ingwer
Member of DD Central
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Post by ingwer on Nov 24, 2017 18:46:13 GMT
Indeed, DFL006 has been reset to -3 days.
Now that Lendy has the second batch of funds, I am wondering when will the "Delayed/Lost" interest for September (way overdue for me) and now October be paid.
Anyone received the September interest yet - it was about 10 days short on payment on 1st October run ?
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moist
Member of DD Central
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Post by moist on Jan 10, 2018 14:39:05 GMT
it was withdrawn prior to the planning meeting in December, but did have planning officer recommending approval.(visible on planning meeting schedule issued on portal) Scheduled to be discussed at January meeting when final issues resolved
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hazellend
Member of DD Central
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Post by hazellend on Jan 10, 2018 14:39:40 GMT
The revised planning application has been withdrawn as a consultation on the access road has not been completed. Thanks for this Please turn me over, not such good news, certainly not what I'd been hoping to hear. Anyone like to share their thoughts on what this means for our loan and the project? All the best, J. They’ll need to complete the consultation for the access road and then apply again. For an experienced developer it seems like an amateurish oversight though
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moist
Member of DD Central
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Post by moist on Jan 10, 2018 14:44:26 GMT
planning meeting to discuss started today 1.30pm. Agenda on council website. Officer recommends approval.
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guff
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Post by guff on Jan 19, 2018 17:32:12 GMT
Thanks for this Please turn me over , not such good news, certainly not what I'd been hoping to hear. Anyone like to share their thoughts on what this means for our loan and the project? All the best, J. They’ll need to complete the consultation for the access road and then apply again. For an experienced developer it seems like an amateurish oversight though Whereas Lendy's update says: "The Council have visited the site and the borrower has advised that the meeting went well. Formalities are progressing and a formal response is expected shortly. In the meantime, the borrower has provided funds to cover another month's interest."
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mary
Member of DD Central
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Post by mary on Jan 19, 2018 17:54:40 GMT
If the interest had been received, the days remaining at -30 has not been updated yet, or the bonus accrual removed, which I assume, yet again, it will be.
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ingwer
Member of DD Central
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Post by ingwer on Jan 19, 2018 18:25:26 GMT
The FULL interest for November is still outstanding too. Silence from Lendy support as per.
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guff
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Post by guff on Jan 19, 2018 19:22:02 GMT
They haven't told us about the re-submitted planning application either.
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Post by skint4achange on Jan 20, 2018 0:28:27 GMT
If the interest had been received, the days remaining at -30 has not been updated yet, or the bonus accrual removed, which I assume, yet again, it will be. Never assume Mary! Lendy paid out the bonus accrual on the last 2 loans that came out of IA and back into IOA. PBL133 and a DFL010 both had accrued bonus paid after the loan was brought back into line.
Surprised the hell out of most of us I can tell you! 
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Post by mrclondon on Jan 20, 2018 0:42:05 GMT
They haven't told us about the re-submitted planning application either. There is existing planning consent dating from 2011/12 for a scheme with 249 student rooms, which formed the basis of the valuation Lendy obtained. A new planning application was submitted in August 2017 for a scheme with 350 student rooms. That application is still "awaiting decision", and has NOT been withdrawn. The confusion has arisen because the application was withdrawn from discussion at the December 2017 planning committee meeting. Instead it was heard at the planning committee meeting on 10th January 2018. Since then, earlier this week, additional revisions to some of the plans have been attached to the planning application so design discusions are clearly ongoing with the council. Links to the planning applications are on DD Central. I would strongly recommend those that are eligible for access to DD Central to make the effort to join, and to read the planning applications for themselves and to form their own opinion as to the implications.
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guff
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Post by guff on Jan 20, 2018 14:47:56 GMT
They haven't told us about the re-submitted planning application either. There is existing planning consent dating from 2011/12 for a scheme with 249 student rooms, which formed the basis of the valuation Lendy obtained. A new planning application was submitted in August 2017 for a scheme with 350 student rooms. That application is still "awaiting decision", and has NOT been withdrawn. The confusion has arisen because the application was withdrawn from discussion at the December 2017 planning committee meeting. Instead it was heard at the planning committee meeting on 10th January 2018. Since then, earlier this week, additional revisions to some of the plans have been attached to the planning application so design discusions are clearly ongoing with the council. Links to the planning applications are on DD Central. I would strongly recommend those that are eligible for access to DD Central to make the effort to join, and to read the planning applications for themselves and to form their own opinion as to the implications. Indeed, and for those unable to meet the entry criteria, I posted a hint to look at the planning portal as there did not appear to have be anything promulgated from within.
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blata
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Post by blata on Jan 20, 2018 15:06:08 GMT
Lendy once again only telling you half of the information getting a little monotonous, very quick on telling us that the loan has been extended very slow on paying. The bubble has burst and I am beginning to feel only a magician can help them.
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Post by df on Jan 20, 2018 15:30:04 GMT
Lendy once again only telling you half of the information getting a little monotonous, very quick on telling us that the loan has been extended very slow on paying. The bubble has burst and I am beginning to feel only a magician can help them. I wouldn't worry about them too much. According to weekly updates they are doing great! It's us, investors with capital stuck in their DEFs and IAs, who need a magician to get at least some of it back.
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jsmill
Member of DD Central
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Post by jsmill on Jan 22, 2018 10:45:52 GMT
For those wanting some entertainment I would recommend looking at a concerned locals contribution today to the debate on the planning process....
On a serious note this loan is a prime example of why I have been withdrawing from Lendy. In my view there is no excuse for not keeping investors updated on the planning process (which in my view is material to the loan). These are public documents, freely available online which relate to planning in a loan which can still be traded on the platform.
I always make the point that p2p lenders in manually selected loans should perform their own DD to the maximum extent possible but equally I think there has to be an expectation that platforms keep investors up to date with publicly available information on material developments relating to a loan, on a timely basis.
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ingwer
Member of DD Central
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Post by ingwer on Jan 29, 2018 10:45:52 GMT
I am a little unsure about how much missing interest I have on this. Lendy support are keeping mum.
Does anyone have thoughts on whether bonus accrual interest is due to be paid on this loan ? If so, when ?
Although I do not have the exact dates/days, I do not believe this loan has been set to IOA (Edit: was IA) for some months.
This borrower is keeping up the regular interest payments but not sufficiently in time to get this loan back into positive territory.
e.g. in January, it went to c. -36 days and then back to c. -6 days. So I do not think that it went back into a "new extended loan period which attracts interest at the published rate" which is the Lendy rule.
So does anyone think that bonus interest is due ?
Lendy's rule:
"Notes
if a loan is extended, taking it out of the Tolerance Period and back into a new extended loan period which attracts interest at the published rate, any bonus accrued will be cancelled."
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