|
|
Post by brightspark on Mar 26, 2018 15:07:40 GMT
Valuation report section 13.6 gave this as £890,000 in the state it was in at valuation..... now £350k. No surprises there. I fear an identical scenario for Marylebone. We were gullible and suckered.
|
|
rocky1
Member of DD Central
Posts: 1,139 
Likes: 1,963
|
Post by rocky1 on Mar 26, 2018 15:25:43 GMT
have a look at[ FCA authorisation summary ]and you you will see LENDY do not even come close to obtaining it. just google to see LENDY are failing on all of the requirements as far as i can read it
|
|
elsee
Member of DD Central
Retired:D
Posts: 201 
Likes: 117
|
Post by elsee on May 13, 2018 9:26:10 GMT
Supposedly up for auction 15 May, presumably at Al***ps. Will be interesting to see how this pans out and what happens next with the other Row.
|
|
Mousey
Member of DD Central
Posts: 1,598
Likes: 6,768
|
Post by Mousey on May 13, 2018 11:44:23 GMT
Yep up for auction at A****p. Lot 273 on 31/5/18. Price TBC
|
|
wilja
Posts: 20
Likes: 19
|
Post by wilja on May 19, 2018 7:04:50 GMT
Guide price £350k
|
|
jaswells
Member of DD Central
Posts: 255
Likes: 184
|
Post by jaswells on May 19, 2018 7:37:32 GMT
Valuation company: "L** Baron, Chartered Surveyors"
- was the clue in the name?
|
|
Mousey
Member of DD Central
Posts: 1,598
Likes: 6,768
|
Post by Mousey on May 19, 2018 8:08:49 GMT
On a loan with a 90-day-valuation of £890,000....
|
|
|
|
Post by charliebrown on May 20, 2018 1:56:05 GMT
LY is in a terrible terrible terrible mess and not even their lack of caring, their spin and their obfuscation can disguise that. Any new investor looking at this mess will not invest and all us existing investors are trying to get out with at least some of our money. I don’t think any business can be as “unlucky” as Lendy, the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on May 20, 2018 8:29:37 GMT
LY is in a terrible terrible terrible mess and not even their lack of caring, their spin and their obfuscation can disguise that. Any new investor looking at this mess will not invest and all us existing investors are trying to get out with at least some of our money. I don’t think any business can be as “unlucky” as Lendy, the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage. Investing for 3 years, 12% / year, no losses. Many investors will have had similar experiences. I still feel lenders should forgive Lendy and give them a another chance. For new investors, they have already avoided the worst mistakes
|
|
|
|
Post by charliebrown on May 20, 2018 8:55:43 GMT
LY is in a terrible terrible terrible mess and not even their lack of caring, their spin and their obfuscation can disguise that. Any new investor looking at this mess will not invest and all us existing investors are trying to get out with at least some of our money. I don’t think any business can be as “unlucky” as Lendy, the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage. Investing for 3 years, 12% / year, no losses. Many investors will have had similar experiences. I still feel lenders should forgive Lendy and give them a another chance. For new investors, they have already avoided the worst mistakes If you’ve invested for 3 years without having lost money then you’re either not investing much, or your definition of losses is the same as LY’s (but not the same as reality), or you’ve been very lucky (in which case you might have made more money by buying a lottery ticket). I want LY to succeed and I’m all for 2nd chances, but I’ve got a significant 6 figure sum stuck in defaulted loans so I’m currently not feeling very charitable towards LY. Why doesn’t LY forego their profits on all defaults? That would be a fair gesture.
|
|
hazellend
Member of DD Central
Posts: 2,363
Likes: 2,180
|
Post by hazellend on May 20, 2018 9:11:36 GMT
Investing for 3 years, 12% / year, no losses. Many investors will have had similar experiences. I still feel lenders should forgive Lendy and give them a another chance. For new investors, they have already avoided the worst mistakes If you’ve invested for 3 years without having lost money then you’re either not investing much, or your definition of losses is the same as LY’s (but not the same as reality), or you’ve been very lucky (in which case you might have made more money by buying a lottery ticket). I want LY to succeed and I’m all for 2nd chances, but I’ve got a significant 6 figure sum stuck in defaulted loans so I’m currently not feeling very charitable towards LY. Why doesn’t LY forego their profits on all defaults? That would be a fair gesture. Admittedly I have been lucky, with a mid 5 figure investment, but many others will have been lucky too. The thing about forgoing profits is that it probably still wouldn’t make the most vocal on this board happy so would have no net benefit.
|
|
|
|
Post by loftankerman on May 20, 2018 10:09:03 GMT
LY is in a terrible terrible terrible mess and not even their lack of caring, their spin and their obfuscation can disguise that. Any new investor looking at this mess will not invest and all us existing investors are trying to get out with at least some of our money. I don’t think any business can be as “unlucky” as Lendy, the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage. I was thinking that the business model was the root cause of the problem too. There is too much reliance on dodgy valuations of securities and not the slightest interest in the provenance of borrowers. I think I'd feel my money was a bit more secure if I could find a P2P lender that only took the borrower and their advisor's close family members as security and was contractually entitled to return them in the same proportion as the capital and accrued interest were paid. Call me old fashioned if you like, but I think it might bring a tad more integrity to the P2P borrowing scene.
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on May 20, 2018 10:20:40 GMT
Well, in LY speak, the auction could produce a magnificent result which is enough to pay everyone back.
They supposedly already forgo profits in the form on the provision fund (lol).
If they decided to make any more gestures I think they would be setting a bad precedent for themselves because future loans are also likely to run into similar problems.
I can understand how the mods don't like the failure thread but it needs a massive turnaround from here for them to be viable long-term, starting with them bringing some solid investments to the platform. Very few new loans apart from the endless tranches of existing ones. In retrospect they went too big, too soon and were taken advantage of, sadly it will be investors that pay the price.
|
|
|
|
Post by samford71 on May 20, 2018 20:38:16 GMT
... the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage. ... I’ve got a significant 6 figure sum stuck in defaulted loans so I’m currently not feeling very charitable towards LY. Why doesn’t LY forego their profits on all defaults? That would be a fair gesture. So let me get this right. Despite thinking the SS business model was broken from the start, you still invested a six figure sum? Now those loans are at risk, you want SS to bail you out? I'm not sure investing works like that in the real world. It's really simple: SS intermediated a lending process, taking a 59% of the IRR (30.8% vs. 12.8%), while holding none of the the credit risk. That's not a broken business model: it's a really good business model, especially in a limited liability company. No hedge or private equity fund in the world takes that big a margin. Now, by comparison, lending to borrowers to fund highly speculative property deals, and taking all the credit risk, whilst only receiving 41% of the IRR could well be considered a broken investment model. Given that they are not regulated to provide investment advice, however, the responsibility for that cannot lie with SS.
|
|
|
|
Post by wanderer on May 21, 2018 9:59:56 GMT
... the business model was broken from the start and both Lendy and a lot of borrowers have taken full advantage. ... I’ve got a significant 6 figure sum stuck in defaulted loans so I’m currently not feeling very charitable towards LY. Why doesn’t LY forego their profits on all defaults? That would be a fair gesture. So let me get this right. Despite thinking the SS business model was broken from the start, you still invested a six figure sum? Now those loans are at risk, you want SS to bail you out? I'm not sure investing works like that in the real world. It's really simple: SS intermediated a lending process, taking a 59% of the IRR (30.8% vs. 12.8%), while holding none of the the credit risk. That's not a broken business model: it's a really good business model, especially in a limited liability company. No hedge or private equity fund in the world takes that big a margin. Now, by comparison, lending to borrowers to fund highly speculative property deals, and taking all the credit risk, whilst only receiving 41% of the IRR could well be considered a broken investment model. Given that they are not regulated to provide investment advice, however, the responsibility for that cannot lie with SS. Ok so the implication here is that "investors" in Lendy/SS have been greedy and stupid, albeit phrased in a circumlocutory way. However the investment proposition has changed significantly since I first started investing with Lendy/SS 2-3 years ago. In the "old days" Lendy/SS did hold the credit risk as borrowers dealt with Savingstream and there was no direct relationship with lenders, of course that is no longer the case, the secondary market was highly liquid but now is not due to changes made by Lendy/SS as well as market conditions (ie allowing DFL tranches to leapfrog lenders loan parts), you say the deals are "highly speculative" but Lendy/SS in its marketing material and with the existence of the Provision Fund continue to parrot that "no investor has ever lost money with Lendy/SS" even though this is patently untrue (Castle/IoW), of course it's a good business model to flog loans to "investors" which have an exorbitantly high default rate, in the same way that Goldman Sachs was doing good business by flogging mortgage loans to their customers which they knew to have a credit risk way higher than was advertised. However I'm sure the FCA will be very interested in the way that Lendy/SS has historically marketed their offering if/when a class action is put together against them....
|
|
