cwah
Member of DD Central
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Post by cwah on Oct 18, 2018 18:32:23 GMT
Probably Lendy best borrower so far. I'd be happy to invest again with them. What are their next project? How about a massive loan to buy out all of Lendy's defaulting borrowers at negotiated prices exactly equal to their respective outstanding loan balances?  Ahahah. It may actually work if its possible to discount loans sales!
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Post by sirkillalot on Feb 1, 2019 16:32:02 GMT
Seems strange that the borrower has not paid the 1st charge loan back yet. I hold a fair chunk of this loan - but at 2% LTV I assume even Lendy would not fail to recover the interest and capital on this if it comes to it.
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sarahcount
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Post by sarahcount on Feb 1, 2019 16:44:19 GMT
Seems strange that the borrower has not paid the 1st charge loan back yet. I hold a fair chunk of this loan - but at 2% LTV I assume even Lendy would not fail to recover the interest and capital on this if it comes to it. How our expectations have fallen that we even have nagging doubts about a 2% LTV loan.
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sl75
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Post by sl75 on Feb 1, 2019 17:01:39 GMT
Seems strange that the borrower has not paid the 1st charge loan back yet. I hold a fair chunk of this loan - but at 2% LTV I assume even Lendy would not fail to recover the interest and capital on this if it comes to it. To the borrower, I'd imagine there's no significant distinction between the "first charge loan" and "second charge loan".
They pay the same interest rate on both and need to pay off both in full to release Lendy's charge on the security... nothing in particular happens that makes any practical difference to the borrower when the payments cross the threshold between "loan 1" and "loan 2".
(as a loose analogy - does anyone who leaves a balance on their credit card really care when they've fully paid off the balance from their purchases from 12 months ago, and start towards paying off the balance from their purchases 11 months ago, etc.?)
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Post by picanto on Feb 11, 2019 12:13:42 GMT
The outstanding amount (£38k) on the first charge loan has been repaid and I got a whole 1p interest. Woop woop!
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sl75
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Post by sl75 on Feb 11, 2019 12:13:59 GMT
Now repaid, with plenty of juicy interest and bonus!
Edit picanto, presumably you only had a tiny amount invested? I got 19p (1p interest and 18p bonus) just from a small (<£10) investment made within the last few days, and quite a bit more from the various amounts going towards my main holding.
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Post by picanto on Feb 11, 2019 12:27:48 GMT
Now repaid, with plenty of juicy interest and bonus!
Edit picanto , presumably you only had a tiny amount invested? I got 19p (1p interest and 18p bonus) just from a small (<£10) investment made within the last few days, and quite a bit more from the various amounts going towards my main holding. I didn't have any money currently invested in this loan, I must have bought a loan part and sold it a while ago. I just logged in and saw I had 1p in my account and checked my transaction history to see where it had come from.
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sarahcount
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Post by sarahcount on Feb 11, 2019 12:33:23 GMT
Now repaid, with plenty of juicy interest and bonus!
I loved that loan!
At least I grew to love it as the part payments came in and the risk dropped to 2% LTV.
I've been buying up any scraps of it that I've seem on the SM for quite some time.
So now sad to say I've withdrawn the proceeds and my all time withdrawals are very close to my all time deposits.
If Lendy can recover 10% on my remaining defaulted loans I'll be up overall. (Ignoring inflation etc) 
(Not that I'm setting them that target. 100% would be good - but I'd accept a little less in the circumstances)
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Post by picanto on Feb 11, 2019 12:38:29 GMT
Now repaid, with plenty of juicy interest and bonus!
I loved that loan!
At least I grew to love it as the part payments came in and the risk dropped to 2% LTV.
I've been buying up any scraps of it that I've seem on the SM for quite some time.
So now sad to say I've withdrawn the proceeds and my all time withdrawals are very close to my all time deposits.
If Lendy can recover 10% on my remaining defaulted loans I'll be up overall. (Ignoring inflation etc)
(Not that I'm setting them that target. 100% would be good - but I'd accept a little less in the circumstances)
There's still the second charge loan you could invest in if you wish to do so, £7,000 currently available on the SM. Quick, before it gets snapped up!
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sl75
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Post by sl75 on Feb 11, 2019 12:46:21 GMT
There's still the second charge loan you could invest in if you wish to do so, £7,000 currently available on the SM. Quick, before it gets snapped up! If you think about it for a moment, there's no longer a "second charge" loan...
Whether Lendy will bother to update the loan title/description/etc. of PBL194 before that sells out completely is another matter though (certainly my immediate reaction on seeing PBL133 repay was to re-invest the proceeds into PBL194, and looking at the activity today, I certainly wasn't the only one to do so).
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sarahcount
Member of DD Central
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Post by sarahcount on Feb 11, 2019 12:48:13 GMT
I loved that loan!
At least I grew to love it as the part payments came in and the risk dropped to 2% LTV.
I've been buying up any scraps of it that I've seem on the SM for quite some time.
So now sad to say I've withdrawn the proceeds and my all time withdrawals are very close to my all time deposits.
If Lendy can recover 10% on my remaining defaulted loans I'll be up overall. (Ignoring inflation etc)
(Not that I'm setting them that target. 100% would be good - but I'd accept a little less in the circumstances)
There's still the second charge loan you could invest in if you wish to do so, £7,000 currently available on the SM. Quick, before it gets snapped up! Thanks but it wasn't the trees and the birds that I liked it was the first charge status. There's also ongoing projects in Cornwall, Southampton, Derby etc which all seem to be progressing well enough but I've had my fill of Lendy for now, don't like the London Loan fiasco, the way that they have managed some of the other defaulted loans or the way that loans on the SM don't earn interest.
Might come back later depending how things pan out.
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sl75
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Post by sl75 on Feb 11, 2019 12:53:13 GMT
There's still the second charge loan you could invest in if you wish to do so, £7,000 currently available on the SM. Quick, before it gets snapped up! Thanks but it wasn't the trees and the birds that I liked it was the first charge status. ... and what status do you think something that was a "second charge loan" has when the "first charge loan" is repaid in full?
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Feb 11, 2019 13:06:48 GMT
Thanks but it wasn't the trees and the birds that I liked it was the first charge status. ... and what status do you think something that was a "second charge loan" has when the "first charge loan" is repaid in full? That would be true in a normal world, but the Lendy world is not normal. Maybe there is another 1st Charge we just don't know about?
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sarahcount
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Post by sarahcount on Feb 11, 2019 13:35:07 GMT
Thanks but it wasn't the trees and the birds that I liked it was the first charge status. ... and what status do you think something that was a "second charge loan" has when the "first charge loan" is repaid in full? I should have said "Thanks but it wasn't the trees and the birds that I liked it was the very small first charge status"
Yes I'm prepared to believe that the second charge loan is now a first charge loan and the LTV has further decreased as a result. The remaining loan is probably a good one and the borrower has shown good intent paying down as much as they have.
I did consider transferring my proceeds to the remaining loan but on balance decided to withdraw for now.
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Post by sirkillalot on Feb 11, 2019 19:01:21 GMT
Yes a good loan - given the borrower regularly paid the loan down reducing the risk. I had 5K in this at the end - but it did take quite a bit of work to build up the position - so I did get quite a tidy payout today
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