GeorgeT
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Post by GeorgeT on May 30, 2017 15:31:14 GMT
I think everyone should follow your example jackpease ...... especially if selling DFL008. I've not moved up the queue one penny in the last two days. Going to stick with it though. You should've done, according to 'investor activity' somebody bought 5k followed by a tenner. I think you are on the wrong thread and confusing PBL155 with DFL008. The turreted structure is making me reconsider my position about being able to sell at below par. I would be prepared to sell my remaining bits at a discount to get shot of them and erase this wart from my portfolio.
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Post by lendinglawyer on May 30, 2017 15:38:39 GMT
You should've done, according to 'investor activity' somebody bought 5k followed by a tenner. I think you are on the wrong thread and confusing PBL155 with DFL008. The turreted structure is making me reconsider my position about being able to sell at below par. I would be prepared to sell my remaining bits at a discount to get shot of them and erase this wart from my portfolio. And also erase your "never lost a penny" record?! Sacrebleu!! FAOD I view a sale at a discount as a loss, unless that's a sale at a discount on FS AND the discount is less than the tax liability you would have incurred by receiving the interest accrued at the point of sale as taxable interest income.
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GeorgeT
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Post by GeorgeT on May 30, 2017 15:49:23 GMT
I think you are on the wrong thread and confusing PBL155 with DFL008. The turreted structure is making me reconsider my position about being able to sell at below par. I would be prepared to sell my remaining bits at a discount to get shot of them and erase this wart from my portfolio. And also erase your "never lost a penny" record?! Sacrebleu!! FAOD I view a sale at a discount as a loss, unless that's a sale at a discount on FS AND the discount is less than the tax liability you would have incurred by receiving the interest accrued at the point of sale as taxable interest income. To me, and my MO, sale at a discount wouldn't be a loss provided the overall result of the investment was positive not negative. i.e. If I invested £5,000, held for 6 months and received £275 interest,then sold my £5,000 for £4,800, I would consider that to be an overall gain of £75 and not a loss of £200. However in the case of the castle I held £16k in late Dec when I used it as a cash dump for a few months, before selling out in early April and have sold out down to my last £300 so it's a guaranteed gain, regardless. Hence why I would offer a discounted price for my remaining holding even though I cannot.
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elliotn
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Post by elliotn on May 30, 2017 15:49:58 GMT
Buying at a premium is also a loss (not just a reduced return) - reconciling abl to cash showed it took me a few months before I'd earnt a penny off 5 figs!
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twoheads
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Post by twoheads on May 30, 2017 19:14:49 GMT
The turreted structure is making me reconsider my position about being able to sell at below par. I would be prepared to sell my remaining bits at a discount to get shot of them and erase this wart from my portfolio. Currently not sporting any warts.
I wonder if the Rook gets special treatment as it's used in the Lendy Start-Investing page (which you can only see if you're not logged in to your Lendy account).
EDIT - I can only see the page if I'm not logged in to Lendy... not sure about the rest of you!
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Monetus
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Post by Monetus on Jul 7, 2017 14:46:13 GMT
"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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GeorgeT
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Post by GeorgeT on Jul 7, 2017 14:53:17 GMT
"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." No surprise, this loan is a total bummer. Should have been 12% to start with. This is where I stand to make a capital loss. I sold out most - but left my last few hundred a bit late and have one loan part that has frustratingly been £5k from queue front for eternity and the rest about £30k back. However on the upside, I piled 1000s into it around Xmas (had £16k at peak) and netted 11% for 4 months or so, and it was still selling like hot cakes till April. I've done the maths and think I may have just earned enough interest to even sustain total capital loss and not lose overall. It taught me a vital lesson - never again touch anything under 12% - unless there's some first loss protection as on another platform. Lower rate = Lower risk, my a***.
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tombraider
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Post by tombraider on Jul 7, 2017 15:02:47 GMT
I feel this will be on the default page for a while. It really will be a measure of how accurate the LTV are. Lost interest is one thing. Lost capital is another. I have a bad feeling here and I too was trapped on the SM.
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mack
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Post by mack on Jul 7, 2017 15:15:00 GMT
"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." No surprise, this loan is a total bummer. Should have been 12% to start with. This is where I stand to make a capital loss. I sold out most - but left my last few hundred a bit late and have one loan part that has frustratingly been £5k from queue front for eternity and the rest about £30k back. However on the upside, I piled 1000s into it around Xmas (had £16k at peak) and netted 11% for 4 months or so, and it was still selling like hot cakes till April. I've done the maths and think I may have just earned enough interest to even sustain total capital loss and not lose overall. It taught me a vital lesson - never again touch anything under 12% - unless there's some first loss protection as on another platform. Lower rate = Lower risk, my a***. Here another lesson. Lend based on just interest rate and not the asset be prepared to get a spanking at some point down the line. Lending on a castle? Sheesh - lots of people out there want one of those!
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GeorgeT
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Post by GeorgeT on Jul 7, 2017 15:33:15 GMT
As I said, it's a bummer. I mean there's hundreds of people after a castle in Wales .... not!
Could be a long wait for a resolution on this one. Will be surprised if it doesn't slip into default status. Bit surprised LY didn't cut the losses and take the partial repayment offered if it was reasonable. But I guess some investors would have squawked ( I wouldn't have). If borrower can offer partial repayment he can offer extra interest to extend term - but guess he doesn't want to and would prefer LY have the bother of getting shot of this white elephant.
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twoheads
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Post by twoheads on Jul 21, 2017 7:52:37 GMT
Interestingly, there was a reduction of around £50k in the SM value of the Castle around lunch time yesterday.
The value went from around £287k to £237k between 11am and 1pm.
This was delisted sales (there has been no 'investor activity' since Tuesday).
I wonder if this was in anticipation of the 0.46% bonus which was attached to this loan at midnight?
Earlier today, another £5k was delisted. SM is now at £232k.
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Post by mrg on Jul 21, 2017 8:27:17 GMT
doesn't the bonus work in so much as who ever is the last to hold gets the entire bonus? in which case someone would only cancel a sale if right at the front, or believing the loan is about to repay? Otherwise you could happily sit £200k back in the queue and see how things evolve then cancel teh sale if you get a good feeling and collect the entire bonus as if you had been sat on the loan the whole time? Or have i got Lendy's ever so clear rules of the game completely wrong
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mary
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Post by mary on Jul 21, 2017 9:06:47 GMT
doesn't the bonus work in so much as who ever is the last to hold gets the entire bonus? in which case someone would only cancel a sale if right at the front, or believing the loan is about to repay? Otherwise you could happily sit £200k back in the queue and see how things evolve then cancel teh sale if you get a good feeling and collect the entire bonus as if you had been sat on the loan the whole time? Or have i got Lendy's ever so clear rules of the game completely wrong Except that now your interest for the period you are in the SM sale queue is entirely lost. And I assume that the bonus is only paid if sufficient recovery is made to pay all capital and regular interest first with some left over?
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GeorgeT
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Post by GeorgeT on Aug 4, 2017 13:57:15 GMT
The latest update doesn't sound very encouraging to me. I interpret it to mean this is now a loss minimisation exercise and full capital recovery is unlikely, let alone the accruing interest.
Unfortunately this is one of the 2 overdue loans I still have a bit in, because I left it too long to list for sale. Fortunately I managed to sell most of my stake in good time but I still have a few hundred left in it.
On the bright side, if I do lose some of this capital it won't make too much of a dent in my overall LY return.
LY Update, 4 Aug:
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 4, 2017 14:04:19 GMT
The latest update doesn't sound very encouraging to me. I interpret it to mean this is now a loss minimisation exercise and full capital recovery is unlikely, let alone the accruing interest. Unfortunately this is one of the 2 overdue loans I still have a bit in, because I left it too long to list for sale. Fortunately I managed to sell most of my stake in good time but I still have a few hundred left in it. On the bright side, if I do lose some of this capital it won't make too much of a dent in my overall LY return. LY Update, 4 Aug: Yeah, but you will have to change your avatar, Mr 11.99% doesnt quite have the same ring 
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