sl75
Posts: 2,092 
Likes: 1,245
|
Post by sl75 on Mar 8, 2018 8:34:14 GMT
- why take only 1% cashback for a loan supported only by a second charge when there's a 2% cashback opportunity for a different loan supported by a first charge likely to go live soon? Because a bird in the hand is worth two in the bush? ISTM that Lendy are having extreme difficulty funding tranches recently, even small ones. Unless things change significantly, I don't see how they could manage to fund a £5.2M loan, even with 2% cashback on offer. There's a choice of many birds to take in hand though - and many of those (including the existing DFL008 on the same development which is also widely available) are also first charge, which seems at least as good as 1% cashback, because a second charge loan has a non-negligible risk of losing ones entire investment. To stretch the analogy though, in the immediate term, there are so many birds stuck to my hands which I couldn't let go of even if I tried, that discussion of which bushes I should grab further birds from becomes rather academic. Whilst the other £5M loan in the pipeline will certainly be a challenge to get funded if we don't actually get any significant repayments soon, it has the advantage that investors will not already be subscribed to their limit on earlier tranches of the same loan, or in higher-ranking loans on the same development... but that's a discussion for another thread.
|
|
mary
Member of DD Central
Posts: 698 
Likes: 711
|
Post by mary on Mar 12, 2018 10:17:34 GMT
As per the loan details...
"this loan (DFL008) will therefore not exceed 60% of GDV."
As per the latest update...
"sale of 11 of these 12 units should complete over the next few weeks. The Net Sale Proceeds of these units should be over £1m"
The sale of these units will reduce the GDV of the remaining asset. Therefore I am expecting an imminent partial repayment to ensure that the 60% LTV is not breached.
|
|
MONEY
Posts: 63
Likes: 831
|
Post by MONEY on Mar 12, 2018 13:00:17 GMT
Reduction applied to DFL035's (2nd charge loan) loan value:- Current - Monday 12 Mar 2018:  Original - Thursday 22 Feb 2018:  |
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Mar 12, 2018 21:08:57 GMT
I grabbed a small chunk, but have not yet increased this because: - it makes no difference to the cashback whether I invest "now" or on the last day of the month, and there seems no imminent danger of this loan becoming fully subscribed today. Because Lendy could decide to remove some or all of those parts from the SM without notice? That's what it looks like they did on Tuesday afternoon with the recent tranches of DFL029 and DFL030. And, based on the previous post, it looks like Lendy have done just that! So where is the other £250k that the borrower wants/needs to continue the development going to come from?
|
|
MONEY
Posts: 63
Likes: 831
|
Post by MONEY on Apr 3, 2018 12:12:31 GMT
DFL035 T2's loan value revised:- (Revised) 3rd April 2018:  (Original) 22nd March 2018:  |
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on May 4, 2018 11:10:08 GMT
Cashback on DFL035 seems to have got lost behind the sofa somewhere (maybe Lendy are sitting on it, hoping nobody will notice?)
It's been marked as drawn down for quite some time, and I assume tranche 2 merged with it (I didn't get a piece of that) when it drew down too.
Still no cashback here... anyone else?
Cashback was paid later that day.
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on May 7, 2018 12:39:38 GMT
Still no cashback here... anyone else?Cashback was paid later that day.Following the payment of cashback (on the main loan, not Tranche 3 which is yet to draw down), Lendy have again (like with PBL198) left the "**1% CASH BACK OFFER**" tag on the loan, despite already having paid out cashback. If I were considering only my own short-term personal interest, I wouldn't really mind this, as I've already received my cashback, and if/when I put my ex-cashback loan parts up for sale they'll probably find a buyer quickly due to the continued promise of cashback. However, Lendy might mind, as they'll have investors who have bought loan parts over this weekend and later demanding to know where their cashback is NEXT month (and having continued to advertise it, Lendy should really honour that promise), and those other investors might mind if Lendy renege on the promised cashback on the grounds they already paid it to the original investors (despite giving later investors no information from which they could reasonably be expected to deduce the loan parts are now ex-cashback).
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on May 17, 2018 21:15:51 GMT
One more day left for partial repayment they talked about happening this week
|
|
mary
Member of DD Central
Posts: 698
Likes: 711
|
Post by mary on May 18, 2018 18:55:03 GMT
One more day left for partial repayment they talked about happening this week And look how the partial repayments of PLB120 panned out. Took the theoretical LTV down to a seeming rock solid low, yet now we're told that, at best, Capital may be recovered with zero to show for the 10 months overdue. Very unhappy, as I'm overexposed on this one, believing that the reservations and exchanges meant this was a slam dunk (clearly nothing ever is, especially in P2P).
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on May 18, 2018 19:21:34 GMT
One more day left for partial repayment they talked about happening this week And look how the partial repayments of PLB120 panned out. Took the theoretical LTV down to a seeming rock solid low, yet now we're told that, at best, Capital may be recovered with zero to show for the 10 months overdue. Very unhappy, as I'm overexposed on this one, believing that the reservations and exchanges meant this was a slam dunk (clearly nothing ever is, especially in P2P). Aye lessons to be learnt....but then this is Lendy..an even bigger lesson to be learnt..i have very little faith in them
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Jun 6, 2018 16:20:35 GMT
Capital repayment just in for £482,343.
First installment it seems. Represents about 4.8% of the capital.
|
|
steve11523
Member of DD Central
Posts: 60
Likes: 27
|
Post by steve11523 on Jun 6, 2018 16:21:36 GMT
Partial repayment of £482k made today - hopefully the start of a steady flow...
|
|
tx
Member of DD Central
Posts: 300
Likes: 127
|
Post by tx on Jun 6, 2018 16:43:39 GMT
Seems Ly has step up recent repayment effort. Hope they will keep it up.
|
|
|
|
Post by patright on Jun 6, 2018 17:03:04 GMT
yeah...4.8% nothing to write home about I am afraid
|
|
empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on Jun 6, 2018 17:13:34 GMT
A repayment that ties in with the fortnightly update!
Although I'd hope this isn't the completion proceeds from all twelve units. 5% from 12 of 95 units might be a bit problematic even with £1 million for the freehold.
(Or are additional revenues expected from elsewhere?)
|
|
