twoheads
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Post by twoheads on May 16, 2017 10:28:48 GMT
Yep - Seems we have missed an extension Somewhere between 12/05 and Today there has been a c200 day extension ( I'm guessing the extension occurred on the 14th, as that is when a 200day extension would have occurred - others have noted it was probably today) twoheads - You're fired  Thanks dude!
Yes, there was an extension, sometime between 9:21 and 11:23. Unfortunately, I'm on a business trip in Holland and stuck for considerable times in meetings etc. and sometimes behind a company firewall.
The loan was extended by 208 days from +34 days to +242.
I'll try to do better next time.
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twoheads
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Post by twoheads on May 16, 2017 10:31:30 GMT
Interesting to see how many people did the same and cancelled their sales once they found there was an extension... And I would have cancelled mine had they not sold the day before. You can buy them back - there's plenty on the SM.
And you'll get an extra day's interest on the sold parts so long as they were bought before the start of May.
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Post by d_saver on May 16, 2017 10:46:27 GMT
useless info for you. It extended at about 0922, so twoheads, you missed it by 1 minute  |
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mikes1531
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Post by mikes1531 on May 16, 2017 10:55:50 GMT
Strange extension - expected, due to the impending Tranches, but I'm surprised nothing was noted in the recent update - LY must have known that the borrower was going to send payment In any case, despite some concerns about this borrower, it is good to see some cash flow, which I would suggest to be a positive sigh for all the connected SD loans Either that or Lendy have an agreement with the borrower that when the first development tranche is issued some of it will be retained to cover the additional interest needed to cover for the period of the extension. (There hasn't been an increase in the amount of the loan via a small unannounced tranche dumped on the SM, has there? That would be another way to fund the extension without the borrower having to supply actual cash themselves.)
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mikes1531
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Post by mikes1531 on May 16, 2017 11:01:16 GMT
Interesting to see how many people did the same and cancelled their sales once they found there was an extension... The amount available certainly has dropped considerably -- from about £125k to less than £30k. Unfortunately, the investor activity table shows only the most recent ten transactions so it's impossible to tell -- unless someone is monitoring the activity closely -- whether the drop in availability is due to purchases or people cancelling sales.
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r1200gs
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Post by r1200gs on May 16, 2017 11:39:25 GMT
Interesting to see how many people did the same and cancelled their sales once they found there was an extension... The amount available certainly has dropped considerably -- from about £125k to less than £30k. Unfortunately, the investor activity table shows only the most recent ten transactions so it's impossible to tell -- unless someone is monitoring the activity closely -- whether the drop in availability is due to purchases or people cancelling sales. Either way, it's all gone.
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GeorgeT
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Post by GeorgeT on May 16, 2017 13:08:59 GMT
Hmmm.
This was one of only 3 x 11% loans I have ever held on Lendy. And I sold out recently because it had started to fail on 2 of my quality criteria.
Notwithstanding its sub 12% rate and therefore sub high class status, it could be defined as 'High Class-' in grading terms and I would have held longer had I known about the extension.
No matter, it's an 11% loan off my hands and good luck to those who can enjoy it for months to come.
However, I think when loan terms are changed, Lendy should email investors to inform them rather than just change the numbers on the website. After all, it's a material change. This comes down to communication and information again.
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mikes1531
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Post by mikes1531 on May 16, 2017 13:11:23 GMT
The amount available certainly has dropped considerably -- from about £125k to less than £30k. Unfortunately, the investor activity table shows only the most recent ten transactions so it's impossible to tell -- unless someone is monitoring the activity closely -- whether the drop in availability is due to purchases or people cancelling sales. Either way, it's all gone. This just shows, if proof were necessary, that there's plenty of demand for long dated loans. Which suggests that one thing savingstream could do to help themselves would be to work out how they can keep the remaining terms high on those DFLs which obviously are going to need extensions. DFL004 and DFL008 come to mind here. They both have a while to go before they'll be completed, and a fair amount more funding will be required. (If the ultimate LTGDV will be 70%, then DFL008 will need to raise a further £7.1M and DFL004 will need to raise a further £2.8M.) With the remaining terms below 100 days investor appetite is limited, meaning potential difficulty funding further tranches and a backlog of parts on the SM, which also makes people less willing to invest.
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GeorgeT
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Post by GeorgeT on May 16, 2017 15:18:36 GMT
Yes, the Exeter duo badly need an extension to raise their loan class status and hence their desirability.
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jonah
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Post by jonah on May 16, 2017 18:49:37 GMT
I'm pretty certain it has been updated this morning, I was trolling for long dated loans earlier and pretty sure this one wasn't at 242 days I would agree, certainly didnt notice it yesterday when i was reviewing the list as part of the belated update update. jonah your change logger stopped on 3 May Yes, a bug is there (see comments in SM tracker thread). Too much going on IRL currently to get the time to fix, maybe the weekend after this one.
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michaelc
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Post by michaelc on Apr 2, 2018 18:03:04 GMT
Just took a look at how this one is progressing.
Please tell me I'm wrong that Lendy has we have given nearly £3M to a borrower some months ago who has only has a few planning drawings to show for himself?
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hazellend
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Post by hazellend on Apr 2, 2018 18:32:16 GMT
Just took a look at how this one is progressing. Please tell me I'm wrong that Lendy has we have given nearly £3M to a borrower some months ago who has only has a few planning drawings to show for himself? Council wanted more units on the site which will uplift GDV so further planning required. Will likely be extended by 365 days, with development finance offered at 12% (and 2% cashback??)
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michaelc
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Post by michaelc on Apr 2, 2018 18:40:31 GMT
That's great of course but just wondering why then the borrower has drawn down so much already (unless I've got it wrong) ?
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elliotn
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Post by elliotn on Apr 3, 2018 3:33:28 GMT
That's great of course but just wondering why then the borrower has drawn down so much already (unless I've got it wrong) ? 2.7M day 1 refi which included the land purchase.
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elgerod
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Post by elgerod on Apr 6, 2018 17:18:28 GMT
I'm puzzled by the interest situation with DFL013 and would be most grateful if someone could clarify it. I received partial interest in January 2018 but full interest for the month of February. Now March has been paid only partially. Current interest status on the website is shown as IA. Previous changes to interest status were: 18/01 DFL013 IOA>IA and 07/02 DFL013 IA>IOA I can understand January interest being only partially paid as the loan was IA. But if it was IOA at the end of February and February's interest was paid in full, should not the shortfall from January have been paid as well? Now that the loan is IA, it looks like it was correct that March interest was only partially paid. Nonetheless, I'm confused! I did write to Lendy Support in early March but, needless to say, I've heard nothing back, zilch, zero, notwithstanding a further message I sent to them. |
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