jomantha
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Post by jomantha on Jan 5, 2019 1:39:34 GMT
do we actually think anything is happening with this loan - its been a month.
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Post by charliebrown on Jan 5, 2019 1:52:58 GMT
do we actually think anything is happening with this loan - its been a month. In Lendy Land a month is the blink of an eye. Come back in a year and ask the same question.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 5, 2019 2:45:59 GMT
do we actually think anything is happening with this loan - its been a month. In Lendy Land a month is the blink of an eye. Come back in a year and ask the same question. Or even two years as I keep harping on about.
You are up late again charlie . Just back from a night out spending lendy interest  That would be a bag of chips (a small one) 
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warn
Member of DD Central
Curmudgeon
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Post by warn on Jan 5, 2019 10:43:17 GMT
Just back from a night out spending lendy interest That would be a bag of chips (a small one) Chips? Luxury!! I barely got a handful of gravel with mine...
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Post by charliebrown on Jan 5, 2019 11:53:38 GMT
In Lendy Land a month is the blink of an eye. Come back in a year and ask the same question. Or even two years as I keep harping on about.
You are up late again charlie . Just back from a night out spending lendy interest That would be a bag of chips (a small one) đ I must admit my interest payments are very small these days. Iâm not quite in the âzero interest clubâ yet, Godanubis, but I ainât far off. Give it a month or 2 and Iâll be a fully paid up member. I like your sense of humour, Godanubis, you always make me chuckle with your wit and sarcasm. Thanks for cheering me up 
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averageguy
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Post by averageguy on Jan 5, 2019 12:11:25 GMT
do we actually think anything is happening with this loan - its been a month. In Lendy Land a month is the blink of an eye. Come back in a year and ask the same question. Year..tad optimistic
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sj
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Post by sj on Jan 7, 2019 12:42:15 GMT
Could be worse, at least this loan has resulted in most of a building being put up. We could have been left with an empty field with "speculative" development value, or even worse it could have been a loan in London...
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Mr_N
Posts: 222
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Post by Mr_N on Jan 7, 2019 19:46:41 GMT
Could be worse, at least this loan has resulted in most of a building being put up. We could have been left with an empty field with "speculative" development value, or even worse it could have been a loan in London... It seems that many valuations have been speculative on the finished product, rather than the security value at the time of launching the loans. I can find no other explanation for the vast discrepancies between what we put up the cash against, and what administrators are reporting to us. There's a good case for misadvice due to incorrect risk profiles in these loans which is one thing the Ombudsman does cover.
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ilmoro
Member of DD Central
'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 Jan 7, 2019 19:54:03 GMT
Could be worse, at least this loan has resulted in most of a building being put up. We could have been left with an empty field with "speculative" development value, or even worse it could have been a loan in London... It seems that many valuations have been speculative on the finished product, rather than the security value at the time of launching the loans. I can find no other explanation for the vast discrepancies between what we put up the cash against, and what administrators are reporting to us. There's a good case for misadvice due to incorrect risk profiles in these loans which is one thing the Ombudsman does cover. Thats how development valuations work. They calculate the GDV then work back to the residual value at the start. The problem is if the development isnt complete then you are valuing WIP which rarely has the same value to a third party in default, partly because there are some costs that have to be incurred again ... contracts, insurance, legals, alternative finance costs etc
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Mr_N
Posts: 222
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Post by Mr_N on Jan 7, 2019 20:22:40 GMT
It seems that many valuations have been speculative on the finished product, rather than the security value at the time of launching the loans. I can find no other explanation for the vast discrepancies between what we put up the cash against, and what administrators are reporting to us. There's a good case for misadvice due to incorrect risk profiles in these loans which is one thing the Ombudsman does cover. Thats how development valuations work. They calculate the GDV then work back to the residual value at the start. The problem is if the development isnt complete then you are valuing WIP which rarely has the same value to a third party in default, partly because there are some costs that have to be incurred again ... contracts, insurance, legals, alternative finance costs etc
Not mentioned anywhere on LY's site.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,335
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Post by ilmoro on Feb 1, 2019 16:52:35 GMT
Report by the presumably soon to be former administrators available on CH in 5 days
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Post by yolotendies on Feb 2, 2019 16:04:22 GMT
Report by the presumably soon to be former administrators available on CH in 5 days The report is already out (on another forum). Doesnât paint a good picture for Lendy (distributable value is less than the DFL012 loan value, and implies a c. 66% recovery on principal).
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Carter
Member of DD Central
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Post by Carter on Feb 2, 2019 16:56:51 GMT
Report by the presumably soon to be former administrators available on CH in 5 days The report is already out (on another forum). Doesnât paint a good picture for Lendy (distributable value is less than the DFL012 loan value, and implies a c. 66% recovery on principal). Note sure how much weight to put against that report given the administrators have been shown the door. IIRC the valuation used for the asset in present condition was also questionable. Lendys update suggests an offer is being tabled which I'll assume will lead to a substantial loss. What I want to see is a fresh current valuation, cost to complete and anticipated GDV. Then we'll have some transparency on best outcome for lenders. I don't think any of that will improve the position of unsecured creditors however. That so much money for unwitting buyers has vanished is shameful.
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dApps
Posts: 91
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Post by dApps on Feb 2, 2019 17:27:13 GMT
The report is already out (on another forum). Doesnât paint a good picture for Lendy (distributable value is less than the DFL012 loan value, and implies a c. 66% recovery on principal). Note sure how much weight to put against that report given the administrators have been shown the door. IIRC the valuation used for the asset in present condition was also questionable. Lendys update suggests an offer is being tabled which I'll assume will lead to a substantial loss. What I want to see is a fresh current valuation, cost to complete and anticipated GDV. Then we'll have some transparency on best outcome for lenders. I don't think any of that will improve the position of unsecured creditors however. That so much money for unwitting buyers has vanished is shameful. Hopefully it is not only shameful, but also criminal and someone gets their collar felt for it, big time. PS: agree on the 'current valuation, cost to complete' bit. Give lenders a full rage of options. "Forensic" investigations being undertaken on DFL001 & 019 so why not here? Cynically: Quick'n'Easy one (comparatively) to get off the books, even if it is at a greater loss? Hope not.
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on Feb 2, 2019 17:48:13 GMT
Note sure how much weight to put against that report given the administrators have been shown the door. IIRC the valuation used for the asset in present condition was also questionable. Lendys update suggests an offer is being tabled which I'll assume will lead to a substantial loss. What I want to see is a fresh current valuation, cost to complete and anticipated GDV. Then we'll have some transparency on best outcome for lenders. I don't think any of that will improve the position of unsecured creditors however. That so much money for unwitting buyers has vanished is shameful. Hopefully it is not only shameful, but also criminal and someone gets their collar felt for it, big time. PS: agree on the 'current valuation, cost to complete' bit. Give lenders a full rage of options. "Forensic" investigations being undertaken on DFL001 & 019 so why not here? Cynically: Quick'n'Easy one (comparatively) to get off the books, even if it is at a greater loss? Hope not. Not such a great idea for Lendy to get it off its books "Quick'n'Easy" as that will only have repercussions on Lendy reputation, and make raising cash from lenders harder for lendy in the future. There is never an easy way out. Might as well show they are on the lenders side and fight for the lenders capital. Its the hard option for Lendy, but might just give them a bit more respect and show they are serious to potential borrowers about reclaiming defaults.
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