bugs4me
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Post by bugs4me on Mar 25, 2018 10:35:58 GMT
Can Lendy try and get funding from other sources as I can not see several of these latest tranches being filled in the near future with what has been happening in P2P Possibly using institutional funds but those institutions will never in a million and one years ever agree to the LY T's&C's as they currently stand IMO. Once an institution gets involved then they start calling the shots and if I was injecting some serious funding into a P2P platform then I would expect an element of control as to how it is allocated, etc, etc.
So whatever the shareholder's register may state, there would be caveats applicable in the background.
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Jeepers
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Post by Jeepers on Mar 27, 2018 21:52:50 GMT
Got a substantial amount in this and never really paid much attention to the VR before.
I notice the GDV is £72.5m but the GDV stated on Lendy is £33m. I understand there will be 2 phases, the second starting in 2019, just after the end date of the extension.
Just to give plenty of notice to Lendy and to avoid going down the same road as DFL 5, I DO NOT WISH TO INVEST IN THE NEXT PHASE so don't just roll me into it against my will!
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tx
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Post by tx on Mar 27, 2018 22:08:01 GMT
Pretty much sure they will ...
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Jeepers
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Post by Jeepers on Mar 27, 2018 22:11:24 GMT
The trouble is, with a GDV of £72m and much more funding I am going to be diluted far more than I'm comfortable with if they do. I invested in a project with a GDV of £33m, not £72m!
Although, won't they'll have to sell off PHASE 1 before starting PHASE 2? To fund a GDV of £72m they'd need about £50m of funding.
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tx
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Post by tx on Mar 27, 2018 22:14:06 GMT
Lendy shouldn’t be using GDV, a 90 Day stressed sale value is more realistic. If a project in trouble, no one would buy at GDV, as it is unfinished!
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Post by da2279 on Mar 29, 2018 21:56:25 GMT
So in todays update we have this little gem....
"....The borrower has advised that it is important that funds are released when required (as confirmed by the IMS) to avoid further construction delays, which could ultimately impact upon the successful completion of the scheme and repayment of the loan."
I have to say I have a reaction to the undertones made, the failure of repayment of DFL005 on numerous occasions from this very same borrower. Moving of funds from one development project to another, extension after extension in both DFL005 and DFL019 from the originally agreed timescales presumably set by the borrower. Now the onus appears to be being placed onto us for not lending them our hard earned in a timely manor......perhaps its been a long week and i'm reading to much into it or maybe not?!?!
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reinvestor
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Post by reinvestor on Mar 29, 2018 22:05:09 GMT
Foxtrot Oscar is my response to the borrower!!!
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rocky1
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Post by rocky1 on Mar 30, 2018 6:34:21 GMT
So in todays update we have this little gem.... "....The borrower has advised that it is important that funds are released when required (as confirmed by the IMS) to avoid further construction delays, which could ultimately impact upon the successful completion of the scheme and repayment of the loan."I have to say I have a reaction to the undertones made, the failure of repayment of DFL005 on numerous occasions from this very same borrower. Moving of funds from one development project to another, extension after extension in both DFL005 and DFL019 from the originally agreed timescales presumably set by the borrower. Now the onus appears to be being placed onto us for not lending them our hard earned in a timely manor......perhaps its been a long week and i'm reading to much into it or maybe not?!?! it seems the borrowers have been running the show all along.it is also important that funds are paid back when required we seem to be his big cash cow.LENDY should be advising him of how important things are
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Post by charliebrown on Apr 1, 2018 12:02:55 GMT
What happens when this latest tranche doesn’t fill. LY seems to be suggesting the wheels come off and development stops. Where would that leave us? Just preparing myself for the worst. This is my biggest loan on the platform.
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Jeepers
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Post by Jeepers on Apr 1, 2018 12:34:45 GMT
What happens when this latest tranche doesn’t fill. LY seems to be suggesting the wheels come off and development stops. Where would that leave us? Just preparing myself for the worst. This is my biggest loan on the platform. well they could refinance elsewhere. Similar thing happened on MT with the Everton loan. Finding a lender willing to lend £13m will be difficult though. If Lendy want to fill new loans they need 2 to do 2 things: 1.Get some big repayments in 2.Launch the IFISA before money goes elsewhere
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Post by loftankerman on Apr 1, 2018 13:16:26 GMT
Got a substantial amount in this and never really paid much attention to the VR before. I notice the GDV is £72.5m but the GDV stated on Lendy is £33m. I understand there will be 2 phases, the second starting in 2019, just after the end date of the extension. Just to give plenty of notice to Lendy and to avoid going down the same road as DFL 5, I DO NOT WISH TO INVEST IN THE NEXT PHASE so don't just roll me into it against my will! It seems to me that the revised T&C relating to Lendy not needing to monitor loans or even bother about what the money was being spent on, were written to stave off criticism of their practices, legitimise dealings around DFL005's partial repayment and further enable the kind of outcome you fear.
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Jeepers
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Post by Jeepers on Apr 1, 2018 15:48:30 GMT
If that's the case I certainly won't be funding anything new even if all the promised repayments come in.
I have to have a rough idea of when I'm likely to get my money back. I can't just wait around whilst it gets rolled from one project to another.
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tx
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Post by tx on Apr 2, 2018 19:42:24 GMT
Can anyone show me what everyone mean by rolling money from one project to next without investor consent? By looking at this thread, looks like Lendy re-lent some repayment back to lender for another project? I am puzzled but want to understand a bit more.
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Post by GSV3MIaC on Apr 2, 2018 19:55:43 GMT
/mod hat off
The borrower sold (some of) the asset (this is relating to DFL005), to whit the freehold (of the asset which which was securing our loan ..) for £X. They repaid a lesser amount £Y, Y<X, to the lenders (and provided, we are told, some extra security, to make up for the bit they sold), and took the remainder (£X-£Y) as 'working capital', probably to invest in one of their other projects (likely this one). We are left with the leasehold (hopefully with no 'ground rent .. doubles every 10 minutes' owing to whoever now owns the freehold) and the new asset (details somewhat lacking), whereas we were rather hoping for (and had repeatedly been promised) our cash back. Feel free to correct me anyone, if you feel I am veering off course here ..
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 2, 2018 21:42:05 GMT
Can anyone show me what everyone mean by rolling money from one project to next without investor consent? By looking at this thread, looks like Lendy re-lent some repayment back to lender for another project? I am puzzled but want to understand a bit more. Part (2m) of the sale of the freehold of DFL005 was returned to lenders, part paid the arrears (c450k) part (c£900k) was used to extend the term of the loan, part (400k) paid creditors (or was retained by the borrower as working capital). The borrowers other loan DFL019 was also extended at the same time so people have pur 2+2 together & made 4 ie that the working capital retained from DFL05 actually paid to extend DFL019. There is roughly 250k not accounted for (without knowing rates/fees/sale price it could be more, could be less). Meanwhile the security has been boosted by about £6m (orig 14-4 v now 16) but no valuation of the additional security (manor house) has been provided (previous 3.5-4m prior to completion)
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