hantsowl
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Post by hantsowl on Dec 6, 2017 17:18:20 GMT
£400000+ of this on the SM this morning. Mid-afternoon and we are down to £29000. Looks like someone REALLY likes this loan 🙂
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MONEY
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Post by MONEY on Dec 6, 2017 18:44:23 GMT
£400000+ of this on the SM this morning. Mid-afternoon and we are down to £29000. Looks like someone REALLY likes this loan 🙂 Nope - the loan value has been reduced by £381,588.00 since Tranche 16 was amalgamated with the main loan on 30th November 2017, so Lendy are either holding the amount back or Tim and Liam have awarded themselves an early Christmas bonus.  30th November 2017:-  6th December 2017:- 
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ingwer
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Post by ingwer on Dec 8, 2017 15:05:15 GMT
And an amazing lengthy update from Lendy regards progress now added in the Updates.
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ingwer
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Post by ingwer on Dec 8, 2017 17:43:53 GMT
Thanks new2p2p - I must have missed that... but if that is the level that Lendy are prepared to offer (even if they repeat it) then it is a major improvement and gives an extra level of clarity that the loan is doing well.
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mikes1531
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Post by mikes1531 on Dec 10, 2017 18:55:39 GMT
£400000+ of this on the SM this morning. Mid-afternoon and we are down to £29000. Looks like someone REALLY likes this loan 🙂 Nope - the loan value has been reduced by £381,588.00 since Tranche 16 was amalgamated with the main loan on 30th November 2017, so Lendy are either holding the amount back or Tim and Liam have awarded themselves an early Christmas bonus. 30th November 2017:- 6th December 2017:- My interpretation of the above is that Lendy offered £860k of T16, but had takers for only about half of it, and decided to pretend T16 only asked for £480k. That way they didn't have to pay an underwriter to fund £380k and dump that £380k of parts on the SM. It also means they didn't have to deliver that £380k to the borrower, and the borrower doesn't have to pay interest on it. So the borrower probably is happy but they're going to need more money soon to cover the construction bills. There is one bit that doesn't make sense, however. Lendy have extended this loan by six months and reclassified it as IOA. Six months' worth of interest at 12% on a £9.2M loan is £552k. Since T16 appears to have raised only £480k, how can there be a further six months of IOA? Perhaps I'm misinterpreting what I've seen. I'd be pleased if Lendy Support could explain what really happened here. PS. I should note that I sent a similar question to Lendy Support with respect to DFL004 when that loan had its term extended without a new tranche being drawn down. The first response I received didn't answer my question, so I had to ask it again. That was three weeks ago now and I'm still waiting for an answer to my question. 
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gon
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Post by gon on Dec 12, 2017 14:19:15 GMT
It seems patently unfair that Lendy have decided that the loan to GDV can now go as high at 70% when we have already invested heavily into this loan on the basis it would be limited to a maximum of 60% loan to GDV. Surely Lendy should have given lenders the choice to withdrew their funds if they were uncomfortable with this latest position, rather than force it upon us, with little chance of liquidating funds with so much available on the SM anyway.
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Brainer
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Post by Brainer on Dec 12, 2017 16:32:23 GMT
For comparison: when FS unintentionally lent more than the previously stated maximum loan, they admitted it should have ranked behind the existing facility and indemnified all investors in the earlier tranches against any potential loss due to their error.
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Post by df on Dec 12, 2017 17:59:52 GMT
For comparison: when FS unintentionally lent more than the previously stated maximum loan, they admitted it should have ranked behind the existing facility and indemnified all investors in the earlier tranches against any potential loss due to their error. Yes, it is much more fair system. Anything above the risk presented at the beginning should be a separate loan at higher rate and rank behind the original.
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ingwer
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Post by ingwer on Dec 22, 2017 14:42:51 GMT
Just a warning...
I saw the sales queue for DFL008 was -£42k. minus !!!
So I decided to put a loan part up for sale thinking that it would be sold and it credit my account immediately.
er no...
So tried to cancel the sale - but I get a message "The sale of loanpart could not be cancelled because the loan does not have sufficient availability."
The recent pipeline appears to be all sold.
Off to ask Lendy support what's happened.
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webwizard
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Post by webwizard on Dec 22, 2017 15:44:31 GMT
We were looking to increase the amount of this loan to 70% of GDV, once fully drawn, however after further consideration, and feedback from investors, this loan will not exceed 60% of GDV as originally proposed and it has been agreed that we will launch a new Second Charge loan to assist with the remaining development costs.
Interesting that Lendy appear to be listening and will not exceed the original LTV that everyone invested on the basis of.
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ingwer
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Post by ingwer on Dec 22, 2017 16:37:41 GMT
Availability in Loan gone to a positive. At least that is sorted. Unfortunately, I have ended at the back of that queue (@ 45k) so it will probably sell next year now.
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ingwer
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Post by ingwer on Dec 22, 2017 16:39:19 GMT
...and sorry about the picture. I did not occur to me that I was being naughty.
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webwizard
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Post by webwizard on Dec 29, 2017 12:21:32 GMT
Tranche 20 is in the pipeline. £441k
Under exit strategy:
"The units will be completed between February and May 2017 with Net Sale Proceeds being received as the units are sold."
Once again, Lendy is looking for investment and appears to have simply copied all the information from one entry to another without reading or updating it. If they cannot be bothered to proof read or update the information to ensure accuracy, why should anyone invest?
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mary
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Post by mary on Dec 29, 2017 17:50:29 GMT
Tranche 20 is in the pipeline. £441k Under exit strategy: "The units will be completed between February and May 2017 with Net Sale Proceeds being received as the units are sold."
Once again, Lendy is looking for investment and appears to have simply copied all the information from one entry to another without reading or updating it. If they cannot be bothered to proof read or update the information to ensure accuracy, why should anyone invest? Agreed, however on the other hand I will have received 12% for a year long than I originally expected, as as I think this is one of the more solid Lendy loans in terms of expectation to complete and repay - eventually!
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webwizard
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Post by webwizard on Dec 30, 2017 8:38:49 GMT
Tranche 20 is in the pipeline. £441k Under exit strategy: "The units will be completed between February and May 2017 with Net Sale Proceeds being received as the units are sold."
Once again, Lendy is looking for investment and appears to have simply copied all the information from one entry to another without reading or updating it. If they cannot be bothered to proof read or update the information to ensure accuracy, why should anyone invest? Agreed, however on the other hand I will have received 12% for a year long than I originally expected, as as I think this is one of the more solid Lendy loans in terms of expectation to complete and repay - eventually! The comment was not about the quality of the loan which looks solid. More about the requirement for attention to detail when asking for money. Lendy are getting better and I like the direction of travel but more improvement is required and we may never reach the destination. I do not mind investing where there is higher risk. All that I ask is that the information provided is accurate, timely, independent and objective. I don't want it dumbed down nor translated into Easy Speak etc. Clarity of understanding is all that is required and that over time builds trust.
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