twoheads
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Post by twoheads on Apr 10, 2017 9:13:33 GMT
Gone live at 11:35. [March 9th]
2328 investors - not fully prefunded. Fully 31 days since live... now fully funded - which took a while - but still not drawn down.
Last update (March 31st): Legal paperwork almost completed to enable loan to be drawdown. [sic]
It's certainly turning out to be a tricky one for the legal department. I wonder if the term will be increased to 365 days once drawn down (it's now at 334).
(A term increase on draw down happened recently for PBL161 which took 15 days to draw down and had 15 days added to term the following day.)
EDIT: Added jonah 's SM tracker because I like it!
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elliotn
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Post by elliotn on Apr 10, 2017 9:21:34 GMT
100% LTSV tax haven flip should keep the legal eagles busy alright.
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twoheads
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Post by twoheads on Apr 20, 2017 15:36:19 GMT
100% LTSV tax haven flip should keep the legal eagles busy alright. 'Leagals' still busy and still earning their crust.
Latest updates, both from 6 days ago: 1. Solicitors have advised that the legal due diligence/ paperwork should be finalised early next week to enable completion. 2. We expect this loan to complete this coming week. The delay has been down to the complicated nature of the ownership structure.
Glad my tenner hasn't yet been spirited off for its Caribbean vacation emigration.
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gurberly
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Post by gurberly on Apr 20, 2017 17:48:57 GMT
100% LTSV tax haven flip should keep the legal eagles busy alright. 'Leagals' still busy and still earning their crust.
Latest updates, both from 6 days ago: 1. Solicitors have advised that the legal due diligence/ paperwork should be finalised early next week to enable completion. 2. We expect this loan to complete this coming week. The delay has been down to the complicated nature of the ownership structure.
Glad my tenner hasn't yet been spirited off for its Caribbean vacation emigration.
Yes. Lets hope that Lendy's legal eagles are doing everything to ensure that everything it is absolutely buttoned down and all pertinent information is provided to us poor lenders and that Lendy is not having rings run around it by the borrowers. We don't want another PBL064 in 12 months time do we.... not that I'm saying they had they had the wool pulled over their eyes on that one, but...
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 20, 2017 17:55:54 GMT
'Leagals' still busy and still earning their crust.
Latest updates, both from 6 days ago: 1. Solicitors have advised that the legal due diligence/ paperwork should be finalised early next week to enable completion. 2. We expect this loan to complete this coming week. The delay has been down to the complicated nature of the ownership structure.
Glad my tenner hasn't yet been spirited off for its Caribbean vacation emigration.
Yes. Lets hope that Lendy's legal eagles are doing everything to ensure that everything it is absolutely buttoned down and all pertinent information is provided to us poor lenders and that Lendy is not having rings run around it by the borrowers. We don't want another PBL064 in 12 months time do we.... not that I'm saying they had they had the wool pulled over their eyes on that one, but... tbh, if a Loan is THAT complicated, why should it even be offered? ISTM that with such Loans there is/ always will be wriggle room buried deep in the small print that even Sherlock Holmes wouldn't find. So why get involved at all? I believe I know the answer/s but in the "new spirit" of posting on here I'll say nought. 
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Post by supernumerary on Apr 24, 2017 9:48:48 GMT
Gone live at 11:35. [March 9th]
2328 investors - not fully prefunded. Fully 31 days since live... now fully funded - which took a while - but still not drawn down.
Last update (March 31st): Legal paperwork almost completed to enable loan to be drawdown. [sic]
It's certainly turning out to be a tricky one for the legal department. I wonder if the term will be increased to 365 days once drawn down (it's now at 334).
(A term increase on draw down happened recently for PBL161 which took 15 days to draw down and had 15 days added to term the following day.)
EDIT: Added jonah 's SM tracker because I like it!
Two weeks after you post, DFL017 has still not draw down, according to the Saving Stream website... 320 days remaining, BUT no draw down, so I am wondering whether for Saving Stream, to ask for £7,452,896 at 11%, was it ever fully funded?
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Post by lendinglawyer on Apr 24, 2017 10:22:31 GMT
supernumerary there's a fairly easy way to tell if anyone holds DFL017 and would care to compare amount shown on SM vs selling queue? If amount shown on SM > selling queue, amount of difference = amount that was never taken up by investors.
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seeingred
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Post by seeingred on Apr 24, 2017 10:33:25 GMT
£12786 in queue if trying to sell.
exactly what shows on available loans page.
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Post by supernumerary on Apr 24, 2017 15:49:34 GMT
supernumerary there's a fairly easy way to tell if anyone holds DFL017 and would care to compare amount shown on SM vs selling queue? If amount shown on SM > selling queue, amount of difference = amount that was never taken up by investors. There have been occasions in the past when Saving Stream have not fully revealed the amount still left for funding. By that I mean that Saving Stream have 'dumped' more on the secondary market after the initial listing, as the funding has come in. It is well known by 'old hands' on here that to be so.  Having played that game, I am not sure whether Saving Stream have held onto a lot of this loan. Just a hunch, that is all. 
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Post by lendinglawyer on Apr 24, 2017 16:35:39 GMT
supernumerary there's a fairly easy way to tell if anyone holds DFL017 and would care to compare amount shown on SM vs selling queue? If amount shown on SM > selling queue, amount of difference = amount that was never taken up by investors. There have been occasions in the past when Saving Stream have not fully revealed the amount still left for funding. By that I mean that Saving Stream have 'dumped' more on the secondary market after the initial listing, as the funding has come in. It is well known by 'old hands' on here that to be so. Having played that game, I am not sure whether Saving Stream have held onto a lot of this loan. Just a hunch, that is all. Oh good, more transparency. And here I was thinking that if a loan went live when not fully funded it just went to the back of the queue rather than being "disguised". How naive of me!
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twoheads
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Post by twoheads on Apr 25, 2017 12:02:38 GMT
There have been occasions in the past when Saving Stream have not fully revealed the amount still left for funding. By that I mean that Saving Stream have 'dumped' more on the secondary market after the initial listing, as the funding has come in. It is well known by 'old hands' on here that to be so. Having played that game, I am not sure whether Saving Stream have held onto a lot of this loan. Just a hunch, that is all. Oh good, more transparency. And here I was thinking that if a loan went live when not fully funded it just went to the back of the queue rather than being "disguised". How naive of me! An example is this loan: LfSS dumped the 'leftovers' in various bits and pieces, not one big chunk, presumably to try and disguise the amount of shortfall in prefunding.
jonah 's tracker (see this post) for DFL017 has four upward spikes at consecutive mid-days - each of which was a chunk of 'leftovers' being dumped on the SM by LfSS.
The big spike, in the first week was probably prefunding which was not paid for and so dumped back on the SM. It appears that LfSS then removed around £900k from SM value to make things 'look' better. This £900k seems to be the cause of the spikes, £300k, £300k, £200k and £100k as that money was dumped back on the SM in chunks.
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elliotn
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Post by elliotn on Apr 25, 2017 15:24:22 GMT
Oh good, more transparency. And here I was thinking that if a loan went live when not fully funded it just went to the back of the queue rather than being "disguised". How naive of me! An example is this loan: LfSS dumped the 'leftovers' in various bits and pieces, not one big chunk, presumably to try and disguise the amount of shortfall in prefunding.
jonah 's tracker (see this post) for DFL017 has four upward spikes at consecutive mid-days - each of which was a chunk of 'leftovers' being dumped on the SM by LfSS.
The big spike, in the first week was probably prefunding which was not paid for and so dumped back on the SM. It appears that LfSS then removed around £900k from SM value to make things 'look' better. This £900k seems to be the cause of the spikes, £300k, £300k, £200k and £100k as that money was dumped back on the SM in chunks.
Now that most platforms are discouraged from holding loans on BS, could cash rich directors step in as 'underwriters' on their personal accounts and have a midday dump? Sales queues were not retail so presumably underwriters sit behind us and we cannot distinguish from Ly's holdings?
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twoheads
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Post by twoheads on Apr 25, 2017 16:24:06 GMT
FINALLY - Its been drawn down!
Presumably, my tenner now is just a short plane ride bank transfer away from its Caribbean retirement.
P.S. I was so surprised I forgot to mention that it was at 17:23 (if anyone cares).
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twoheads
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Post by twoheads on May 2, 2017 15:22:32 GMT
(02/05, around 16:00): Term has been increased from 311 to 357 days.
Effectively, this gives a term of 364 days at 'draw down' (25/04/17). So, when 365 days have elapsed (25/04/18), the term will hit -1 and we should expect IOA to SBL.
We suspected (earlier in this thread) that this may happen.
[In my opinion, it would be so much easier if LtPP changed their terms by one day such that a 365 day loan starts at 365 and ends at zero, rather than the current 364 to -1. The status switch-overs to SBL, IA and DEF would then be on 0, -90 and -180 days... well, it would make more sense to me anyway.]
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on May 2, 2017 15:42:05 GMT
(02/05, around 16:00): Term has been increased from 311 to 357 days.
Effectively, this gives a term of 364 days at 'draw down' (25/04/17). So, when 365 days have elapsed (25/04/18), the term will hit -1 and we should expect IOA to SBL.
We suspected (earlier in this thread) that this may happen.
[In my opinion, it would be so much easier if LtPP changed their terms by one day such that a 365 day loan starts at 365 and ends at zero, rather than the current 364 to -1. The status switch-overs to SBL, IA and DEF would then be on 0, -90 and -180 days... well, it would make more sense to me anyway.]
That would be a good idea Also, it would be a good idea to pause the term until drawdown to represent the actual term (although, I'm not entirely sure where LY get the additional money for the Interest POT...)
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