Monetus
Member of DD Central
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Post by Monetus on Jul 31, 2018 12:58:29 GMT
Just received this email:
As you will recall we confirmed in the most recent fortnightly update that Lendy expected this loan to repay in full before the end of July based on information and documentation provided to Lendy by the borrower and its legal representatives. Having issued terms, promised a fast completion, issued loan documents, instructed and received readdressing of the valuation and received all searches, the proposed new lender subsequently pulled out of the deal on the basis that it was unable to raise the funds. This was a surprise to all concerned where the funder had previously indicated it was in receipt of sufficient funds to redeem the loan.
Following receipt of this information, the borrower immediately opened up conversations with other lenders to refinance Lendy’s loan and they already have three lenders who have provided terms to provide a gross loan sufficient to repay the outstanding loan in full.
Whilst we are of course disappointed that the loan will not redeem in full this month, this type of occurrence does happen in the secured lending industry. We will therefore continue to closely monitor the loan for the remainder of its term and will provide further updates in relation to the alternative refinance obtained in due course.
Kind regards
The Lendy Team
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Balder
Member of DD Central
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Post by Balder on Jul 31, 2018 13:01:16 GMT
Well knock me down with a feather!
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Post by loftankerman on Jul 31, 2018 13:10:55 GMT
Well, I wasn't wrong then! I only just got that up there posted in time.
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Mike
Member of DD Central
Posts: 651
Likes: 446
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Post by Mike on Jul 31, 2018 13:29:48 GMT
Quelle surprise. I am shocked as shocked as anyone
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Jul 31, 2018 13:36:02 GMT
lendy say it was a surprise to us all and these things happen.well it comes as no surprise on this forum what ever lendy says can be taken with a pinch of salt.along with DFL004 and all the other sh*t loans here this one goes down the road for the forseeable.lendy really are a joke of a company.
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dovap
Member of DD Central
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Post by dovap on Jul 31, 2018 13:38:47 GMT
surprise surprise
Hmmm.....no not really
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reinvestor
Member of DD Central
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Post by reinvestor on Jul 31, 2018 13:57:56 GMT
Just received this email: As you will recall we confirmed in the most recent fortnightly update that Lendy expected this loan to repay in full before the end of July based on information and documentation provided to Lendy by the borrower and its legal representatives. Having issued terms, promised a fast completion, issued loan documents, instructed and received readdressing of the valuation and received all searches, the proposed new lender subsequently pulled out of the deal on the basis that it was unable to raise the funds. This was a surprise to all concerned where the funder had previously indicated it was in receipt of sufficient funds to redeem the loan.
Following receipt of this information, the borrower immediately opened up conversations with other lenders to refinance Lendy’s loan and they already have three lenders who have provided terms to provide a gross loan sufficient to repay the outstanding loan in full.
Whilst we are of course disappointed that the loan will not redeem in full this month, this type of occurrence does happen in the secured lending industry. We will therefore continue to closely monitor the loan for the remainder of its term and will provide further updates in relation to the alternative refinance obtained in due course.
Kind regards
The Lendy Team A finance company unable to raise the funds??? Highly unlikely to be a reputable company and even a shoddy one would make up any old excuse other than saying "we haven't got the funds to payout" as at that point your reputation has gone forever.
This sounds like (if it is true and probably isn't) another P2P company that offered the loan but didn't get enough interest. Wonder if it was a P2P company from abroad as I'm sure someone on here would have spotted it on a UK platform.
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hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
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Post by hazellend on Jul 31, 2018 14:16:31 GMT
Not Lendy's fault.
I am pleased to see a prompt and good quality communication from them.
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Post by picanto on Jul 31, 2018 14:24:48 GMT
Not really too disappointed with this. This loan still has 46 days remaining and I see it as one of the safest loans I currently have. And 3 other potential lenders means there isn't much to worry about at this stage.
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mj
Posts: 37
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Post by mj on Jul 31, 2018 14:40:07 GMT
Alternative finance fallen through? Who'd have thunk it?
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jcb208
Member of DD Central
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Post by jcb208 on Jul 31, 2018 14:45:32 GMT
As long as interest continues to be covered for the loan I am not to bothered , not much better to invest in at the moment
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TheDriver
Member of DD Central
Slightly bonkers
Posts: 493
Likes: 190
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Post by TheDriver on Jul 31, 2018 19:53:12 GMT
Just received this email: As you will recall we confirmed in the most recent fortnightly update that Lendy expected this loan to repay in full before the end of July based on information and documentation provided to Lendy by the borrower and its legal representatives. Having issued terms, promised a fast completion, issued loan documents, instructed and received readdressing of the valuation and received all searches, the proposed new lender subsequently pulled out of the deal on the basis that it was unable to raise the funds. This was a surprise to all concerned where the funder had previously indicated it was in receipt of sufficient funds to redeem the loan.
Following receipt of this information, the borrower immediately opened up conversations with other lenders to refinance Lendy’s loan and they already have three lenders who have provided terms to provide a gross loan sufficient to repay the outstanding loan in full.
Whilst we are of course disappointed that the loan will not redeem in full this month, this type of occurrence does happen in the secured lending industry. We will therefore continue to closely monitor the loan for the remainder of its term and will provide further updates in relation to the alternative refinance obtained in due course.
Kind regards
The Lendy Team So, it seems L don't actually know what they have said! That projection was on 6 July, and on 20 they predicted it would be "before maturity in (mid) September".
However, it is pleasing to see some plausible rationale included on an update, interestingly the day after I had complained to them about the lack of background regarding the DFL167 vote - although their actual response was meaningless!
Nonetheless, meaningful actions are what is needed overall, so empty promises will be castigated.
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mynyddrob
I was greedy , like everyone else ! £40 k down at least !
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Post by mynyddrob on Aug 1, 2018 18:01:35 GMT
God ! What a gullible bunch of persons we are ! They feed us any old fodder and we gobble it up. Wake up people, we have tried to grab huge returns and come well and truly unstuck.
Take what ever you can and run, run away as fast as you can, otherwise you will be looking at your balance day in , day out , wondering , will I ever get my money returned !
I`m £20, 000 down with little hope of ever seeing it again, I worked bloody hard to earn that ! If you believe that you are going to see a capital return, then I pity you.
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travolta
Member of DD Central
Posts: 1,506
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Post by travolta on Aug 1, 2018 19:19:10 GMT
mmm, just talking to my hairdresser re the owner of a sunny loan in a town where wolves dwell and it transpires that's his landlord, of whom he has not much good to report either. Seems this fellow tried to run him down with his range rover last week, due to a contretemps over a footpath. What larks Pip!
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warn
Member of DD Central
Curmudgeon
Posts: 638
Likes: 660
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Post by warn on Aug 1, 2018 19:35:45 GMT
mmm, just talking to my hairdresser re the owner of a sunny loan in a town where wolves dwell and it transpires that's its his landlord, of whom he has not much good to report either. Seems this fellow tried to run him down with his range rover last week, due to a contretemps over a footpath. What larks Pip! What the Dickens? Still, I am clinging on to great expectations of some reasonable return from this loan.
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