sl75
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Post by sl75 on May 8, 2018 16:20:51 GMT
So... although the decision is not 100% made, on balance and when looking at the bigger picture and my entire portfolio of loans, there is a certain logic to funding the second charge over the first. I'll be happy to do my bit towards funding the second charge loan. I'll even consider doing substantially more than "my normal bit" if they incentivise it with cashback or a higher interest rate... However, that's all academic until or unless Lendy get some money flowing out of the other end of the pipeline in repayments, as lack of liquid funds on the platform is my current main obstacle (I'm already invested considerably in excess of my intended per-platform limit, and the only funds I can re-invest are those which get repaid by Lendy. If Lendy DARE to tell us off for not funding the new loan, I'll quite firmly put the ball right back in their court.
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gustapher
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Post by gustapher on May 8, 2018 16:38:47 GMT
So... although the decision is not 100% made, on balance and when looking at the bigger picture and my entire portfolio of loans, there is a certain logic to funding the second charge over the first. I'll be happy to do my bit towards funding the second charge loan. I'll even consider doing substantially more than "my normal bit" if they incentivise it with cashback or a higher interest rate... However, that's all academic until or unless Lendy get some money flowing out of the other end of the pipeline in repayments, as lack of liquid funds on the platform is my current main obstacle (I'm already invested considerably in excess of my intended per-platform limit, and the only funds I can re-invest are those which get repaid by Lendy. If Lendy DARE to tell us off for not funding the new loan, I'll quite firmly put the ball right back in their court. I completely agree regarding telling us off on DFL019 that time. I pointed this out on my call to them. I think they have the message now loud and clear. As you say, they just need to get the recoveries/repayments going asap.
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hazellend
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Post by hazellend on May 8, 2018 16:56:35 GMT
Might need a collateraluk style cashback boost.
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Post by brightspark on May 8, 2018 17:08:51 GMT
Before you sink more of your hard won cash into this towering monolith look sideways at what is happening at the uncompleted PBL120 building project which is also currently in limbo. (Haircut being proposed).
I would need an independent financial appraisal of the finishing cost of DFL012 before any sort of further punt. I don't trust Lendy and I trust the developers even less as they well and truly led us up the garden path. I want to know how much more the developers are prepared to put into the project as opposed to borrowing more money off lenders to pay more interest - nothing like a bit of skin in the game to incentivise. I want the truth about how sales stand because as things are investors are repaid when the building is sold and not when it is topped out. I want a fairly punitive interest rate. Now is the one chance Lendy has to play hard ball with these developers who have not delivered. Otherwise I will give it a miss and if it goes into Administration so be it.
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markdirac
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Post by markdirac on May 9, 2018 18:05:33 GMT
The draft overview for the 2nd charge pipeline loan says: "A revaluation of the property has recently been undertaken and the GDV has increased ... to £23,976,072 (Gross of Unilateral Notices)" I wonder what "Gross of UNs" means? Does it mean - GDV = £24M, out of which £x M comprises deposits taken from the UN holders, or
- GDV = £24M, after subtracting £x M for deposits taken from the UN holders
?
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mary
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Post by mary on May 9, 2018 18:16:09 GMT
The draft overview for the 2nd charge pipeline loan says: "A revaluation of the property has recently been undertaken and the GDV has increased ... to £23,976,072 (Gross of Unilateral Notices)" I wonder what "Gross of UNs" means? Does it mean - GDV = £24M, out of which £x M comprises deposits taken from the UN holders, or
- GDV = £24M, after subtracting £x M for deposits taken from the UN holders
?
I believe ... GDV = £24M, after subtracting £x M for deposits taken from the UN holders However, as the loan is now overdue (because the proposed extension has not materialised due to the 2nd charge loan, which would allow us to pay for the interest required to pay for said extension, has not been launched) and due to the PLB120 debacle, of the connected borrower where the money has seemingly run out, I'm now now very concerned about this project. If the 2nd charge loan has been delayed due to PLB120 funding issues, respect to Lendy for not digging a bigger hole while in the know of the problems. On the other hand, what did look like a solid project, to which I'm substantially exposed, now looks at risk!
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averageguy
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Post by averageguy on May 12, 2018 10:34:36 GMT
The last three updates sound like someone with constipation...lots of ‘’pushing’’ and not much happening!
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Post by brightspark on May 12, 2018 10:50:23 GMT
Haircut time?
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rocky1
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Post by rocky1 on May 12, 2018 11:04:38 GMT
i,ll probably be bald with all these hair cuts and may be passed on by the time my lendy experience comes to an end.
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averageguy
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Post by averageguy on May 17, 2018 21:09:46 GMT
This second charge business has been going on for four months? Has as anyone written to Lendy asking them  is going on |
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Brainer
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Post by Brainer on May 18, 2018 1:05:31 GMT
This second charge business has been going on for four months? Has as anyone written to Lendy asking them is going on First mentioned on 22/12/17, so nearly 5 months. I think the 'official' explanation is that they are trying to negotiate with the UN1 holders so that Lendy's charge ranks ahead of them, making it easier to stay within the maximum 70% LTGDV stated for the 2nd charge loan(s). But with the issues on the developer's other site and Lendy's less than stellar communication history, who knows at this point?
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victors
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Post by victors on May 22, 2018 13:23:07 GMT
On the developer's website, the March Progress update states completion remains on track for a June handover with several apartments now complete.
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rocky1
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Post by rocky1 on May 23, 2018 5:41:27 GMT
-28 days and IA where is this one going.does not give much hope for the second charge loan filling.
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Post by picanto on May 25, 2018 13:43:00 GMT
I don't really understand this. DFL036 tranche 1 has gone live today but there's only £70k invested when they require near £1.77 million; even though it's been in the pipeline for a long while. Because it's a second charge loan and there's already over £250k available on the first charge loan on the secondary market; how on earth is DLF036 going to get filled? I can't see it ever getting close to being filled and then what happens? Does the project just stall because the borrower can't get the funds required?
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Post by valuehunter on May 25, 2018 18:48:01 GMT
I don't really understand this. DFL036 tranche 1 has gone live today but there's only £70k invested when they require near £1.77 million; even though it's been in the pipeline for a long while. Because it's a second charge loan and there's already over £250k available on the first charge loan on the secondary market; how on earth is DLF036 going to get filled? I can't see it ever getting close to being filled and then what happens? Does the project just stall because the borrower can't get the funds required? Hopefully Lendy stops being soo tight and pays an interest rate reflective of the risk... Their margin on this tranche will be huge and they have almost as much incentive as lenders to see this through.
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is going on