PBL155 - W******* "Large Fortified House", DEFAULTED

don't worry, i'm sure the provision fund will cover it 

Emotions running high (and I am in this too) but I think jail a bit harsh (and unlikely) when there was a valuer who thought it worth a lot more.

I have just placed instructions to withdraw my remaining £11.22 of free cash from Lendy, just in case.....

And don't forget it was one of the batch of loans that they offered to investors at less than the normal 12% interest because they told people it was a lower risk loan. In reality, clearly a very specialised property like this is very hard to value with any degree of accuracy because there is no comparable evidence and for that reason alone it is plain to see that it represents a higher than normal risk and not lower. Unfortunately I have felt there have been occasions where LY have tried to argue that black was white and acted with an apparent degree of arrogance and in so doing insulted the intelligence of their funders/investors.

It really is alarming how far out it is. I read the valuation report again now and I feel like a mug.
IMO the flats were the problem here, the valuations of these things were just out of proportion, £200k for something yielding £7k a year, don't think that stacks up.
Also if a HNW is buying for their residence, ie a footballer, who's gonna want to share their grounds with them.

With IOW promising an equal or greater capital loss, the PF is virtually insolvent. Even topping up to compensate our losses to 50% isn't going to work.

So Guys, What about the borrowers large and proven property portfolio? I guess he or she had better start selling and Lendy need to quickly start  putting liens on these properties before they magically vanish.

If I remember rightly this was one of their poster properties that they used in their advertising to lure investors in. If I'm right that makes this shortfall/loss extra embarrassing for them.