 times over.
I have no problem with loans going over time, big or small it doesn't matter to me. It's the lack of transparency that makes me lose confidence in the platform.......................... Well, that and no accounts for 2+ years!!!
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reinvestor
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Post by reinvestor on Feb 9, 2018 22:12:16 GMT
Newbie on this board but I have never, ever heard the phrase that funds are in place and due diligence is now being carried out in that order having worked in finance for many years.
Due diligence is done and by the very nature of things, those carrying it out will have the funds.
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Post by skint4achange on Feb 9, 2018 22:15:40 GMT
Newbie on this board but I have never, ever heard the phrase that funds are in place and due diligence is now being carried out in that order having worked in finance for many years. Due diligence is done and by the very nature of things, those carrying it out will have the funds. Indeed, those doing the DD do have the funds, and if their DD is not 100%, they will keep the funds and walk away, happier in the knowledge that they have not invested. We will then be subject to more of the same smoke screen updates for X months/years.
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Jeepers
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Post by Jeepers on Feb 9, 2018 22:25:54 GMT
skint4achange I must say you're quite right to be negative on this. This update has given more questions than answers and i don't anticipate repayment anytime soon ! Amongst the smoke screen, we've casually been dealt quite a blow !
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Post by skint4achange on Feb 9, 2018 22:37:43 GMT
skint4achange I must say you're quite right to be negative on this. This update has given more questions than answers and i don't anticipate repayment anytime soon ! Amongst the smoke screen, we've casually been dealt quite a blow ! Not yet we haven't, but as I have been trying to say, prepare for the worst case scenario and be happy if the result is better. Just if the updates were more transparent there would be no need for people to expect anything, they can plan for what is coming.
I am sure this will pay back, one day, but just don't pin hopes on updates until the validity of the updates is proven to be a hell of a lot better than it is at present.
I don't wish anyone to lose money, and I don't like seeing people leaving platforms and dragging them down, but until the platform starts to treat investors like they have intelliggenncde brianclells, a mind of their own, it will just get worse IMO. Come April the 6th, it won't matter. IFISA money will roll in and we will all be excess baggage anyway.
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Jeepers
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Likes: 721
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Post by Jeepers on Feb 9, 2018 22:47:05 GMT
They've set themselves up for the next update:
'Following the legal due diligence as advised in the previous update, the lender has pulled out. We will be releasing another tranche to cover the interest. We are confident the loan will repay before the end of 2018'
Should I apply for a job ?
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Post by skint4achange on Feb 9, 2018 22:50:36 GMT
They've set themselves up for the next update: 'Following the legal due diligence as advised in the previous update, the lender has pulled out. We will be releasing another tranche to cover the interest. We are confident the loan will repay before the end of 2018' Should I apply for a job ? OOOhhhh, another tranche!!!!! Just off to set my pre-funding! 
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Post by GSV3MIaC on Feb 10, 2018 15:53:02 GMT
Come April the 6th, it won't matter. IFISA money will roll in and we will all be excess baggage anyway. Not unless/until they a) get full FCA approval (I mean can you think of any reasons why not?) and b) get the ISA system(s) set up (which has already taken some much slicker-IT-wise platforms 6+ months, IIRC). Or did I blink and miss those two things having happened?
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Post by skint4achange on Feb 10, 2018 17:06:42 GMT
Come April the 6th, it won't matter. IFISA money will roll in and we will all be excess baggage anyway. Not unless/until they a) get full FCA approval (I mean can you think of any reasons why not?) and b) get the ISA system(s) set up (which has already taken some much slicker-IT-wise platforms 6+ months, IIRC). Or did I blink and miss those two things having happened? I am not saying it will be a Lendy ISA. They are not the only ISA managers who can blindly pour money into the Lendy platform.
So, I stand by my comment, come April 6th...........................
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Post by charliebrown on Feb 11, 2018 4:11:20 GMT
So, I stand by my comment, come April 6th...........................
Would institutional lenders go anywhere near Lendy? Wouldnt it be considered wreckless. The fundamentals that we bemoan, such as missing financial accounts, limited accountability, limited transparency, limited liquidity, limited information exchange, would be a bridge too far for professional lenders, no?
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Post by skint4achange on Feb 11, 2018 8:20:58 GMT
I think there are already institutional lenders on the platform. I have seen some large investments made on loans that are invested in such a way that it makes me believe that they are being encompassed in a bond(And I don't mean James!)
I have seen the same user buy 10 x £10k in one loan and then buy 10 x £10k in another loan. If that was an individual, why not just buy it as a £100k lump and not mess around with different loan parts?
With all the money that will be heading into IFISA this year, there may be a fight to find a home for it all. However, we will see.
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Post by loftankerman on Feb 11, 2018 9:13:42 GMT
I think there are already institutional lenders on the platform. I have seen some large investments made on loans that are invested in such a way that it makes me believe that they are being encompassed in a bond(And I don't mean James!)
I have seen the same user buy 10 x £10k in one loan and then buy 10 x £10k in another loan. If that was an individual, why not just buy it as a £100k lump and not mess around with different loan parts?
With all the money that will be heading into IFISA this year, there may be a fight to find a home for it all. However, we will see.
I must say that I have been wondering to what extent my favourite platform will be diminished from a returns point of view if they can source their funding more cheaply from their own planned IFISA and input from others.
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