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Post by brightspark on Feb 17, 2018 17:40:33 GMT
The even handed approach would be to give the borrowers a reasonable deadline to complete final arrangements. Say give or take 8 weeks? After that in order to protect the interests of lenders administration and sale. Recovery 50% plus. That won't happen. Lenders will be strung along with vague promises for another 6 months, The assets will be sold looking a bit weary and unloved another three months or more later. Lenders will recoup 35-45% of their loans, told that lending is a risk business and to diversify more. Lendy's performance is, quickly and in relatively benign times, turning into a nightmare with a weak primary market, a constipated secondary market and a raft of failing large loans. Lenders have every reason to be nervous.
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blata
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Post by blata on Feb 17, 2018 18:36:58 GMT
Lendy maybe have a different time scale.
To be assured that the money was available to now a strong maybe, next week LPA Receivers will be nominated. It is the constant misleading drivel that is constantly spouted that is driving me mad.
Rather have the truth than constant half truths my confidence in the company had nose dived this week, and as per most people with sense not a penny more will go to Lendy, it was good while it lasted.
However on the up side if it does pay with the bonus great but like all good things it had to end.
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tombraider
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Post by tombraider on Feb 18, 2018 11:02:18 GMT
Lendy maybe have a different time scale. To be assured that the money was available to now a strong maybe, next week LPA Receivers will be nominated. It is the constant misleading drivel that is constantly spouted that is driving me mad. Rather have the truth than constant half truths my confidence in the company had nose dived this week, and as per most people with sense not a penny more will go to Lendy, it was good while it lasted. However on the up side if it does pay with the bonus great but like all good things it had to end. yes my faith in the company has gone now too.
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sl75
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Post by sl75 on Feb 20, 2018 8:57:46 GMT
Simple question - has the buyer who was due to complete "within a few days" a couple of updates ago pulled out of the transaction or not? I can't quite figure that one out from the subsequent updates... it seems to be implied, but isn't directly confirmed.
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r1200gs
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Post by r1200gs on Feb 20, 2018 9:46:04 GMT
Simple question - has the buyer who was due to complete "within a few days" a couple of updates ago pulled out of the transaction or not? I can't quite figure that one out from the subsequent updates... it seems to be implied, but isn't directly confirmed. "A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations." Possibly exactly the sort of thing that may have been holding up completion, but I'm only guessing. This is a big sale, big money. I fully expect there to be delays while every T is crossed and all that. Or the buyer might have pulled out...
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Post by picanto on Feb 20, 2018 10:34:40 GMT
Simple question - has the buyer who was due to complete "within a few days" a couple of updates ago pulled out of the transaction or not? I can't quite figure that one out from the subsequent updates... it seems to be implied, but isn't directly confirmed. I don't believe so. Surely if that was the case, Lendy would have to specifically confirm that in their update. Lendy might try and put it in such a way to say the borrower is still confident of the sale because there are other subsequent buyers interested, but all it says is the borrower and his solicitor is confident the sale of the site will be achieved soon. How I see it is that the last update was an update that didn't really provide any new information from the previous one.
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blata
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Post by blata on Feb 20, 2018 11:10:58 GMT
They are stalling and this usually brings bad news, I have only words of disgust at the way this is being handled. Payment soon, Payment Expected, Solicitors at Christmas break, Practical Completion all stalling for time.
If only you could really vent your feelings
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Post by loftankerman on Feb 20, 2018 11:38:15 GMT
The only up-side I see here is that my expectations of DFL004 are significantly lower.
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hazellend
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Post by hazellend on Feb 20, 2018 12:55:17 GMT
The only up-side I see here is that my expectations of DFL004 are significantly lower. If this loan messes up it will be impossible to raise further funding
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jcb208
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Post by jcb208 on Feb 20, 2018 18:57:45 GMT
Looking at the Go Live email of the last tranche 27/10/2017 ,I will never believe any thing Lendy tells us again,
This is the final tranche of development funding required to assist with the completion of this development scheme.
Signed Heads of Terms have now been seen by Lendy, which confirm the proposed equity investment from the same investor that previously funded the £3m refinance of the Mansion House (PBL058 - Resi/land with planning, Torquay). Borrower has advised that formal documentation is being issued within the next few days in this respect.
Based on the figures provided this investment, together with the proposed sale of freehold title, will generate sufficient funds to repay the loan balance. All matters are in the hands of the Borrower's solicitors, who have confirmed that they are instructed in this respect. Full repayment of the loan is expected prior to the expiry date of 6th January 2018.
Funding of this remaining tranche is key to enabling the practical completion of the site within the proposed timeline, which in turn is critical to assist with the proposed exit route (sale of the site), which has been agreed within the Heads of Terms to be at practical completion of the site. Significant progress has been made on the site, which is evidenced by the up to date photos.
As the Borrower expects practical completion shortly we appreciate that there will only be one or two more monthly interest payments. As a result of this, we are offering cash back on this final tranche as an incentive to provide the funds required to the Borrower to assist with achieving practical completion and in turn the successful repayment of the existing loan.
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Post by picanto on Feb 21, 2018 10:18:58 GMT
Well somebody still has a lot of confidence in this loan, they have put 2x10k investments in the past couple of days... Maybe he/she knows something we don't
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mary
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Post by mary on Feb 21, 2018 11:53:13 GMT
The development is finished, as evidenced by the certificate of completion, therefore it should sell at some point, and I think the chances of the sale price being 30% below the valuation are fairly low.
Therefore, if £20k is small change to you, it would seem a fair bet with minimal risk to capital.
The unknowns are when will it sell and is the purported purchaser still proceeding? The longer it drags on the more risk to bonus and accrued interest.
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Post by picanto on Feb 21, 2018 17:08:03 GMT
My bonus interest for this loan has dropped from about £25 to £17.24 and the bonus accrual was about 0.7% and now is 0.5% . Has anybody else's bonus interest dropped and if so...why?
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mary
Member of DD Central
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Post by mary on Feb 21, 2018 17:20:22 GMT
My bonus interest for this loan has dropped from about £25 to £17.24 and the bonus accrual was about 0.7% and now is 0.5% . Has anybody else's bonus interest dropped and if so...why? There does seem to be a bug as bonus should accrue at 0.5% per month, so at -46 days should be ~0.75%. Looks like PLB156 is correct at -96 days =1.5%, but DFL024 is wrong at -42 days a= 0.5%, and PLB163 and 164 also wrong. Plus all the defaulted loans have reduced to a maximum bonus of 2.5%. Someone is making online, live code changes and not bothering to do any testing again! Edit - unless they've changed the T&Cs and not bothered to tell anyone?
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guff
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Post by guff on Feb 21, 2018 17:29:18 GMT
My bonus interest for this loan has dropped from about £25 to £17.24 and the bonus accrual was about 0.7% and now is 0.5% . Has anybody else's bonus interest dropped and if so...why? Yes - I wonder if c*********h noticed his bonus dropped £40.
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