guff
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Post by guff on Aug 23, 2017 12:27:04 GMT
Photo in the email for Tranche 7 shows questionable progress. Not sure that's worth £8.6m to date. Makes DFL001 look good. At least the conservatory fitters are on site now…
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twoheads
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Post by twoheads on Aug 31, 2017 8:08:48 GMT
I just noticed that the images for DFL019 have all had 'Computer Generated Image' added.
EDIT: Pipeline tranche pictures only for some reason.
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mikes1531
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Post by mikes1531 on Oct 13, 2017 18:45:47 GMT
Is it me, or was the latest tranche in this reduced from £583,159 to £297,000 before going live? The difference in loan totals between Tranche 10 and Tranche 11 post go-live is, as you say, £297,000. I take that to mean T11 was significantly undersubscribed, and that Lendy didn't want to flood the SM with the unsubscribed £286k. Which probably means T12 will be appearing in the pipeline shortly. (Lendy shouldn't need to wait for another IMS report because the last report should have justified that £286k of additional lending already.)
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Post by stevec2x on Oct 17, 2017 9:36:04 GMT
An hour ago, my chunk of this loan was waiting behind a sale queue of £800. The queue is now £70,000! I'm less than impressed!
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twoheads
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Post by twoheads on Oct 17, 2017 10:34:04 GMT
An hour ago, my chunk of this loan was waiting behind a sale queue of £800. The queue is now £70,000! I'm less than impressed! Yes, A £70,000 jump in the SM value occurred at around 08:15 to 08:20 10:15 to 10:20 this morning. [EDIT: Changed GMT to BST the wrong way!]That's very rude of Lendy to dump money on the SM like that several days after the last tranche. On 13/10, all between 16:07 and 16:09: 1. Tranche 11 loan amount was changed from £583,159 to £286,159. 2. Tranche 11 loan amount was changed again to £297,000. 3. The main loan was increased from £9,751,283 to £10,048,283 - an increase of exactly £297,000. 4. Tranche 11 was removed from the pipeline. During that time, the SM value was hovering around £45k to £50k. There were three jumps upwards of around £10k each over the next eight hours or so but nothing significant. Over the weekend the SM value increased from around £70k to £140k and then wham... one huge jump this morning as Lendy did the dirty on you.
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debaura
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Post by debaura on Oct 17, 2017 13:57:42 GMT
Yes me too! Annoyed to see that kind of cavalier behaviour from Lendy. This is my last investment. TBH there is not much point leaving it on the SM now, it will never get filled.
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bg
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Post by bg on Oct 17, 2017 14:25:46 GMT
Yes this is one of the main reasons I am withdrawing. I never know where I stand liquidity wise (and I don't earn interest when I try and sell).
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oldgrumpy
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Post by oldgrumpy on Oct 17, 2017 14:33:53 GMT
Yes this is one of the main reasons I am withdrawing. I never know where I stand liquidity wise (and I don't earn interest when I try and sell). Lendy have explained very clearly why they knock back lenders trying to sell on the SM. What they adamantly decline to explain is why they carry on refusing to pay interest on the loan parts which they have forced to the end of the queue, possibly for months. Lendy is now a disreputable company despite all its boasting and bluster. Come on Paul64 . Do your job, or is it too inconvenient.
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ferdy
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Post by ferdy on Oct 17, 2017 14:40:14 GMT
Yes this is one of the main reasons I am withdrawing. I never know where I stand liquidity wise (and I don't earn interest when I try and sell). Me too. Reducing my holding to a nominal amount. Queue jumping was the last straw ! I still can see no reason why we don't get interest on loans put on the SM. It appears just a money making exercise for L. We continue to carry the risk of the loan so why should we not be compensated for that? MT seem to survive without penalizing us so why not L ? Has anyone seen any justification for this practice from L ?
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oldgrumpy
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Post by oldgrumpy on Oct 17, 2017 14:58:28 GMT
Their original justification was that FC charged 0.25%. FK was 0.5% then 0.25%, (all charged when the loan part sold) and other platforms varied up to about 1% I think.
That was all well and acceptable when Lendy loan parts could be sold in a short time, up to a couple of weeks sometimes. It is not all well and good if a lender waits five or six weeks (costing 1.5%), is about to sell, and then gets dumped multi tens of thousand pounds back in the queue when Lendy decides to prioritise a further tranche, thus incurring a further cost of 1-2 possibly 3% on top of the 1.5%. This putting unsold tranches ahead of existing lender loan part sales is a recent adverse (to lenders) change.
THIS IS SHARP PRACTICE, and they don't want to talk about it.
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blender
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Post by blender on Oct 17, 2017 15:07:32 GMT
That is shocking! Sounds like another platform I can strike of the list of contenders for my returning FC funds. At least FC NO LONGER CHARGE any fee on sales. (So, if the lender does not get the interest, and the borrower pays it, then presumably Lendy appropriate the interest to themselves - but if it then fails who loses their principal? There must be a provision fund, I suppose.)
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ptr120
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Post by ptr120 on Oct 17, 2017 15:56:02 GMT
(So, if the lender does not get the interest, and the borrower pays it, then presumably Lendy appropriate the interest to themselves - but if it then fails who loses their principal? There must be a provision fund, I suppose.)
Interest not paid to to those selling loan parts is said to go to the provision fund, together with other sources. There is indeed a PF which has now been used a couple of times for capital but not interest. Given the value of loans over-which there seem to be some concerns it can't be confirmed that this will be the case going forward.
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webwizard
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Post by webwizard on Oct 17, 2017 16:42:45 GMT
I have no problem with not getting interest whilst the loan is for sale on SM.
Company shares in a fund up for sale would incur a charge and that does not happen with Lendy. Therefore as there is no charge for the sale and transfer it is reasonable to offset those costs against the loss of interest.
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blender
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Post by blender on Oct 17, 2017 17:04:14 GMT
(So, if the lender does not get the interest, and the borrower pays it, then presumably Lendy appropriate the interest to themselves - but if it then fails who loses their principal? There must be a provision fund, I suppose.)
Interest not paid to to those selling loan parts is said to go to the provision fund, together with other sources. There is indeed a PF which has now been used a couple of times for capital but not interest. Given the value of loans over-which there seem to be some concerns it can't be confirmed that this will be the case going forward. The fact of the provision fund does make a difference to how I would see the loss of interest. Thanks.
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SteveT
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Post by SteveT on Oct 17, 2017 17:04:59 GMT
I have no problem with not getting interest whilst the loan is for sale on SM. Company shares in a fund up for sale would incur a charge and that does not happen with Lendy. Therefore as there is no charge for the sale and transfer it is reasonable to offset those costs against the loss of interest. What is not logical (and in fact, entirely unreasonable) is for Lendy's "selling charge" to be determined by the length of time something takes to sell, and then for Lendy arbitrarily to extend that time by pushing lenders down the selling queues. If there must be a "selling charge" (and, Paul64, I really question why Lendy needs it when other, much less profitable (!) platforms don't) then it should be a straightforward % of the sale amount, just like the fund selling fee in your analogy. A simple 0.1% (at maximum) should suffice, representing roughly 3 days of interest.
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