toffeeboy
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Post by toffeeboy on Mar 8, 2017 15:02:17 GMT
What were the allocations? I only went small on these so got all that I asked for.
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chunkie
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Post by chunkie on Mar 8, 2017 15:04:01 GMT
Ditto (pre funded and got 2,000)
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Mar 8, 2017 15:05:20 GMT
What were the allocations? I only went small on these so got all that I asked for. Also would like to know allocation for the index I'm guessing (from the investor's activity) PBL164 allocation was £3,600.00
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twoheads
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Programming
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Post by twoheads on Mar 14, 2017 14:52:50 GMT
Just took a peek... both of these were drawn down earlier today.
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Post by skint4achange on Nov 27, 2017 9:06:26 GMT
The above is the latest Lendy update on PLB163. The highlighted section above gives me concern once more about where the surveyors are pulling these valuations from?? Is there a special school of BS that these people have to attend?? 
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bloodycat
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Post by bloodycat on Nov 27, 2017 9:59:29 GMT
I'm not in these so haven't looked too closely at the original valuations.
Based on past experience it is quite likely the original valuations were on the high side, however it is also possible that the shortfall in new financing is due to the new lender requiring a lower LTV for a better interest rate.
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mary
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Post by mary on Nov 27, 2017 10:05:34 GMT
The above is the latest Lendy update on PLB163. The highlighted section above gives me concern once more about where the surveyors are pulling these valuations from?? Is there a special school of BS that these people have to attend?? While we have seen several (many?) suspect valuations, there is another possibility - to obtain a refinance at a lower interest rate it would likely be necessary to lower the LTV, hence the new loan could be lower than the current one with the valuation remaining the same, with the injection of additional equity via the refinancing of a different property, as stated, to cover the difference. Obviously, I could be wrong, but as usual Lendy's minimal comments can be interpreted several ways.
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Post by skint4achange on Nov 27, 2017 10:30:35 GMT
I think that the way you view Lendy valuations is very much dependent on how you see the picture below:
The chances are you are correct, however, there is that 1% of me that says that the funds could not be raised on the security as it had been over valued!
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gon
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Post by gon on Mar 14, 2018 15:33:13 GMT
I note these loans have now been moved into default. Does anyone know what the position is i.e. the main reasons for going into default and what Lendy are proposing to do about recovery?
I have sent enquiries to Lendy Support but have yet to receive a response. Also their replies are not usually particularly helpful or informative.
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SteveT
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Post by SteveT on Mar 14, 2018 15:36:27 GMT
I note these loans have now been moved into default. Does anyone know what the position is i.e. the main reasons for going into default and what Lendy are proposing to do about recovery? I have sent enquiries to Lendy Support but have yet to receive a response. Also their replies are not usually particularly helpful or informative. Lendy automatically classify loans as "Default" once they're >180 days overdue. Have you read the "Recent Updates" on both loans?
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gon
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Post by gon on Mar 14, 2018 15:45:14 GMT
I note these loans have now been moved into default. Does anyone know what the position is i.e. the main reasons for going into default and what Lendy are proposing to do about recovery? I have sent enquiries to Lendy Support but have yet to receive a response. Also their replies are not usually particularly helpful or informative. Lendy automatically classify loans as "Default" once they're >180 days overdue. Have you read the "Recent Updates" on both loans? Thanks for pointing out about the 180 days. We have read all of the recent updates, including the most recent one below (we are only in PBL164) but that does not really conclude too much. 01/03/2018 PBL164 - Phase 2 T***** V*****, Porthtowan, Cornwall The borrower’s detailed development appraisal has been received and it will now be reviewed by Lendy’s internal credit committee to determine whether we will be able to offer development finance. If so, the land loan for the development finance will be sufficient to repay the capital, accrued interest and bonus accrual to investors. In the event that Lendy cannot offer development finance the borrower will be seeking alternative finance.
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rocky1
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Post by rocky1 on Mar 14, 2018 16:13:34 GMT
this just gets better LENDY will see if we can finance the borrower to pay back what he had to start with.with these 2 loans there are now 26 loand in DEF not counting IA/SUS loans.where do they think this money is coming from when they have millions of pounds of our money tied up in these loans earning nothing and possibly losing almost everything.todays live loans must tell LENDY we have had enough when a £75k loan cannot be funded.WHAT HAVE YOU DONE LIAM AND TIM.lendy is not looking good at all
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Post by GSV3MIaC on Mar 14, 2018 17:55:54 GMT
/Moderator hat off, tired investor hat on ..
Heck it's 180 days overdue, interest not paid .. and they want to advance SOME MORE ?!? What they need to do is reclaim, and then rapidly sell, the asset, before the backlog of accrued interest and notional bonus puts the LTV somewhere North of the 250%+ record they achieved on large fortified house.
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jsmill
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Post by jsmill on Apr 3, 2018 9:11:31 GMT
Classic Lendy in the latest updates:
1 March: Another sales agent brought on board to market the properties.
16 March: No mention of the sales process but borrower now making "good progress" sourcing alternative development finance and regular updates on the same will be provided.
29 March: No reference to said development finance at all. Now back to sales story but no fear as we are "now moving into the holiday season, the borrower and its agent, remain confident that sales will be agreed shortly.
Fortunately as I have mentioned before I only have a token amount left with Lendy but I really don't see how investor trust is going to be re-gained when this is the approach taken.
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Post by charliebrown on Apr 3, 2018 12:56:48 GMT
Many of the loans pushed out at lower rates of interest and supposedly lower risk profiles have gone bad ( or were always bad). Just goes to show that the interest rate cuts were LY trying to see how far they could push investors and nothing at all to do with risk.
The Cornwall loans are a joke. Over 180 days in arrears and not a shred of evidence that anything has been done to drive recovery. There will probably be a vote soon to seek to sell these off for another big loss for investors.
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