hazellend
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Post by hazellend on Apr 20, 2018 12:32:16 GMT
Then your only option is a long a drawn out court case if you feel that strongly about it. Good luck Lenders here should hope for a repayment of the loan. As a said earlier, regardless of the wrong actions by Lendy, the development DFL005, luckily, is complete. So there I think there is the chance that a refinance might come in (after many months of analysis and if things do not go disastrously for the borrower). But this wil be dictated by pure luck and the scenario would be completely different from what shown at the beginning of the loan, or even few months ago when new funds where asked with the promise of an imminent repayment... So even if this happens will shown once again you cannot trust Lendy in anything they say. When I don't trust a financial company I cannot invest with them. You cannot really trust any financial company. Anyway, there are definite signs of improvement with Lendy and I think those who have been let down should consider giving them a second chance. This holiday development looks like a viable business so if it pays out 12% for a few years then repays/defaults and gets close to loan value at sale I’m happy.
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Post by brightspark on Apr 20, 2018 21:21:13 GMT
Lenders here should hope for a repayment of the loan. As a said earlier, regardless of the wrong actions by Lendy, the development DFL005, luckily, is complete. So there I think there is the chance that a refinance might come in (after many months of analysis and if things do not go disastrously for the borrower). But this wil be dictated by pure luck and the scenario would be completely different from what shown at the beginning of the loan, or even few months ago when new funds where asked with the promise of an imminent repayment... So even if this happens will shown once again you cannot trust Lendy in anything they say. When I don't trust a financial company I cannot invest with them. You cannot really trust any financial company. Anyway, there are definite signs of improvement with Lendy and I think those who have been let down should consider giving them a second chance. This holiday development looks like a viable business so if it pays out 12% for a few years then repays/defaults and gets close to loan value at sale I’m happy. I cannot agree that Lendy has changed its ways. In business the basic tenet is 'my word is my bond'. Once a company loses a reputation for probity it is difficult to regain. To the specific point you make that the investment continues to pay 12% my immediate response is but for how long? The underlying security has been changed and will probably be more difficult to realise in a fire sale. The borrowers by their actions have demonstrated that they are under severe financial stress. The response of investors is shown via a secondary market flooded with this loan. It is not looking good.
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hazellend
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Post by hazellend on Apr 20, 2018 21:31:24 GMT
You cannot really trust any financial company. Anyway, there are definite signs of improvement with Lendy and I think those who have been let down should consider giving them a second chance. This holiday development looks like a viable business so if it pays out 12% for a few years then repays/defaults and gets close to loan value at sale I’m happy. I cannot agree that Lendy has changed its ways. In business the basic tenet is 'my word is my bond'. Once a company loses a reputation for probity it is difficult to regain. To the specific point you make that the investment continues to pay 12% my immediate response is but for how long? The underlying security has been changed and will probably be more difficult to realise in a fire sale. The borrowers by their actions have demonstrated that they are under severe financial stress. The response of investors is shown via a secondary market flooded with this loan. It is not looking good. That is just your opinion. It is looking good: - Low LTV provides decent downside protection if it ever came to firesale - Completed, high end holiday development which is likely to prove very popular (might go there myself!) - Property is now income producing Regarding the borrowers being under severe financial stress, I don't see any evidence any more so for any other borrower in the P2P market. Do you have inside info or are you just speculating? The secondary market being flooded is not a good indication of anything. I think a lot of people got into P2P when it was far too high risk for their tolerance. It is similar to people panicking and selling equities during stock market corrections. I do feel a bit sorry for folk who are now finding it all too stressful, and hope they can get their money back into safe bank accounts ASAP and sleep better at night. Lendy has had a big hit to its reputation, but it is not too late to regain it. People are still investing and they are definitely trying to improve their communication skills from an admittedly low baseline. o
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Jeepers
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Post by Jeepers on May 30, 2018 12:15:23 GMT
Isn't it a better proposition now than when it was initially launched ? It's lower LTV and finished.
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hazellend
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Post by hazellend on May 30, 2018 12:27:53 GMT
Isn't it a better proposition now than when it was initially launched ? It's lower LTV and finished. It’s more like a very high yield commercial mortgage now. Presumably the owner will be very motivated to refinance ASAP but the income should more than cover the interest
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Post by charliebrown on May 30, 2018 12:29:14 GMT
Didn’t Lendy take additional security to backfill for the sold Freehold? I’m not disagreeing with the comment that Lendy haven’t managed it very well. On a positive note this developer does seem skilled, looking at the pictures the finishing looks great on both DFL5 and DFL19. However, it remains to be seen whether we investors can successfully exit these loans. I’m also still not a fan of the sheds, but hopefully it’s a success. If I’d have booked my holiday based on the artist’s impression then arrived and been greeted by a field full of sheds I’d be less than happy 😃
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Post by brightspark on Jun 15, 2018 19:09:03 GMT
I don't think Lendy can do much until the end of the extension. I too would like my investment returned with interest but realistically I believe this one is going to drag on for some time.
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hazellend
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Post by hazellend on Jun 15, 2018 19:11:14 GMT
I don't mind too much if it drags on as long as it doesn't default.
I suppose, it should return capital and interest if required to sell if it did.
Looks like a nice place for a holiday, I could do with one!
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empirica
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Post by empirica on Jul 10, 2018 18:18:09 GMT
As reported here, the 6th July update has been amended to: " The borrower continues to work hard on refinancing the scheme in order to fully repay the loan. The borrower has advised that initial documents for funding have been signed and the borrower expects to complete the refinance by the end of July 2018. " I like the way the year has been included for the avoidance of doubt  |
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Jeepers
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Post by Jeepers on Jul 10, 2018 21:03:19 GMT
It's decent security but as an investment opportunity with 60 days to go, its not worthwhile and so the SM has stalled.
Anyone selling might as well keep it live and collect the 2% interest instead of donating to Lendy because nobody will take the risk for a 2% reward.
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orvilorvil
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Post by orvilorvil on Jul 11, 2018 21:55:18 GMT
As reported here, the 6th July update has been amended to: " The borrower continues to work hard on refinancing the scheme in order to fully repay the loan. The borrower has advised that initial documents for funding have been signed and the borrower expects to complete the refinance by the end of July 2018. " I like the way the year has been included for the avoidance of doubt ‘Borrower has advised’ sorry to bash but has anyone at Lendy seen the documents or is this another string along with a last minutes fall through...?
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Post by brightspark on Jul 12, 2018 13:12:44 GMT
It's decent security but as an investment opportunity with 60 days to go, its not worthwhile and so the SM has stalled. Anyone selling might as well keep it live and collect the 2% interest instead of donating to Lendy because nobody will take the risk for a 2% reward. Market activity does not seem to support your view. Over the previous 4 days £7500 of loans has changed hands. One can speculate as to why.
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jcb208
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Post by jcb208 on Jul 22, 2018 9:36:22 GMT
So if you believe Lendy this loan will be repaying by the end of the month which will release a fair chunk of my money left in Lendy.I wait with baited breath
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Post by loftankerman on Jul 22, 2018 10:37:49 GMT
So if you believe Lendy this loan will be repaying by the end of the month which will release a fair chunk of my money left in Lendy.I wait with baited breath Just don't hold your breathe or you'll never see the money.  I'm expecting to find the repayment has been Shanghaied on its way back to us and is funding a field of sheds. No doubt the T&C have something that can be spun into authorisation for that to take place.
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empirica
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Post by empirica on Jul 22, 2018 10:54:54 GMT
So if you believe Lendy this loan will be repaying by the end of the month which will release a fair chunk of my money left in Lendy.I wait with baited breath End of the month? As in July? Appreciate that was the early July update but things have moved on since then. The 20/07 update states: " The documentation regarding the refinance of the loan is in the hands of the borrower’s solicitors and we expect full repayment of this loan in advance of the September maturity date." As it stands, term date is 15/09/2018 (or maybe 16th _ unsure whether today counts as one of the 56 days remaining or not.)
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