cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
Likes: 4,298
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Post by cooling_dude on Aug 9, 2017 0:55:19 GMT
For information, the application to satisfy the condition to allow for demolition and development was approved on 27 Jul 2017 (strange that these things aren't in the updates) I'm sure the borrower is keen to get going with the development, so guess we'll be seeing a Tranche soon... maybe that Tranche will be on LY...  |
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Post by harryvederci on Aug 9, 2017 10:15:57 GMT
with the ultimate beneficial owner being bankrupted on 10 July and therefore unable to act as shadow director, I hope that the 21 year old fronting director has a good team around her to see this through
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GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
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Post by GeorgeT on Aug 9, 2017 10:26:38 GMT
This one is a certainty for a rate increase to 12% when new funds are required. Far too big to be an 11%er and in fact should have been at 12% from the very start.
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tarq
Member of DD Central
Posts: 126
Likes: 28
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Post by tarq on Aug 21, 2017 9:12:24 GMT
Well, managed to sell my last bit of this last night, took 8 days to work up the queue!
Last of my 'sticky' loans with Lendy. The rest I feel will sell easily.
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Post by p2plender on Aug 21, 2017 9:41:24 GMT
Been tough to sell this one. Just left with Wolves now. No chance of selling that now.
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dp
Member of DD Central
Posts: 189
Likes: 84
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Post by dp on Aug 29, 2017 13:56:34 GMT
Someone just took 70k out of this one. Nothing currently left on the SM.
Glad to be out of this one.
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jcb208
Member of DD Central
Posts: 838
Likes: 638
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Post by jcb208 on Aug 29, 2017 15:50:13 GMT
Someone just took 70k out of this one. Nothing currently left on the SM.
Glad to be out of this one. Looks like the same person who took 83k from PBL143
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debaura
Member of DD Central
Posts: 277 
Likes: 318
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Post by debaura on Sept 14, 2017 8:18:27 GMT
Any further news on this loan?
The last update is 'In regards to H**** R**, the Borrower has not provided us with all the required documentation and information and we are therefore pressuring them to provide the same as a matter of urgency'.
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r1200gs
Member of DD Central
Posts: 1,336
Likes: 1,883
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Post by r1200gs on Sept 29, 2017 11:41:24 GMT
This one was smelly from day one. I'm not even slightly surprised that we're here now. And good luck with that 37 percent LTV if this one has to be sold.
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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Post by IFISAcava on Sept 29, 2017 11:44:50 GMT
This one was smelly from day one. I'm not even slightly surprised that we're here now. And good luck with that 37 percent LTV if this one has to be sold. wasn't this hailed as the most successful (i.e. largest) p2p offering to date at the time?
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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Post by IFISAcava on Sept 29, 2017 11:50:29 GMT
It's a DFL loan which I believe on SS are valued at their final completed valuation for LTV purposes. All a bit meaningless today! Nope The GDV is 20m - £11m is the MV as reported by the valuation. Been looking to sell for £7.5m since 2015, so this is simply overvalued and as noted, the loan looks to be 100% LTPVIt isn't the first on SS - the Garden Centre was a 100% loan and there are several others Oh dear.... then take off the fire sale discount, and the fact it wouldn't sell at £7.5 million pre-Brexit vote... £4 million anyone?
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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Post by IFISAcava on Sept 29, 2017 11:54:27 GMT
Well, managed to sell my last bit of this last night, took 8 days to work up the queue! Last of my 'sticky' loans with Lendy. The rest I feel will sell easily. I was 90-odd percent through the queue until this.... at least only a smallish three figure holding left to take the inevitable large haircut. Given the size of the loan, can't see the discretionary PF stepping in to this one.
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Post by charliebrown on Sept 29, 2017 12:12:39 GMT
Surely not another case of fraud and/ or gross negligence. How long can investors live with this? How long can the platform withstand all this bad PR? I’ve personally had enough. I got in to this platform knowing there was some risk, but I didn’t expect it to be this bad.
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IFISAcava
Member of DD Central
Posts: 3,692
Likes: 3,018
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Post by IFISAcava on Sept 29, 2017 12:19:13 GMT
Surely not another case of fraud and/ or gross negligence. How long can investors live with this? How long can the platform withstand all this bad PR? I’ve personally had enough. I got in to this platform knowing there was some risk, but I didn’t expect it to be this bad. The lesson is that there are really only three important things in this game: Valuations, valuations and valuations. Learning the hard way.
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southport
Member of DD Central
Posts: 125
Likes: 88
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Post by southport on Sept 29, 2017 12:31:14 GMT
I don't know what you're worrying about;
The Lendy platform offers lenders loans with a range of risk/reward ratios, with interest set at between 7% and 12%. The company never lends at LTVs above 70% (with the majority closer to 60%) and all property is professionally valued by independent RICS-registered valuers. A 49-step due-dilgence process is also in place to ensure all loans are stringently assessed before being offered on the platform.
Everything OK then?
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