averageguy
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Post by averageguy on Apr 6, 2018 20:07:05 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. Shocking customer service
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averageguy
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Post by averageguy on May 17, 2018 21:19:52 GMT
Nearly one of the two weeks gone re the borrowers promise of payment to cover interest
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hazellend
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Post by hazellend on May 17, 2018 21:34:06 GMT
Nearly one of the two weeks gone re the borrowers promise of payment to cover interest Yes?
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rrrupert
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Post by rrrupert on May 25, 2018 17:29:49 GMT
"The borrower has advised that funds have been delayed."
More than a little worrying.
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hazellend
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Post by hazellend on May 25, 2018 17:42:14 GMT
"The borrower has advised that funds have been delayed." More than a little worrying. Nope. Standard for this borrower 
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rocky1
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Post by rocky1 on Jun 14, 2018 18:38:51 GMT
the latest update on this loan does not sound good to me. i am in all of this borrowers DFLs and overall quite a large amount. lendy do not seem to keen to ruffle his feathers for obvious reasons,but as far as i can see he is pulling our money in from all over these DFLS with the latest pipeline loan being one of them that are still bits of land.-90 days and the latest update makes me very worried about the rest of his DFLs.
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mary
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Post by mary on Jun 14, 2018 18:46:20 GMT
the latest update on this loan does not sound good to me. i am in all of this borrowers DFLs and overall quite a large amount. lendy do not seem to keen to ruffle his feathers for obvious reasons,but as far as i can see he is pulling our money in from all over these DFLS with the latest pipeline loan being one of them that are still bits of land.-90 days and the latest update makes me very worried about the rest of his DFLs. Completely agree. I like the Huddersfield ones due to the low LTV and their near completion. I would far rather he finished these and successfully sold them to raise the funds, rather than asking for more "Professional Fees" when there is obviously no actual building or value enhancement going on.
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rocky1
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Post by rocky1 on Jun 18, 2018 6:18:12 GMT
what is happening here. this loan went live jan 2017 with expected 12 month completionand we are still looking at a piece of land.latest update states borrower is considering a loan to build out or possibly sale of site. not happy that this loan is -90+ days IA.we loaned him funds to purchase site and the rest of whatever he has done with funding.now we must wait and see where this goes from here as maybe more to come from all the other DFLs that this borrower has on the go/or not on the go as a couple are still just plots of land or car parks.
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averageguy
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Post by averageguy on Jun 18, 2018 11:21:28 GMT
what is happening here. this loan went live jan 2017 with expected 12 month completionand we are still looking at a piece of land.latest update states borrower is considering a loan to build out or possibly sale of site. not happy that this loan is -90+ days IA.we loaned him funds to purchase site and the rest of whatever he has done with funding.now we must wait and see where this goes from here as maybe more to come from all the other DFLs that this borrower has on the go/or not on the go as a couple are still just plots of land or car parks. What’s the question again?
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Post by charliebrown on Jun 24, 2018 4:08:58 GMT
Latest update states the borrower is still considering his options. How about he considers paying us the interest on our money whilst he considers his options. That’s what previous updates said he was going to do. It seems borrowers are able to run rings around Lendy (and in turn around us). This loan looks like it’s turning into another Lendy soap opera.
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averageguy
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Post by averageguy on Jun 24, 2018 8:19:46 GMT
Latest update states the borrower is still considering his options. How about he considers paying us the interest on our money whilst he considers his options. That’s what previous updates said he was going to do. It seems borrowers are able to run rings around Lendy (and in turn around us). This loan looks like it’s turning into another Lendy soap opera. ..but the borrower knows he must rectify this overdue loan without delay..''flog the site then or give us the money back'' ..Head of Lending perhaps could take this stance over tea and biscuits
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mary
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Post by mary on Jun 24, 2018 9:12:44 GMT
Latest update states the borrower is still considering his options. How about he considers paying us the interest on our money whilst he considers his options. That’s what previous updates said he was going to do. It seems borrowers are able to run rings around Lendy (and in turn around us). This loan looks like it’s turning into another Lendy soap opera. ..but the borrower knows he must rectify this overdue loan without delay..''flog the site then or give us the money back'' ..Head of Lending perhaps could take this stance over tea and biscuits Unlikely, as this the same ultimate borrower as all the other University blocks, with a total exposure of £30m on Lendy. I suspect that until DFL03/22 are completed and sold he is cash poor, as these are the only sites that have seen actual construction (as far as I know), fortunately they are nearing completion. We just need them successfully sold.
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hazellend
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Post by hazellend on Jun 24, 2018 9:37:12 GMT
I’m happy to give this borrower a lot of leeway based on payment history to date. I’m pretty relaxed about this loan, even if it goes much longer overdue
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averageguy
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Post by averageguy on Jun 24, 2018 13:30:10 GMT
..but the borrower knows he must rectify this overdue loan without delay..''flog the site then or give us the money back'' ..Head of Lending perhaps could take this stance over tea and biscuits Unlikely, as this the same ultimate borrower as all the other University blocks, with a total exposure of £30m on Lendy. I suspect that until DFL03/22 are completed and sold he is cash poor, as these are the only sites that have seen actual construction (as far as I know), fortunately they are nearing completion. We just need them successfully sold. Oh I agree its unlikely and for the reasons you've stated
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richox
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Post by richox on Jun 29, 2018 8:35:13 GMT
Of course the borrower is cash poor which is why he came to Lendy. The issue is that we are clearly funding a land banking operation which is dependent upon other still to be completed projects if it is to move forward. Judging from the updates, Lendy has been swallowing the yarn that this borrower has been spinning for the last 12 months This was supposed to be a development loan, not a land banking loan. As the borrower appears not to have the cash to pay the interest Lendy should terminate the loan without delay.
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