hazellend
Member of DD Central
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Post by hazellend on Mar 26, 2018 7:28:33 GMT
You are not going to get better than 12% elsewhere so best just calm down and wait it out.
Listing for sale is an illogical action, I can’t understand why some would prefer to not get interest.
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rocky1
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Post by rocky1 on Mar 26, 2018 7:57:53 GMT
have never really put much up for sale since joining as in the early days pretty much believed LENDYs spin on loans and stayed in loans hence now have a few IA/SUS/DEF so getting no where near 1% per month on a large amount of my funds.i am in DFL004sunbeam due to be repaid in full 14 april.does any body think that will happen or will we be rolled [turned] over again
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Post by picanto on Mar 27, 2018 8:56:02 GMT
Has anybody noticed that on the accrued interest tab on "My Loans" for this particular loan that no interest is due since the partial capital repayment was made on the 20th March? Surely this is an error since the interest from the 21st March to date is still owing which should be paid at the end of the month?
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geoff
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Post by geoff on Mar 27, 2018 9:28:27 GMT
Has anybody noticed that on the accrued interest tab on "My Loans" for this particular loan that no interest is due since the partial capital repayment was made on the 20th March? Surely this is an error since the interest from the 21st March to date is still owing which should be paid at the end of the month? See my post a few days ago p2pindependentforum.com/post/256179/threadAlso PBL057 has the same error.
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Liz
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Post by Liz on Apr 13, 2018 20:07:19 GMT
Latest Lendy update bring more bad news. The sale which was around the corner (with money practically ready) has gone out of the radar and the borrower is seeking refinance. New target is right at the end f the extension.... No more words for this disaster. You are a pessimist!
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empirica
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Post by empirica on Apr 14, 2018 10:40:20 GMT
No more words for this disaster. Every cloud _ _
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Post by loftankerman on Apr 15, 2018 9:59:32 GMT
I'm inclined to suspect that the end of the allegedly imminent sale had already arrived when the partial repayment dubious deal was thrust upon us. It seems likely there was a management decision to drip feed us the news in the hope that the joy it would bring would stop investors considering crowd funding external management consultants from the dark web.
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Liz
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Post by Liz on Apr 15, 2018 12:36:16 GMT
People with zero knowledge should stay silent. Lendy is continuing lying on this project. They convinced a lot of people to invest (more) in DFL005 claimed a very quick repayment. Just to refresh the memory, this is what Lendy wrote in an email message to lenders (sent on 04/10/2017 to ask more funding for this project). " 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 Man** H*** (PBL058 - ***).
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. " As we know Lendy missed that repayment deadline, missed the following one, claimed the sale of the buildings was imminent with money ready. Then also this promises did not materialise and they invented the sale of the freehold, distracted (some) additional money from our security passing it for free to the borrower without lenders' consent instead of repaying more capital (as would be required by law). Finally they are now saying the famous development sale will not happen after all and a refinance is seeked with a simple "hope" to close in September 2018 (no certainty here on the date). This total disastrous management happened with a finished and ready-to-sell complex (which in theory could have repayed much earlier if Lendy looked at the lenders' interests and forced the sale)... Imagine what they do with unfinished developments.... If you are happy about the disastrous Lendy mismanagement of affairs in DFL005, please buy the 184,124 GBP actually on sale and free those of us that do not want to stay here around complaining for it. I'm not stupid enough to be buying into this. Your mistake was believing what Lendy promised. The more knowledgeable of us stop believing the BS spouted a long time ago and took action. I know these DFL's are a disaster and said so a year ago, but was told in here that cashback will fill these loans. Looks like they were wrong. I never said Lendy have managed anything well! We will see in 2 years how this all ends for the loan book.
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Post by loftankerman on Apr 15, 2018 13:12:44 GMT
I think Lendy have been astute enough not to have promised anything. Their apparent heart warming news is always couched in terms that make it clear that what they are reporting is no more than assurances or opinions of third parties. Informing us of their own policies isn't a commitment to unreservedly follow them and as we know they are revised on the hoof to make them less onerous in any case.
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jcb208
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Post by jcb208 on Apr 16, 2018 19:24:10 GMT
After being contacted by lendy by email asking for my opinions on the platform, one of my questions was Why was we forced in to another 6 month loan and not have the opportunity to take repayment and the reply below really infuriated me
In regards to DFL005 at our discretion, a loan may be extended before or after the original repayment date. When a loan is extended, the repayment date is renegotiated to extend the original loan term, with the Tolerance Period reset to start the day following the new repayment date.
Investors will remain in the loan as the term has been extended. Your invested capital becomes due and repayable to you only at the end of the loan term, unless you utilise the Secondary Market.
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Post by brightspark on Apr 16, 2018 20:36:05 GMT
This is one of the prime reasons that this board is full of investors stating that they are or have given up on Lendy. It is at the least very sharp practice and under various bit of legislation a misappropriation of funds may be open to challenge. I am no lawyer and the p to p industry is lightly regulated but that does not mean that a platform can use completely porous terms and conditions riddled with let outs to get away with anything and everything including lending for other than the original purpose of a loan. If the borrower reneges the s**t will truly hit the fan as lenders with nothing further to lose, will, I think, chase Lendy rather than the borrower for their money through the courts. A class action with lenders chipping in a capped % sum according to their outstanding amount would I suspect see takers. It might lead to platform failure.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 16, 2018 20:57:58 GMT
Im baffled where people think Lendy were going to get c£8m from to allow lenders to exit this loan which is what they needed to refinance into a new loan. It would never have filled so everyone would have been locked into the loan anyway
ISTM that there were only two options ... extend the loan with an improved security package to enable the borrower to redeem it and allow anyone who wished to exit the chance to do so through the SM that is always going to be smaller than £8m
... default the loan, locking everyone in for however long it takes to recover a far from strightforward asset and as a byproduct probably tip DFL019 into default as well
Lendy have taken the only sensible course (i doubt any other platform would have done otherwise).
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empirica
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Post by empirica on Apr 16, 2018 21:33:50 GMT
Im baffled where people think Lendy were going to get c£8m from to allow lenders to exit this loan which is what they needed to refinance into a new loan. It would never have filled so everyone would have been locked into the loan anyway ISTM that there were only two options ... extend the loan with an improved security package to enable the borrower to redeem it and allow anyone who wished to exit the chance to do so through the SM that is always going to be smaller than £8m ... default the loan, locking everyone in for however long it takes to recover a far from strightforward asset and as a byproduct probably tip DFL019 into default as well Lendy have taken the only sensible course (i doubt any other platform would have done otherwise). Well, for months and months Lendy said a sale was about to happen and that would have repaied the loan in full. After all it is 4 months that the development has been completed and I don't think it is so difficult to think to a sale, rather than refinancing. I think the reason the sale was not forced (and it would have been the best option for lenders in this loan) was DFL019 and its need for further funding. The builder was desperate for cash (possibly chased by suppliers) and Lendy allowed him to take a large chunk of money to keep things at bay. Problem is that investors in DFL005 never asked to be part of the DFL019 problems and expected a rapid sale after cmpletion of THIS project (and not to cross fund DFL019 with the sale of the DFL005 security). The principle of cross-funding without lenders' consent is totally unacceptable to me. Lendy stated in their 29/03 update that "Approximately £400,000 of the sale proceeds of the freehold was released to the borrower to settle outstanding creditors of the scheme." Has it been proven that isn't the case?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 16, 2018 21:40:41 GMT
Im baffled where people think Lendy were going to get c£8m from to allow lenders to exit this loan which is what they needed to refinance into a new loan. It would never have filled so everyone would have been locked into the loan anyway ISTM that there were only two options ... extend the loan with an improved security package to enable the borrower to redeem it and allow anyone who wished to exit the chance to do so through the SM that is always going to be smaller than £8m ... default the loan, locking everyone in for however long it takes to recover a far from strightforward asset and as a byproduct probably tip DFL019 into default as well Lendy have taken the only sensible course (i doubt any other platform would have done otherwise). Well, for months and months Lendy said a sale was about to happen and that would have repaied the loan in full. After all it is 4 months that the development has been completed and I don't think it is so difficult to think to a sale, rather than refinancing. I think the reason the sale was not forced (and it would have been the best option for lenders in this loan) was DFL019 and its need for further funding. The builder was desperate for cash (possibly chased by suppliers) and Lendy allowed him to take a large chunk of money to keep things at bay. Problem is that investors in DFL005 never asked to be part of the DFL019 problems and expected a rapid sale after cmpletion of THIS project (and not to cross fund DFL019 with the sale of the DFL005 security). The principle of cross-funding without lenders' consent is totally unacceptable to me. Thats not really answering my point. A lot of speculation there. (Not the first platform to get led up the garden path by borrowers over optimistic interpretation of refinancing - AC Anglesey, FS Rishton spring to mind) Not entirely sure how Lendy could force a sale if the purchaser didnt want to buy. Anyway the sale didnt go through or hasnt yet for whatever reason so an alternative had to be found. 2 points ... as pointed out above this loan has always been linked to DFL019 so if lenders objected to that they probably shouldnt have invested from the start Second, do we actually know funds have been transferred to DFL019 or are we just basing that on coincidence that that loan was extended at the same time ... which could have been from funds raised through a DFL019 tranche. (Numbers are a bit off p2pindependentforum.com/post/258214/thread) Even if no funds had been diverted, lenders would have got a bit more cash back but the loan would still have continued only slightly different to now.
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Post by loftankerman on Apr 16, 2018 22:43:49 GMT
I wanted my money back when it supposed to have been repaid but have consistently thought that DFL005 was a decent long term business proposition. So in that sense an extension in itself was not my worst case scenario. What bothers me is that the path is potentially set in not paying back until Stalag Luft Yorkshire comes good. I find that development so unimpressive that I fear it may effectively drag DFL005 down with it. With the state of defaults and passing of time, I can’t see Lendy having the wherewithal or bottle to fight its corner to recover funds on so many fronts even if the real world valuations indicate it is viable.
Forty years ago a friend running a fair sized family business and living in a community of similarly positioned people told me that he had to change his executive car and have his house painted every few years. If he didn’t he said word would get round that his business must be struggling. The next thing he’d know would be that people would stop paying their bills. Maybe Lendy’s borrowers sense that deferring payment might be in their best interest.
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