r1200gs
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Post by r1200gs on Mar 5, 2018 10:51:55 GMT
#Lendy The progress report in February said extending to dec 2018 and yet days to run say 31 days. Is it Christmas again already?? LW To fund such an extension requires ~£1m to be placed on account. Tranch 19 was for over £300k, but only attracted £88k. I expect that the extension is dependent on funds from DFL05, which is now not being repaid in full. But it is likely that the 'equity' that is planned on being extracted from the freehold sale, which spookily seems to be approx £1m, could be used to fund said extension. If DFL05 does not sell/repay completely and soon, this project may have difficulty finding funds to continue, based on the lack of enthusiasm for T19. I invested in DFL005. How the heck did I get involved in this? I certainly seem to have done, if I like it or not. And I don't.
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Post by da2279 on Mar 20, 2018 11:49:48 GMT
Tranche 20 now in prefunding with 2% Cashback....I also note from the e-mail a further further extension is now being added until April 2019....
"Following subsequent discussions with the borrower we have agreed to extend the loan term by a further eight months to April 2019"
Last mention was 2 Feb update saying "we have agreed to extend the loan term by a further four months (making eight in total) to December 2018."
Seems to be following the line of DFL005 extension after extension after extension.
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Post by loftankerman on Mar 20, 2018 12:31:00 GMT
Tranche 20 now in prefunding with 2% Cashback....I also note from the e-mail a further further extension is now being added until April 2019.... "Following subsequent discussions with the borrower we have agreed to extend the loan term by a further eight months to April 2019" Last mention was 2 Feb update saying "we have agreed to extend the loan term by a further four months (making eight in total) to December 2018." Seems to be following the line of DFL005 extension after extension after extension. Makes me wonder if there'll be convoluted dealings and excuses to hang onto my DFL005 money until this one ends or goes belly up. They're part way there already.
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treeman
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Post by treeman on Mar 20, 2018 18:11:18 GMT
Main Loan extended - listing now showing 380 days
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rocky1
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Post by rocky1 on Mar 21, 2018 7:37:42 GMT
i did not want my funds moved into this and unable to access for probably another 2 years. i am sure that a lot of new lenders think that whenfunding a loan with a 6 or 12 month term they will then receive capital +interest and off we go again.with these DFLs you are in them till the end.tranche 40 DFL019 april 2019 this is a renewal of the extension of the 3rd extension of the 2nd renewal etc etc we have every confidence in the borrowers ability blah blah.same old same old.i really need to get out of here i am getting confused .the old saying b*lls*it baffles brains is getting to me. must go .
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Post by skint4achange on Mar 21, 2018 7:57:53 GMT
I think if you do not understand that this type of investing is not a no notice savings account then you are probably better off getting out of this type investment.
Incidentally, your funds have not been moved. They are still exactly where you put them to get you 12% interest for the last x amount of months.
You should ALWAYS plan to be in a DFL until the very end. It is the only way that you can't be shocked. So, if you don't think you are going to want to hold it in the end, don't invest in it at all.
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r1200gs
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Post by r1200gs on Mar 21, 2018 9:20:36 GMT
I think if you do not understand that this type of investing is not a no notice savings account then you are probably better off getting out of this type investment.
Incidentally, your funds have not been moved. They are still exactly where you put them to get you 12% interest for the last x amount of months.
You should ALWAYS plan to be in a DFL until the very end. It is the only way that you can't be shocked. So, if you don't think you are going to want to hold it in the end, don't invest in it at all. I think the main complaint is that DFL005 lenders seem to have been railroaded in to getting involved in DFL019. If that is indeed the case, it's a valid complaint.
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SteveT
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Post by SteveT on Mar 21, 2018 9:24:06 GMT
I think the main complaint is that DFL005 lenders seem to have been railroaded in to getting involved in DFL019. If that is indeed the case, it's a valid complaint. But they haven't, so it's not. The only lenders exposed to DFL019 are those who invested funds in DFL019.
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Post by skint4achange on Mar 21, 2018 9:28:15 GMT
I think if you do not understand that this type of investing is not a no notice savings account then you are probably better off getting out of this type investment.
Incidentally, your funds have not been moved. They are still exactly where you put them to get you 12% interest for the last x amount of months.
You should ALWAYS plan to be in a DFL until the very end. It is the only way that you can't be shocked. So, if you don't think you are going to want to hold it in the end, don't invest in it at all. I think the main complaint is that DFL005 lenders seem to have been railroaded in to getting involved in DFL019. If that is indeed the case, it's a valid complaint. How have they been railroaded into getting involved in DFL019? They are not exposed to any of that DFL.
If you mean that the borrower has released some of the equity in his other development to use it in DFL019 then I agree, but that in itself is not a big deal. It happens all the time. Most loans are a release of equity from one thing to another.
What people are forgetting of course is that the security value has actually been increased by the addition of the manor house being given back to Ly.
I'm not a massive fan of Ly at present but I also won't give them grief for no reason. The release of equity from this DFL to fund another DFL is in no way detrimental to this DFL. It has not reduced it's value, it has not made it more or less likely to sell quickly nor is it involving any of the investors of DFL005 in DFL019.
Just sit back and enjoy another 12 months of 12% interest. If nothing else, at least you will get 12% more of your money back before it defaults! 
EDIT: Crossed with another great mind, SteveT
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Post by GSV3MIaC on Mar 21, 2018 9:39:10 GMT
You should ALWAYS plan to be in a DFL until the very end. It is the only way that you can't be shocked. So, if you don't think you are going to want to hold it in the end, don't invest in it at all. Or, as in this case, a year or two AFTER the (planned, signed up for) 'very end' That's wwhat irks me .. the loan has been extended, the security changed (allegedly for the better, but I maybe liked having the freehold), and I didn't get a bid (and no extra interest rate on the new loan).
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r1200gs
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Post by r1200gs on Mar 21, 2018 9:45:21 GMT
I think the main complaint is that DFL005 lenders seem to have been railroaded in to getting involved in DFL019. If that is indeed the case, it's a valid complaint. How have they been railroaded into getting involved in DFL019? They are not exposed to any of that DFL.
If you mean that the borrower has released some of the equity in his other development to use it in DFL019 then I agree, but that in itself is not a big deal. It happens all the time. Most loans are a release of equity from one thing to another.
What people are forgetting of course is that the security value has actually been increased by the addition of the manor house being given back to Ly.
I'm not currently a massive fan of Ly at present but I also won't give them grief for no reason. The release of equity from this DFL to fund another DFL is in no way detrimental to this DFL. It has not reduced it's value, it has not made it more or less likely to sell quickly nor is involving any of the investors of DFL005 in DFL019.
Just sit back and enjoy another 12 months of 12% interest. If nothing else, at least you will get 12% more of your money back before it defaults!
EDIT: Crossed with another great mind, SteveT
It might not ultimately be detrimental to DFL05, but those wanting their money back might have preferred that equity was paid to them and not ploughed in to another DFL or anything else for that matter. Most loans may well indeed be a release of equity from one thing to another, but did anybody invest in this loan thinking sales of the finished asset would be used for anything other than paying back lenders? I'm not forgetting anything when it comes to this loan and I'm well aware our position appears to be strengthened. And yes, I'll enjoy another 12 months at 12 percent. Personally I'm not at all unhappy with this outcome, but I can see why others are a bit miffed.
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Jeepers
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Post by Jeepers on Mar 21, 2018 9:45:43 GMT
Anyone who has their part listed for sale might as well remove it and start earning interest at least. There'll be £2m+ jumping the queue shortly so you've no chance of selling.
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Steerpike
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Post by Steerpike on Mar 21, 2018 15:20:26 GMT
Picture on the latest email makes the lodges look so attractive and welcoming.
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hazellend
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Post by hazellend on Mar 21, 2018 16:09:08 GMT
Picture on the latest email makes the lodges look so attractive and welcoming. I think it will look nice when completed. Too early to say for sure.
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Post by charliebrown on Mar 22, 2018 15:19:16 GMT
Picture on the latest email makes the lodges look so attractive and welcoming. I think it will look nice when completed. Too early to say for sure. You can’t polish a turd shed.
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