jcb208
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Post by jcb208 on Feb 15, 2018 16:25:01 GMT
All I will say is what a ridiculous valuation, nobody expects losses to this amount and I feel for those who have lost money and It is just not Lendy with these inflated valuations, things need to change fast
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mary
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Post by mary on Feb 15, 2018 16:25:30 GMT
I assume that tomorrow's update will confirm that the PF will cover at least half the shortfall. Someone will correct me if I'm wrong, but as far as I can remember Lendy have never stated that anything in particular is being (or has been) covered by the PF. I would expect them to see if they can realise anything else first too. See here for confirmation of how much, and when, the PF was used for PLB020/066/067...£940k used... lendy.co.uk/how-it-worksNew, improved, semi-transparent Lendy!
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Post by peterpea on Feb 15, 2018 16:26:33 GMT
Someone will correct me if I'm wrong, but as far as I can remember Lendy have never stated that anything in particular is being (or has been) covered by the PF. I would expect them to see if they can realise anything else first too. PBL123 quote:" The property was sold at auction on 14 September 2017 for the sum of £1,000,000 and we will now be pursuing the borrower for the residual debt outstanding. Where the property sold for less than the capital sum, Lendy intend to make payment of the shortfall from its provision fund." So the PF has been used before and mentioned in the update on 15 Sept 2017. Of course on the NEW partially repaid tab you cannot see what the original loan amount was, only the outstanding which for this loan is £0 It was used for the A******* garden centre, I recall. Another loan I had a lot of cash in. We were fully repaid but that was in the earlier times.
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Post by peterpea on Feb 15, 2018 16:45:35 GMT
Someone will correct me if I'm wrong, but as far as I can remember Lendy have never stated that anything in particular is being (or has been) covered by the PF. I would expect them to see if they can realise anything else first too. See here for confirmation of how much, and when, the PF was used for PLB020/066/067...£940k used... lendy.co.uk/how-it-worksNew, improved, semi-transparent Lendy! Thanks for the link. Bad news again....... almost half of the PV is made up of imaginary money. Over 2M is "hoped for" money from issued claims. It just get worse !!
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star dust
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Post by star dust on Feb 15, 2018 16:49:20 GMT
Someone will correct me if I'm wrong, but as far as I can remember Lendy have never stated that anything in particular is being (or has been) covered by the PF. I would expect them to see if they can realise anything else first too. See here for confirmation of how much, and when, the PF was used for PLB020/066/067...£940k used... lendy.co.uk/how-it-worksNew, improved, semi-transparent Lendy! Well yes, hadn't spotted that before, last I remembered the PF data had disappeared off site. Also couldn't remember them saying how much had been paid on PBL020. Obviously it is getting used I thought they tended to remain rather coy about it though. I still wouldn't expect them to state anything in an update tomorrow and (never been in this loan so not sure of any specifics) as there may be some other avenues for them to explore for recovery. As well as your link, here's the data for anyone else who hasn't noticed it either Historic Provision Fund Usage Date Loan Amount 25/07/17 PBL067 £220,000 25/07/17 PBL066 £120,000 28/02/17 PBL020 £600,000 Link to earlier discussion thread that I missed altogether Provision Fund.
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Post by df on Feb 15, 2018 16:58:06 GMT
Sold for 1.5 million, so 2 million of investor funds lost. I would like to see the owners of Lendy put in jail for this. What on earth did they think they were doing? Well, it's our own fault investing in this castle. We are always warned that the capital is at risk and we take this risk voluntarily  I'm quite happy to get 44% of my investment back now instead of waiting for 10 more years in hope for castle prices to triple.
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Post by peterpea on Feb 15, 2018 16:58:35 GMT
I don`t know why it was sold so cheaply, I`m sure if Lendy waited a little longer a higher price could have been reached. Or re enter in an auction later perhaps. I am with another p2p and there we all voted on possible actions, it is a shame Lendy did not consult us the lenders, as we actually own it, not Lendy. It may well be that they act for us but I am unsure of the wisdom of selling for such a low price.
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Post by solicitorious on Feb 15, 2018 16:59:07 GMT
I note that the surveyors Keppie Massey have 1 star ratings on 2 review websites and 3 stars on another. The valuation document has disappeared from the Lendy website. Unfortunately, to leave a review, the sites require the branch and a named person so have been unable to leave my considered opinion on these sites for their perusal. LIVERPOOL OFFICE: ALABAMA HOUSE, 6 RUMFORD PLACE, LIVERPOOL L3 9B Liverpool supported the South, while the UK officially supported the North. Liverpool was effectively the "home port" of the Confederate war fleet. www.bombedoutpunk.com/history/bombed-out-and-liverpools-role-in-the-american-civil-war/
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Post by peterpea on Feb 15, 2018 17:04:46 GMT
Sold for 1.5 million, so 2 million of investor funds lost. I would like to see the owners of Lendy put in jail for this. What on earth did they think they were doing? Well, it's our own fault investing in this castle. We are always warned that the capital is at risk and we take this risk voluntarily I'm quite happy to get 44% of my investment back now instead of waiting for 10 more years in hope for castle prices to triple. We are guided by valuations, LTV`s etc. Surely it is unacceptable that the valuation is so way off the mark. I know my money is at some risk but this is ridiculous !! 44% is not on. It is more like 42% after fees etc
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Post by df on Feb 15, 2018 17:23:12 GMT
I don`t know why it was sold so cheaply, I`m sure if Lendy waited a little longer a higher price could have been reached. Or re enter in an auction later perhaps. I am with another p2p and there we all voted on possible actions, it is a shame Lendy did not consult us the lenders, as we actually own it, not Lendy. It may well be that they act for us but I am unsure of the wisdom of selling for such a low price. They've been already at it for 6 months. I doubt re-entering an auction would fetch significantly better price, it could delay the process and we'll end up with the same result. Update 06/07/2017: "We have instructed receivers on the property as we were not willing to accept the partial redemption of the loan due to the increase risk profiling it would have exposed us to. We in regular communication with the borrower who is actively marketing the security."
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james21
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Post by james21 on Feb 15, 2018 17:23:40 GMT
I would not be surprised to see the castle properly developed in some way; possibly more apartments sold individually and in a couple of years recoup the purchase price, the development costs and net £1m or more profit
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Jeepers
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Post by Jeepers on Feb 15, 2018 17:28:08 GMT
I would not be surprised to see the castle properly developed in some way; possibly more apartments sold individually and in a couple of years recoup the purchase price, the development costs and net £1m or more profit Well I very much doubt they'll be getting development finance from a p2p platform. One bitten, twice shy.
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Post by df on Feb 15, 2018 17:28:30 GMT
Well, it's our own fault investing in this castle. We are always warned that the capital is at risk and we take this risk voluntarily I'm quite happy to get 44% of my investment back now instead of waiting for 10 more years in hope for castle prices to triple. We are guided by valuations, LTV`s etc. Surely it is unacceptable that the valuation is so way off the mark. I know my money is at some risk but this is ridiculous !! 44% is not on. It is more like 42% after fees etc Yes, we are misguided by poor valuations. I wish there were regulations not allowing platforms to do this.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Feb 15, 2018 17:52:12 GMT
So we have our first disaster.... I don't blame Lendy, they acted on the advice of the valuation report as did we as investors. The blame rests entirely with the surveyor and i would hope Lendy are actively preparing to sue! Awwww, come on jeepers, you think Lendy didn't have an inkling, what about their thorough and Professional "In-House DD"?!!   They're on the hook just as much IMHO, if not more so.
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Jeepers
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Post by Jeepers on Feb 15, 2018 18:07:01 GMT
They have been slack but wouldn't have passed the loan without the bogus valuation
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