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Post by mrclondon on Dec 13, 2018 12:05:39 GMT
Lendy is a Lender of last resort. People borrow from Lendy when they struggle to borrow from anyone else. Maybe not impossible, but finding someone prepared to refinance a Lendy loan is far from easy. Once a borrower starts talking about refinance you know the loan is in serious trouble. Lendy always paints a rosy picture giving the impression that there is no problem, but most attempts to refinance get nowhere. Agree 100%.
'Provided the formalities are satisfactory, we expect the refinance to complete with the next few days.' Can anyone define few? Or are the formalities unsatisfactory?Those with access to DD Central will realise from a post I made on Friday morning that the borrower MAY have thrown a obstacle in the way of the refinance "formalities" whether by incompetence or inexperience. However, it is NOT appropriate to discuss the details of this matter on the public board whilst the refinance legal process remains in progress. It simply reinforces the point that richox was making - most p2p borrowers struggle to meet the standards required to obtain finance outside of the p2p sector with its significantly relaxed standards. All of that said, this borrower has come good on numerous p2p loans at Lendy and at Funding Knight, as well as having at least one loan currently at AC, and I'm expecting some patience here will be rewarded before too much longer.
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adrianc
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Post by adrianc on Dec 13, 2018 12:29:18 GMT
where/what/is/ all the supposed security/debentures/PGs that is thrown at us when these borrowers are looking for funds. Just pause and think about the guarantee. It's a backstop. To exercise it, you have to have exercised the main security - putting the borrower into administration, liquidating their assets - then you pursue the guarantor for the shortfall. What if they dispute it? You have to take them to court to enforce it. They'll probably claim you failed to properly mitigate the losses. They'll probably claim there's wiggle-room in the guarantee.
Just look at all those loans where that's already the status - the borrower's been put into administration or bankruptcy, the security has been auctioned, and the guarantor is being sued... For months.
Whatever happens, it's going to be slow, and it's going to be expensive. It's very much a backstop.
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IFISAcava
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Post by IFISAcava on Dec 13, 2018 13:06:00 GMT
where/what/is/ all the supposed security/debentures/PGs that is thrown at us when these borrowers are looking for funds. Just pause and think about the guarantee. It's a backstop. To exercise it, you have to have exercised the main security - putting the borrower into administration, liquidating their assets - then you pursue the guarantor for the shortfall. What if they dispute it? You have to take them to court to enforce it. They'll probably claim you failed to properly mitigate the losses. They'll probably claim there's wiggle-room in the guarantee.
Just look at all those loans where that's already the status - the borrower's been put into administration or bankruptcy, the security has been auctioned, and the guarantor is being sued... For months.
Whatever happens, it's going to be slow, and it's going to be expensive. It's very much a backstop. you forgot the "it's not our signature" defence
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Vero
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Post by Vero on Dec 13, 2018 16:10:25 GMT
As far as I am aware, this loan will be repaying today 
(btw, this developer has a ~£450 million portfolio with no bank lending til recently, just starting to refinance
some senior debt out to banks and it's taking time (one of several reasons they avoid banks for dev work,
they take on potentially difficult projects and work at triple speed, banks don't like the risk and hamper progress)
It started as a husband and wife team, they do a lot for the homeless in Liverpool, and other charitable work. I have a large chunk of my pension with them (directly), and am really happy things have turned out so well for them.
(Awarded best hotel in the UK this year, amongst others).
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gon
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Post by gon on Dec 13, 2018 16:22:59 GMT
As far as I am aware, this loan will be repaying today On what basis are you saying that? Have Lendy confirmed that to you?
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Vero
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Post by Vero on Dec 13, 2018 16:25:04 GMT
As far as I am aware, this loan will be repaying today On what basis are you saying that? Have Lendy confirmed that to you? Yes
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mw
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Post by mw on Dec 13, 2018 17:17:12 GMT
Looks like this loan has had some investor activity up to today but now is suspended which is odd!
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pi
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Post by pi on Dec 13, 2018 17:36:19 GMT
On what basis are you saying that? Have Lendy confirmed that to you? Yes Everything is getting suspended and some people have more information than others. Doesn't look good....
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Carter
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Post by Carter on Dec 13, 2018 17:52:01 GMT
Repaid.
+Interest +Bonus
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Post by mrclondon on Dec 13, 2018 18:07:46 GMT
Has everyone had the bonus accrual paid? I'm sure mine is short but in any event YAY! I'm not sure but it may be that parts for sale on the SM don't attract the bonus - can anyone confirm or deny please ?
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SteveT
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Post by SteveT on Dec 13, 2018 18:10:03 GMT
Has everyone had the bonus accrual paid? I'm sure mine is short but in any event YAY! I'm not sure but it may be that parts for sale on the SM don't attract the bonus - can anyone confirm or deny please ? Correct, AFAIK
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jomantha
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Post by jomantha on Dec 13, 2018 18:11:02 GMT
Congratulations those who have been repaid. Let us hope this means its good news on all the other suspended loans but I wont be holding my breath.
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Carter
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Post by Carter on Dec 13, 2018 18:11:52 GMT
Appears this is only DFL008 at this moment. DFL035 is still trading at this time, and someone's buying. I wasn't in the latter so didn't realise.
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ric
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Post by ric on Dec 13, 2018 18:12:53 GMT
what's the opinion on DFL035? has not been repaid yet and no activity on the secondary market. Could it remain outstanding as a second charge to the new lender?
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averageguy
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Post by averageguy on Dec 13, 2018 18:28:32 GMT
Hallelujah
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