Mr_N
Posts: 222
Likes: 225
|
Post by Mr_N on Dec 14, 2018 12:54:13 GMT
Does anybody know when was this suspended and why? I can see two transactions in SM today??? Definitely at some point yesterday, but still no update from Ly. IIRC all previous suspensions were communicated immediately. Don't know what to expect. It's either very bad or very good news. I won't tell you what the magic 8 ball just answered with.
|
|
pi
Member of DD Central
Posts: 57
Likes: 28
|
Post by pi on Dec 14, 2018 13:38:27 GMT
Lendy should understand when people fill the void its never good. I thought they wanted to improve the communication. This "silence" is the worst thing you could ever do Lendy.
|
|
|
|
Post by steve11 on Dec 14, 2018 18:56:49 GMT
We hold a 1st Legal Charge and the LTV is a mere 24%, so even if the company did go tits up we should have no problem getting our money back. It just might mean having to wait a year or two, but surely we are all used to that now!
Given that Lendy had their biggest ever payout yesterday of of over £9m, I remain optimistic that the loan suspension has occurred due to imminent refinancing. The update of 3rd Dec stated that they were in talks with 2 lenders to refinance, so it wouldn't be a big surprise if one of them has materialised. The only annoying thing is that we are being left in the dark and can only speculate.
|
|
hazellend
Member of DD Central
Posts: 2,363 
Likes: 2,180
|
Post by hazellend on Dec 14, 2018 20:26:27 GMT
We hold a 1st Legal Charge and the LTV is a mere 24%, so even if the company did go tits up we should have no problem getting our money back. It just might mean having to wait a year or two, but surely we are all used to that now! Given that Lendy had their biggest ever payout yesterday of of over £9m, I remain optimistic that the loan suspension has occurred due to imminent refinancing. The update of 3rd Dec stated that they were in talks with 2 lenders to refinance, so it wouldn't be a big surprise if one of them has materialised. The only annoying thing is that we are being left in the dark and can only speculate. Unfortunately you have misunderstood. LTGDV is 24%. LT current V ?
|
|
|
|
Post by picanto on Dec 14, 2018 20:30:42 GMT
We hold a 1st Legal Charge and the LTV is a mere 24%, so even if the company did go tits up we should have no problem getting our money back. It just might mean having to wait a year or two, but surely we are all used to that now! Given that Lendy had their biggest ever payout yesterday of of over £9m, I remain optimistic that the loan suspension has occurred due to imminent refinancing. The update of 3rd Dec stated that they were in talks with 2 lenders to refinance, so it wouldn't be a big surprise if one of them has materialised. The only annoying thing is that we are being left in the dark and can only speculate. I may be being a bit simple here but why would the loan being refinanced cause Lendy to suddenly suspend the loan? 
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on Dec 14, 2018 21:03:02 GMT
Does anybody know when was this suspended and why? I can see two transactions in SM today??? Definitely at some point yesterday, but still no update from Ly. IIRC all previous suspensions were communicated immediately. Don't know what to expect. It's either very bad or very good news. Given the probability of the "very bad or very good news" based upon previous news that has been supplied to us by Lendy, it seems that we should err on the side of caution with this loan, much to my chagrin.
|
|
|
|
Post by df on Dec 14, 2018 21:25:10 GMT
Definitely at some point yesterday, but still no update from Ly. IIRC all previous suspensions were communicated immediately. Don't know what to expect. It's either very bad or very good news. Given the probability of the "very bad or very good news" based upon previous news that has been supplied to us by Lendy, it seems that we should err on the side of caution with this loan, much to my chagrin. I'm in most of them on Lendy (gladly not in Col loans with this borrower and hope two BM loans are not some of those). I'm not hopeful for good news.
|
|
Mucho P2P
Member of DD Central
Posts: 946
Likes: 1,635
|
Post by Mucho P2P on Dec 14, 2018 21:31:06 GMT
Given the probability of the "very bad or very good news" based upon previous news that has been supplied to us by Lendy, it seems that we should err on the side of caution with this loan, much to my chagrin. I'm in most of them on Lendy (gladly not in Col loans with this borrower and hope two BM loans are not some of those). I'm not hopeful for good news. The delay from Lendy is probably whilst they get out their thesauruses and work out how to put the positive spin on a multi-loan failure. Come on Lendy, let us have some info on these loans, otherwise, all that previous waffle about being more open and providing more updates will be nothing more than a load of BS.
|
|
sarahcount
Member of DD Central
Posts: 359
Likes: 815
|
Post by sarahcount on Jan 24, 2019 15:39:21 GMT
In Administration
|
|
pi
Member of DD Central
Posts: 57
Likes: 28
|
Post by pi on Jan 24, 2019 16:27:14 GMT
 Everything going pear-shaped. Anything in administration is never good. 
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on Jan 24, 2019 19:12:29 GMT
Everything going pear-shaped. Anything in administration is never good. Err it was pretty obvious the company was going into administration.
|
|
|
|
Post by charliebrown on Jan 24, 2019 23:42:45 GMT
Everything going pear-shaped. Anything in administration is never good. Err it was pretty obvious the company was going into administration. Yep. Typical LY MO, suspend the loans and put up a wall of silence. We investors are accustomed to the way LY treats us. Basically when LY say nothing’s it’s bad news - and they haven’t had anything to say in a very long time.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Jan 25, 2019 5:16:20 GMT
Not good at all always had a bad feeling about this borrower even though i have a fair amount in 6 of these loans from day 1.what a bloody mess lendy could have handled things on these loans much better and made sure a couple got finished.god knows what the money was being used for but tranches were being thrown out all over the place. the security on all these loans has PGs and debentures and is crossed between all of them. Whatever that's worth we will find out lendy have done very well out of this borrower and us lenders so let's hope we don't get shafted to much by the time this lot is sorted.lendys diversification worked well for them.looks like a very good year for receivers,administrators,legals and auction houses.well done again lendy first fate incompetence across the board.
|
|
|
|
Post by charliebrown on Jan 25, 2019 6:23:03 GMT
A borrower this used to ducking and diving, the PG will be worthless. Debenture would seem worthless too as these companies have no assets apart from the loan security. The borrower has borrowed money to develop these plots and, apart from Huddersfield, has made no attempt to do so. Lendy should have been all over this borrower for not starting the developments but they didn’t care. I can’t see anything but a long drawn out nightmare and a big capital loss on these. LY strikes again! Great work Lendy.
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Jan 25, 2019 7:12:42 GMT
l bet he made sure he took a top salary for himself the last few years to fund his fantasy lifestyle.
|
|
Everything going pear-shaped. Anything in administration is never good. 
