sj
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Post by sj on May 30, 2018 18:37:35 GMT
Just wait until Lendy puts it into default/recovery/whatever they pretend to call it now, and they tell us that it is is *our* fault for not promptly funding the second charge!
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mary
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Post by mary on May 30, 2018 19:25:16 GMT
Just wait until Lendy puts it into default/recovery/whatever they pretend to call it now, and they tell us that it is is *our* fault for not promptly funding the second charge! That's not going to happen any time soon. Loans with far worse security are left to fester with no enforcement action taken. That said, I think this is more like PLB120, where, even if the development money runs out, there are too many interested parties with plenty too lose (all the people with deposits placed and behind our 1st charge, at the minimum) for this to fail. Obviously, LTV is far higher, but I'm sticking with it.
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Post by brightspark on May 30, 2018 20:52:58 GMT
We don't have a choice but to "stick with it". Seems to me that the way out of this impasse must be for the borrower rather than Lendy to come up with an acceptable and realistic solution. Lendy's one card which they will naturally be reluctant to play is that if the whole thing goes pear shaped that it can seize and realise the asset albeit at a fire sale price. That leaves the borrower with nothing and with Lendy chasing them for any balance due. So it is a waiting game. Now the borrower is casting about for alternatives which one way or another will involve haircuts for some or all of the parties. It's poker for high stakes but lenders have already placed their bets and now it is up to Lendy and the borrower to bluff it out.
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averageguy
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Post by averageguy on May 30, 2018 21:02:32 GMT
We don't have a choice but to "stick with it". Seems to me that the way out of this impasse must be for the borrower rather than Lendy to come up with an acceptable and realistic solution. Lendy's one card which they will naturally be reluctant to play is that if the whole thing goes pear shaped that it can seize and realise the asset albeit at a fire sale price. That leaves the borrower with nothing and with Lendy chasing them for any balance due. So it is a waiting game but the borrower has already blinked first by an opening gambit of the low settlement offer which was rejected by Lendy. Now the borrower is casting about for alternatives which one way or another will involve haircuts for some or all of the parties. It's poker for high stakes but lenders have already placed their bets and now it is up to Lendy and the borrower to bluff it out. On this property? Have i missed something?
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Post by charliebrown on May 30, 2018 23:30:24 GMT
Lendy launched the 2nd charge loan knowing it wouldn’t fill. What was the point of that? They’re up to something fishy.
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rocky1
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Post by rocky1 on May 31, 2018 7:35:46 GMT
this was in the pipeline for nearly 2 months surely lendy must have seen there was no appetite for this by the prefunding level[most of which was cancelled by lenders when it went live] lendy do not seem to realise that they are not the big shots they think they are.their attitude and general arrogance is unbelievable.i think a lot of these borrowers should seek financing elsewhere sooner rather than later because the lendy cash cow is running out of milk.
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invester
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Post by invester on May 31, 2018 7:53:10 GMT
Looks a tall order to fill - quite an insult to offer this at 12% for a second charge. £48k out of 148 investors, seems to me they will need every active member to invest £300 in it on average!
Problem seems to be that although sales have come in subject to contract, does it not count for much if something happens like DFL004 and the development gets almost complete but the money runs out?
The slippage on this one seems unreal, from the photos it looks like it should have been completed much sooner.
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Post by loftankerman on May 31, 2018 8:41:03 GMT
I started making my exit from Lendy over a year ago. I disposed of things when their SM queues were short or non existent. I just moved the funds elsewhere. Last October I had money remaining in just three developments. They were all projected as being done and dusted by Christmas as I recall. They were all ones that Lendy were exuding confidence in and have since gone sour. This was one of the three. However, in mid month I noticed that there had been a dip in the amount on the SM. Rather than hanging on, I went with the plan of selling, even though it seemed a bit pointless as it was about to repay. It seems to me that DL (Dumb Luck) counts for more than DD when it comes to Lendy.
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withnell
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Post by withnell on May 31, 2018 8:46:33 GMT
I'm quite heavily into the 1st charge - but would prefer that the 2nd charge loan went on completion of the project (and therefore ultimately recovery of all capital and interest) rather than funding an extension of the 1st charge, which is rather circular to fund interest that will just be paid back to me but with the development stalled through lack of funds
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hazellend
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Post by hazellend on May 31, 2018 8:48:32 GMT
I’m happy enough being locked in to the first charge loan.
Not sure what lendys strategy is with the second charge. It is going to need way more than 2% cashback to push it over the line.
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rocky1
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Post by rocky1 on May 31, 2018 9:03:49 GMT
i imagine lendy tower is more like faulty towers at the moment.headless chickens and blind leading the blind. ducking and diving,where have all the lenders gone,where are all the new recruits.sorry not much confidence in people who think BS baffles brains.
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bloodycat
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Post by bloodycat on May 31, 2018 9:13:30 GMT
I got out of this loan a long time ago after recieving multiple items of spam from people marketing the development itself, but the problem with most of these multi-tranche loans is that most of us are pronbably already up to our limits from earlier rounds, and certainly in my case have most of the rest of our cash tied up in other over-running / non-performing loans.
I could transfer more cash in now, and in a few months time I will also recieve a significant lum[ sum from the endowment policy that was supposed to have paid of my mortgage but is not required as I actually cleared it over 8 years ago, but until I see more evidence of successful recoveries I am not prepared to tie up any more cash on here.
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zlb
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Post by zlb on May 31, 2018 11:04:55 GMT
I think there is a degree of reliance on investors who don't quite know what 'second charge' means, and possibly who haven't been bitten by other loans, therefore have a more positive view.
A higher interest rate on second charge might help, but could also flag it as a much higher risk to lenders. Even if the loan is a much higher risk, wouldn't L want to keep a calmer-looking profile?
Therefore I don't really know what risk L thinks this loan is.
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Post by charliebrown on May 31, 2018 11:11:33 GMT
i imagine lendy tower is more like faulty towers at the moment.headless chickens and blind leading the blind. ducking and diving,where have all the lenders gone,where are all the new recruits.sorry not much confidence in people who think BS baffles brains. Lendy are a bunch of used car salesmen. Sold as seen. As I’ve posted before, they seem to have absolutely no grip on reality. God help us.
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Post by loftankerman on May 31, 2018 11:33:14 GMT
I think there is a degree of reliance on investors who don't quite know what 'second charge' means, and possibly who haven't been bitten by other loans, therefore have a more positive view. A higher interest rate on second charge might help, but could also flag it as a much higher risk to lenders. Even if the loan is a much higher risk, wouldn't L want to keep a calmer-looking profile? Therefore I don't really know what risk L thinks this loan is. Errr! I thought a 2nd charge loan meant I got two bites at the cherry. Please don't tell me I'm wrong. 
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