DFL017 - ** H***r R*w, Old Marylebone Road DEFAULT

Legal proceedings? What legal proceedings Lendy?

i think that's the objective with Lendy's updates.

Can't say I disagree with the sentiments.  I think it would serve a more useful purpose if you were to direct them to Lendy.   I too have queried with them where things lie.   It was inferred  that things are rumbling on in the background but confidentiality stopped Lendy from sharing the information with lenders.  Can't say I was convinced.

Yes

Today I have e-mailed Lendy (again) re this loan.  Its substance was as follows:-  
"So far very little or no information has been provided by Lendy to lenders. This is a very large loan in small investor terms. Lenders are concerned that the asset may have been grossly overvalued and that the borrowers have simply moved the money to the Virgin Islands. If Lendy cannot be more forthcoming lenders will organise. What is going on with regard to the recovery of this loan? Fobbing lenders off again with some wishy-washy generic loan update will no longer do. Why was the property put with Allsops Estate Agent but seems not to be being actively marketed for instance? What has been the response of the Borrowers to the request for repayment of the loan? i.e. what if any is their stated position?"

I do not for one moment think I shall receive a reply containing anything meaningful.   It might stimulate them into producing a more informative update.   It really is about time that big hitters as opposed to small fry got together to fund a Lendy lobbying group and did a bit of arm twisting.    

I don't agree.   The more lenders that raise their concerns, the more the loan rises to the top of the pile of priorities.   Yes one stupid small lender e-mailing them with some fatuous query is not going to do much but if 100 small investors do it the message will strike home and if 1000 do it alarm bells will ring in Lendy house.   This is not a loan to sit back and wait for the wheels to turn because the way it looks now Lendy are going to kick the can along the road for a couple of years before having to flog the asset off for a pittance wringing their hands in the meanwhile even though they don't lose a penny.   I am in this loan for a relatively small sum so financially no really big deal but I think lenders have been taken to the cleaners here and Lendy needs to work for its money for a change.  Let's see some evidence of legal action being taken rather than inferred for a start.   

I can't agree.   A large sum of money is at stake here and many of Lendy's other loans are of a similar ilk.   There is no room for crass incompetence.   Lendy has got away with its arrogant disdain for too long.   A situation in which Lendy, the valuer and the borrower come to an arrangement at the expense of lenders would stick in my craw.