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Post by greeninvestments on Apr 12, 2019 8:04:01 GMT
Have just heard back from Lendy support about when we expect to get the next update on this loan and they advised they are still waiting for final disclosable details from their lawyers and plan to communicate with Lenders via e-mail between 26-30 April
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r1200gs
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Post by r1200gs on Apr 12, 2019 8:55:19 GMT
Lendy Properties Limited has owned the freehold to this property since 21 June 2018, paying £1,350,000. Lendy Support , please explain. I too would be fascinated to know what is going on here?
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sarahcount
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Post by sarahcount on Apr 15, 2019 20:07:03 GMT
Waiting to see how much Lendy have accepted to release the security to allow the borrower to finish the development.
Anything short of full recovery and we've been taken for a ride.
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r1200gs
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Post by r1200gs on Apr 16, 2019 9:14:25 GMT
Waiting to see how much Lendy have accepted to release the security to allow the borrower to finish the development. Anything short of full recovery and we've been taken for a ride. I agree, we will have been and I fully expect we will be. Anything else will be a huge surprise to me.
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Post by brightspark on Apr 22, 2019 18:18:36 GMT
Expect is not a word that springs quickly to mind. Hope perhaps. Are you expecting a full return of capital with accrued interest? Will you seek pastures new or invest in other Lendy offerings perchance?
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invester
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Post by invester on Apr 22, 2019 19:20:53 GMT
I do think this withholding of funds without explanation as seen on a couple of other loans has its purpose.
Lendy must dread repayments as they simply lead to a massive withdrawal run. I doubt that more than 10% of it is retained in the platform. I think most people are not investing in here anymore, and most people will not even leave cash in here (who knows if the FCA might just decide it is not in compliance one week).
Just can't see a good outcome here. The valuation on the flats seems out - do a rightmove search on other new-builds within 1/4 mile of the vicinity. Not sure the building commands that much of a premium, or if the apartments are that much bigger or better. A developer rescuing the deal now needs to pony up money to complete the thing, and would want a profit margin based on a conservative, not optimistic set of assumptions. The latter attitude is what gets so many of these things into trouble, once things go off the rails it is often better to be defaulted rather than throw more money after it.
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hazellend
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Post by hazellend on Apr 22, 2019 19:28:08 GMT
Personally I think this development does deserve a decent premium. I would have loved to live there when I was a bit younger
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locutus
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Post by locutus on Apr 22, 2019 21:00:00 GMT
<snip>A developer rescuing the deal now needs </snip> The original developer seems to be in the driving seat again, at least according to their website. This is one reason that I expect nothing less than repayment in full.
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averageguy
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Post by averageguy on Apr 22, 2019 21:30:52 GMT
<snip>A developer rescuing the deal now needs </snip> The original developer seems to be in the driving seat again, at least according to their website. This is one reason that I expect nothing less than repayment in full. Indicating completion of the development the latter part of this year .....and we have Lendy indicating they should have had an update from sols the middle of this month ..seeing pigs fly might have shortenings odds than that lot happening
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Post by p2plender on Apr 23, 2019 5:13:40 GMT
10% re-invested back into platform?
Doubt it. Majority of people will have been financially slapped by lending on the Lendy platform, quite a few will have lost life changing money (in the real world), not in the make believe, can kicking world of Lendy. Old hands on the platform (like myself) will have witnessed this slow motion car crash. Newcomers, perhaps 12-18 month on the scene, will have witnessed a multi car pile up at great speed. Thus not sure who in their right mind would want to play back on the Lendy motorway.
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adrianc
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Post by adrianc on Apr 23, 2019 7:06:13 GMT
...quite a few will have lost life changing money (in the real world)... More fool them for not diversifying when it comes to high-risk investments.
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Post by p2plender on Apr 23, 2019 7:17:46 GMT
More fool them for not diversifying when it comes to high-risk investments. Very true indeed. I did have silly amounts in myself to be fair though I knew the merry go round wasn't going to last. Fortunately there were enough warning signs to enable many to jump off early without too much damage. Will always be those in life who like to keep spinning though!
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Mucho P2P
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Post by Mucho P2P on Apr 23, 2019 7:18:35 GMT
...quite a few will have lost life changing money (in the real world)... More fool them for not diversifying when it comes to high-risk investments. That is an easy statement for you to say and a lot of us seasoned investors understand "diversification". However, it should be noted that with lendy spouting "no one has ever lost a penny" on their platform for years on end, not to mention other contentious statements, it is easy to understand why [possibly many?] the retail customers lost life changing amounts, and why the FCA are looking into restricting P2P lending to the retail client.
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Post by p2plender on Apr 23, 2019 7:22:44 GMT
I've read a few comments where it's been mentioned some had 'life savings' invested. Incredible but these things happen.
Often seen in the stockmarket where some go 'all in'..
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agent69
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Post by agent69 on Apr 23, 2019 7:47:23 GMT
...quite a few will have lost life changing money (in the real world)... More fool them for not diversifying when it comes to high-risk investments. I feel sorry for anyone who looses life changing amounts, but then I recall the old adage 'a fool and his money are soon parted'.
It's not just P2P, you see stories all over the place like on Money Saving Expert. My 'favourite' was Loss Pandos vineyard'
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