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Post by loftankerman on Oct 2, 2017 14:45:03 GMT
"We are in constant dialogue with the Borrower and, having received assurances from the Borrower, it is anticipated that redemption of this loan will take place shortly." When will Lendy tell us just what the f**k is happening here? What about giving us some "assurances"? Oh no, silly me I'm forgetting - it's only our money at risk.......  To be fair, I don't see how Lendy can give assurances as they seem to have been faced with non materialising assurances themselves pretty much from the outset. There was the early anticipated sale that evaporated. Then there was the calm with assurances all was going well, followed by hints and assurances around a fixable minor issue over access. Presumably Lendy are being stalled under cover of assurances of a non specific sale while planning permission for a helipad is sought. The absence of demonstrable fact in most assurances leads me to suspect that all borrowers are also Honourable Members of Parliament.
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Post by charliebrown on Oct 3, 2017 14:38:50 GMT
These factless type of updates are so tiring  |
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Post by baglan on Oct 3, 2017 17:30:30 GMT
Maybe a set of translations could be prepared. The borrower is continuing to work hard to execute the exit strategy and we are in constant discussions.Translation: This loan looks like it is in trouble because the sale has fallen through but we don't wish to admit it. We have told the borrower we want the loan repaid to help free up our SM and make investors feel happier, but he has no idea of how he might manage this in the near future, if ever.
The loan now only has 2 months to expiry and we are chasing the Borrower for proposals regarding repayment.
Translation: This loan was perhaps ill advised but it seemed like a good idea at the time. The borrower has a comprehensive track record but unfortunately it is not one of getting projects completed. We didn't feel that it was relevant to mention this in the loan particulars.
No change.
Translation: There is nothing new you need to know. And please do not enquire. We have instructed an Independent Monitoring Surveyor to obtain plans, budget and cashflow forecast, as well as details of professional and contractor appointments and then issue their initial report, which will comment on the proposed development, including planning consent.Translation: We have to admit that some one or two forum members made a couple of good points (for once) - selling rabbit hutches of 200 squ ft for £160,000 and without parking spaces might not be viable, even in the middle of Norwich. We have passed the matter to our creative design department for their further consideration.
Further prospective purchasers continue to work through their offers which will not be finalised for a few weeks. Upon receipt of these formal offers we will review them, together with those received previously, to determine the best course of action moving forward. Translation. We have really no idea if or when these properties will ever be sold. Your guess is as good as ours, or possibly better. But why worry? It's only money. And that doesn't buy happiness. All of you have a wonderful weekend. This could make a great thread of its own - I'm sure other members could add some additional translations 
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Jeepers
Member of DD Central
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Post by Jeepers on Oct 3, 2017 17:37:20 GMT
That could turn into quite a lengthy thread!
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fasty
Member of DD Central
Posts: 1,038
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Post by fasty on Oct 3, 2017 18:39:44 GMT
Sheesh.... Repaid!
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MarkT
Member of DD Central
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Post by MarkT on Oct 3, 2017 18:45:55 GMT
Fantastic.
I am now in the happy position that I cannot make a net loss with Lendy.
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jcb208
Member of DD Central
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Post by jcb208 on Oct 3, 2017 18:47:40 GMT
My largest lendy investment repaid,theres going to be lots of money floating around looking for a home now
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hazellend
Member of DD Central
Posts: 2,363
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Post by hazellend on Oct 3, 2017 19:26:39 GMT
Plenty of decent stuff to reinvest in at the moment
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GeorgeT
Member of DD Central
Posts: 1,322
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Post by GeorgeT on Oct 3, 2017 19:37:42 GMT
Plenty of decent stuff to reinvest in at the moment It won't hang about for long. What fantastic news and exactly what the platform needed. Fastest Finger First anyone?
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Oct 3, 2017 19:44:10 GMT
Wow.
Fair to say kudos to Lendy.
If this was heading this way then there was no need to post ambiguous updates, unless this came at a surprise for Lendy as it was for us lenders. We’ll never know.
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hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
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Post by hazellend on Oct 3, 2017 19:45:55 GMT
Wow. Fair to say kudos to Lendy. If this was heading this way then there was no need to post ambiguous updates, unless this came at a surprise for Lendy as it was for us lenders. We’ll never know. Either it was a surprise or they have a slightly twisted (perhaps inappropriate) since of humour! Anyway, this should go someway towards calming the herd.
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Post by dinnerlady on Oct 3, 2017 19:50:55 GMT
My fastest finger first will be to withdraw this repayment from the platform.......no confidence with Lendy
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dp
Member of DD Central
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Post by dp on Oct 3, 2017 19:56:11 GMT
My fastest finger first will be to withdraw this repayment from the platform.......no confidence with Lendy You literally can't please some people.
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Post by dinnerlady on Oct 3, 2017 20:02:38 GMT
My fastest finger first will be to withdraw this repayment from the platform.......no confidence with Lendy You literally can't please some people. Not difficult to please at all. Clear communications and realistic valuations.
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Carter
Member of DD Central
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Post by Carter on Oct 3, 2017 20:12:41 GMT
"All indications are that this loan should be repaid relatively soon. A sale has been agreed and is now going into legals" From this weeks update in case you missed it. A long term and sizeable loan being repaid early. Boom.......At least we know what relatively soon means now!  "probably the largest P2P loan in the world" has repaid within term and without too much fuss. Good news for platform and punters alike.
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