toffeeboy
Member of DD Central
Posts: 538 
Likes: 385
|
Post by toffeeboy on May 2, 2019 14:35:02 GMT
This loan has nothing to do with valuations so please don't muddy the waters. This loan defaulted because of lax loan monitoring whereby money that was supposed to be spent on the development was diverted elsewhere. Proper oversight would have prevented this from happening. I get that, the point is, selfish as it may sound, i dont really care if a loan defaults, if the security is easily accessible and disposable and covers the capital plus all interest then as an investor default just means waiting a little longer but being compensated. Loan monitoring is important only in so far as to ensure the current LTV does not reach an unacceptable level, ie monies intended to increase property value get sequestered into private accounts. If this was the case then they wouldn't be looking to borrow at the rates that Lendy charges. To achieve the interest rates that Lendy does means that you have to be lending to risky loans who have tried and failed to get funding elsewhere for one reason or another.
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on May 10, 2019 11:24:54 GMT
So contracts have been exchanged and a private portal created....how is this accessed?
edit sorted the portal bit.....hmmmm I assume I shouldn’t comment on what it says their
|
|
|
|
Post by ohwellz on May 10, 2019 22:21:14 GMT
Hi, may I know what is the link for the private portal? Did not receive any email from lendy for the portal even though I'm invested in this!
|
|
mikeh
Member of DD Central
Posts: 499
Likes: 370
|
Post by mikeh on May 10, 2019 22:24:00 GMT
Log in and go to the loan page. There's a link to the portal above the tabs.
|
|
|
|
Post by Please turn me over on May 13, 2019 18:13:19 GMT
Borrower is back on site; refers to circa 35 week programme (to completion?), so that would be mid-January 2020. See YT.
|
|
Mousey
Member of DD Central
Posts: 1,598
Likes: 6,768
|
Post by Mousey on May 13, 2019 18:22:25 GMT
I'm sure the freeholder is happy
|
|
mh
Posts: 26
Likes: 19
|
Post by mh on May 13, 2019 18:24:36 GMT
Borrower is back on site; refers to circa 35 week programme (to completion?), so that would be mid-January 2020. See YT. What's YT?
|
|
iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
|
Post by iRobot on May 13, 2019 18:28:07 GMT
Borrower is back on site; refers to circa 35 week programme (to completion?), so that would be mid-January 2020. See YT. What's YT?
|
|
mh
Posts: 26
Likes: 19
|
Post by mh on May 13, 2019 18:34:43 GMT
Thanks iRobot, should have known. Found the exact link: |
|
iRobot
Member of DD Central
Posts: 1,680
Likes: 2,477
|
Post by iRobot on May 13, 2019 18:38:05 GMT
Thanks iRobot, should have known. Found the exact link: Yeah, you might want to delete that as it names an asset / borrower (although it's technically a former asset).
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on May 13, 2019 21:37:44 GMT
That guy makes it all sound so easy and that everything is hunky dory...look forward to getting all more capital and interest then....cough..splutter
|
|
sj
Member of DD Central
Posts: 229
Likes: 330
|
Post by sj on May 14, 2019 15:36:41 GMT
So basically, we know we're going to get buggered by Lendy, the only question is how hard?
|
|
averageguy
Member of DD Central
Posts: 1,188
Likes: 895
|
Post by averageguy on May 14, 2019 16:23:15 GMT
So basically, we know we're going to get buggered by Lendy, the only question is how hard? Well according to the update we were to receive a partial repayment in early May ..ok they didn’t say what year ..but as it’s nearly mid May i’m Wondering if my mildly sarcastic comment actually has a smidgeon of truth in it
|
|
sj
Member of DD Central
Posts: 229
Likes: 330
|
Post by sj on May 14, 2019 16:28:03 GMT
"partial" is all I will say.
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on May 14, 2019 18:07:45 GMT
"partial" is all I will say. Silly thing is that they know what amount the property has exchanged for, so why not publish that? If it's an open market sale at arms length then this wouldn't jeopardise a future sale if this one fell through. Fine line between no info and too much info, but for a financial company I'd expect some kind of numbers, even if at a wide % range level that gets amended over time with greater certainty - MoneyThing manage to do this and get a good rep off the back of it
|
|
