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Post by brightspark on Mar 9, 2018 14:19:24 GMT
The T & C's give Lendy the right to do anything they want with lenders money. That could include misleading lenders if deemed necessary. I was initially wary of Lendy. Midway I erroneously leant towards taking on board the information they were providing. As I close down all my Lendy positions I won't touch any more of their deals with a barge pole. The way they are working with larger loans locks investors in stretching on for years. with this in mind I have zero desire to be involved in the refinance of Arb....um. I want out and have told them so. I am of the view that their T & C's is legally an unfair contract.
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elsee
Member of DD Central
Retired:D
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Post by elsee on Mar 9, 2018 15:24:46 GMT
Update on site, delayed.
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blata
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Post by blata on Mar 9, 2018 15:39:34 GMT
Seem to remember that Christmas slowed it down. Lendy you have excelled yourself in excuses , are you sure you have noting to do with Brexit as the lot sorting that have no idea as well.
Clueless,and useless, and you have the cheek to ask us to put in more money for Tranches for projects that will never be finished and sold at the value we were led to believe.
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mary
Member of DD Central
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Post by mary on Mar 9, 2018 15:43:06 GMT
But this one is finished.
Its just a case of getting the sale over the line.
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Jeepers
Member of DD Central
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Likes: 721
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Post by Jeepers on Mar 9, 2018 16:01:34 GMT
'Property values can be very volatile'
How is this relevant to this loan? Seems like LY speak for casually dropping another bombshell that a property in this security package isn't worth as much as first thought?
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Post by loftankerman on Mar 9, 2018 16:41:27 GMT
'Property values can be very volatile' How is this relevant to this loan? Seems like LY speak for casually dropping another bombshell that a property in this security package isn't worth as much as first thought? It sure does. Even more worrying that the apparent plan is not to pay you back but steer your funds into a disastrous looking field of sheds. DFL005 always looked to me as though there was going to be a profitable business coming out of the end of it for someone, whether Lendy dropped the ball or not.
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r1200gs
Member of DD Central
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Post by r1200gs on Mar 10, 2018 10:59:36 GMT
Well, this is pretty much the final straw for me. I can see no good reason to mention property price volatility here in conjunction with yet another delay, only bad reasons.
And where did I sign up to lend this company operating capital, which as mentioned could even be heading for a field full of sheds that I wanted nothing to do with?
Every time Lendy speak, my heart sinks. I'm only glad that I have a much reduced amount of money on this platform and the faster I get out the better.
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jcb208
Member of DD Central
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Post by jcb208 on Mar 10, 2018 11:40:32 GMT
I'm well on the way to being out of Lendy as well if you read this paul64 .I did not want my money tied up in loan after loan.I funded DFL005 to redemption and not any thing else and this fiasco with DFL005 is really harming your reputation .The best thing you can do is let us all have our money back and any new deal you agree submitted on the platform as a new loan
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Carter
Member of DD Central
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Post by Carter on Mar 10, 2018 11:58:53 GMT
Well, this is pretty much the final straw for me. I can see no good reason to mention property price volatility here in conjunction with yet another delay, only bad reasons. And where did I sign up to lend this company operating capital, which as mentioned could even be heading for a field full of sheds that I wanted nothing to do with? Every time Lendy speak, my heart sinks. I'm only glad that I have a much reduced amount of money on this platform and the faster I get out the better. I'd have to agree r1200gs wrt the volatility comment. It's almost as if Lendy intentionally word updates to wind lenders up. The manner in which they communicate is very poor. I was hoping their recruitment over the last year would help them in this regard but it just seems that no one proof reads these updates from a lenders perspective. To me it smacks of arrogance. I haven't invested in any new Lendy loans for ~12mths for various reasons and I don't really have any inclination to reinvest funds once remaining loans finally payback.
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Jeepers
Member of DD Central
Posts: 818
Likes: 721
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Post by Jeepers on Mar 10, 2018 12:02:38 GMT
When I buy into a loan I do my due diligence on the security and then decide to invest on the basis I'm happy to hold to term.
I don't invest in a bond that allows you to put my money wherever suits!
Put up a new loan for lenders to invest in the new security if they wish and pay the lenders in the old loan back
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southport
Member of DD Central
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Post by southport on Mar 10, 2018 15:32:22 GMT
This loan is a good example of the two main risks associated with property investment: as well as being a highly illiquid asset class, property values can be very volatile.
I was under the impression from Lendy that everything was hunky dory. Someone is going to take over the loan in a few months, the freehold is being sold and will reduce the ltv whilest paying back 20% of the capital? Seems now that property investment is a mugs game and if you lose capital on this loan (or any other) you were warned and it's your own fault for investing in such an illiquid and volatile asset class. They (Lendy) were playing a different tune a few weeks back when they were begging for investment to finish the project, still it was only to be expected... 
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Post by loftankerman on Mar 10, 2018 16:44:30 GMT
This loan is a good example of the two main risks associated with property investment: as well as being a highly illiquid asset class, property values can be very volatile.
I was under the impression from Lendy that everything was hunky dory. Someone is going to take over the loan in a few months, the freehold is being sold and will reduce the ltv whilest paying back 20% of the capital? Seems now that property investment is a mugs game and if you lose capital on this loan (or any other) you were warned and it's your own fault for investing in such an illiquid and volatile asset class. They (Lendy) were playing a different tune a few weeks back when they were begging for investment to finish the project, still it was only to be expected... Yeah, if back peddling ever becomes an Olympic cycling event we can look to Team Lendy to bring back gold. I doubt it'll be any other way.
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Post by brightspark on Mar 10, 2018 18:20:57 GMT
But this one is finished. Its just a case of getting the sale over the line. Finished probably. Not only are lenders being 'forced' to reinvest but the security is a wasting asset subject to depreciation.
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jsmill
Member of DD Central
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Post by jsmill on Mar 12, 2018 11:25:31 GMT
This loan is a perfect summary of why I have only a token amount left with Lendy and am (trying!) to wind that down:
1) Inconsistent communication; more so than any of the other platforms I have used the story changes overnight with Lendy with no attempt to square with the previous updates. In my view this most often reflects a lack of oversight over projects rather than deliberately misleading but in either way it damages trust between investor and platform.
2) Their conduct with investor money; rolling this over into a working capital loan for example?! That is a materially different proposition to the one initially invested in. The use of bonus interest (or not) also appears arbitrary.
3) Loans skewed towards the large project end of the market (investors also have to take responsibility here as this isn't hidden); in my option projects of this size require oversight in a way that Lendy is not equipped to provide. This isn't to say that a P2P platform couldn't do so but obviously this has significant cost base implications.
4) Blaming everyone else: The references to property being illiquid and volatile for example. Illiquid absolutely but to imply it has significant price volatility compared to other asset classes (e.g. equities) is simply not true! Determining a price for a particular property asset is obviously more difficult than a traded equity security (not least because of the liquidity point) but that does not mean that as an asset class prices are comparatively volatile.
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Post by loftankerman on Mar 12, 2018 12:35:29 GMT
This loan is a perfect summary of why I have only a token amount left with Lendy and am (trying!) to wind that down: 1) Inconsistent communication; more so than any of the other platforms I have used the story changes overnight with Lendy with no attempt to square with the previous updates. In my view this most often reflects a lack of oversight over projects rather than deliberately misleading but in either way it damages trust between investor and platform. 2) Their conduct with investor money; rolling this over into a working capital loan for example?! That is a materially different proposition to the one initially invested in. The use of bonus interest (or not) also appears arbitrary. 3) Loans skewed towards the large project end of the market (investors also have to take responsibility here as this isn't hidden); in my option projects of this size require oversight in a way that Lendy is not equipped to provide. This isn't to say that a P2P platform couldn't do so but obviously this has significant cost base implications. 4) Blaming everyone else: The references to property being illiquid and volatile for example. Illiquid absolutely but to imply it has significant price volatility compared to other asset classes (e.g. equities) is simply not true! Determining a price for a particular property asset is obviously more difficult than a traded equity security (not least because of the liquidity point) but that does not mean that as an asset class prices are comparatively volatile. And they regularly seem to be being had for mugs by borrowers who run rings round them, leaving them pretending that going along with it is all part of their own cunning plan.
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