ganymede
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Post by ganymede on Feb 14, 2017 15:53:32 GMT
plus £3,320 of this to anyone tomorrow. Then a withdrawal of £3,320 to move elsewhere. You got a positive balance I hope... Today no, tomorrow after sale of 12% loans should be a yes, if not sold I can cover that amount left by transfer from bank to get a zero balance then put up for sale the 9% loans, just means the withdrawal happens some days later and for a larger amount. Also providing I don't hit the problems seen with loans parts being sold not listed as available. Edit: £3320 of DFL016 sold, £3320 of 12% Loans sold. £3320 Withdrawal requested. Plus a positive balance.
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twoheads
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Programming
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Post by twoheads on Feb 16, 2017 8:45:50 GMT
Loan drawn down at 08:41.
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mikes1531
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Post by mikes1531 on Feb 16, 2017 12:11:26 GMT
Sooner or later SS' omission of "stuff" is going to catch up with them and bite their posterior and even The Lemmings will turn back from the cliff. The omissions are that the property is being purchased out of receivership, the purchase price, and the amount of developer equity, and from the loan particulars the full facility value (which has been brought to my attention is stated in the letter of instruction), and the personal guarantee value. If it was an unrelated borrower with a successful record as a developer I'd look on the loan with greater favour. The instructions to the valuer might have included a suggestion of the total amount SS/Lendy were considering lending, but you can be sure they wouldn't feel obligated to stop at that amount if they didn't want to. Since we can't rely on it, we really do have no idea how much actually might be lent against this security. And, possibly more importantly, SS haven't given us any idea how their lending might be related to the value of the development, which is to say we haven't a clue what the LTV actually will be during, and at the end of, the development project. IMHO, we're being offered a pig in a poke -- and I won't be buying. Not at 9%, and not even if it were at 12%. Yes, this loan was oversubscribed, but with only 1000 pre-funders and a maximum allocation amount of £3,320 I don't get the feeling there was a lot of enthusiasm for it. The changes coming into effect on 1/Mar aren't going to encourage platform enthusiasm either, so it will be interesting to see where things go from here. I think I'll be watching from the sidelines.
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djp
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Post by djp on Sept 30, 2017 10:46:58 GMT
Yet another borrower about to do the proverbial.
Recent update states:
" 28/09/2017
The borrower\'s solicitor has failed to engage with us and as such we are taking legal advice as to next steps."
insights anyone?
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mikes1531
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Post by mikes1531 on Sept 30, 2017 21:35:38 GMT
I suspect that Lendy are concerned that this DFL is almost eight months old and no additional funding has been requested. That in itself may not be a cause for concern, after all the borrower may have found finances elsewhere to cover the conversion / renovation costs, but if there has been no communication from the borrower, then Lendy are correct to proceed on a 'worst case scenario' basis. Do Lendy have any idea whether any work at all has been done since the loan was made? There's no suggestion in the updates that the IMS's first report ever was completed. Might the borrower have 'sold' it to Lendy eight months ago for the net proceeds of the loan?
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seeingred
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Post by seeingred on Oct 2, 2017 8:23:38 GMT
That is a most inappropriate suggestion. This is a property in excellent condition and has features that would appeal to a wide spectrum of buyers - a half completed swimming pool and an underground cinema to mention just two.
"The ultimate beneficial owner is a member of a wealthy family, which has significant experience in property development and investment."
Any idea that astute owners would wish to get this hovel of their hands is clearly absurd. Sale by loan? Shome mishtake shurely.
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Post by harryvederci on Oct 2, 2017 11:06:39 GMT
I note the 'ultimate beneficial owner, member of a wealthy family' (also of DFL017) has been bankrupted  but its a happy 21st birthday to the fronting director of both this month  |
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seeingred
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Post by seeingred on Oct 2, 2017 11:25:21 GMT
The standing of borrowers is of no importance, as we know from the Somerset loan(s).
All that matters is the security, which is based upon valuations.
There is scant evidence that valuations have ever been misleading.
To suggest otherwise could lead to a loss of investor confidence.
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jfm
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Post by jfm on Oct 2, 2017 15:33:47 GMT
Do Lendy have any idea whether any work at all has been done since the loan was made? No sign of work on site, I'm afraid.
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mikes1531
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Post by mikes1531 on Oct 2, 2017 17:46:26 GMT
Might the borrower have 'sold' it to Lendy eight months ago for the net proceeds of the loan? That is a most inappropriate suggestion. This is a property in excellent condition and has features that would appeal to a wide spectrum of buyers - a half completed swimming pool and an underground cinema to mention just two. "The ultimate beneficial owner is a member of a wealthy family, which has significant experience in property development and investment." Any idea that astute owners would wish to get this hovel of their hands is clearly absurd. Sale by loan? Shome mishtake shurely. The quality of the security -- the borrower, as we know, is irrelevant -- must explain why this loan's interest rate is 9%.
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Post by GSV3MIaC on Oct 3, 2017 8:49:49 GMT
/mod hat off
Well, as you're probably (soon to be) the (part) owner, you wouldn't want to be paying more than 9% now, would you?
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mikes1531
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Post by mikes1531 on Oct 3, 2017 16:42:06 GMT
I'm really surprised that Lendy appear to be concerned about a loan that has over 100 days left to run.
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seeingred
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Post by seeingred on Oct 3, 2017 17:06:29 GMT
It has been pointed out above that DFL016 and 017 are the same borrower. British Virgin islands family trust, bankrupt, fronting director aged 21.
Squeaky clean, no worries.
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mikes1531
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Post by mikes1531 on Oct 3, 2017 17:11:10 GMT
Sorry! I missed that. I haven't been following this saga very closely because thankfully I'm not in either of these loans.
And lest anyone thinks I'm gloating, I have substantial amounts in other troubled Lendy loans.
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dermot
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Post by dermot on Oct 3, 2017 17:28:34 GMT
Glad I sold out 75% of my holding in this a month ago... still got a few hundred left, however.
And happy I wasn't in DFL017 at all.
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