DFL019 - Phase 1, Land at R***** Leisure Village - SUSPENDED

T20's loan value revised:-

(Revised) 3rd April 2018:

(Original) 20th March 2018:

lots of ducking and diving goin on at LENDY towers this one will be going for another couple of years before we will get capital back. lots more of this to come i suspect throughout april with lenders funds getting rolled over here there and any where they feel like.nothing surprises me any more with these people.

I've seen a couple of grand go through this evening - some folks may be disappointed..........

www.bainland.co.uk/

Saw this park not too far away in Lincoln and it gave me hope that our site will be more than just a few sheds when it's finished.

It's also making a profit of around £2.8m and appears to be much smaller than ours.

Google: Bainland country park

I know from my own experience/observations that these kind of holiday parks can run very well, even if the surroundings aren´t among the top tourist spots.
The only thing I find strange here is that the borrower wants to start that big, he musst be very confident that demand is there.

I note that some time after that post tranche 20 drew down and is no longer listed as a separate loan.

Does anyone know if Lendy paid a further round of cashback to those who invested after the original round of cashback but before the loans were merged thereby removing advertised cash back marker? (or equivalently if those loan parts were retrospectively moved to tranche 21?) If not, has anyone sought justification from Lendy for their reneging on a clearly advertised deal that at least some buyers would have had no way of knowing was not supposed to have still been offered?

If so, a similar situation still exists with PBL198, where new investors are still being promised 1% cashback despite this already having been paid to the original investors, and there've been plenty of transactions over the weekend...

Indeed I have invested further funds into T21, but that was not the question.

Loan parts of tranche 20 which were purchased before 3 April received cashback on 3 April. Lendy did NOT follow their previously established practice of immediately merging the new tranche with the main loan and/or removing the cash back offer label.

From that moment on 3 April until at least some time after my post on 5 April (it was at least a day more, but I wasn't paying close enough attention to know exactly when drawdown occured), tranche 20 continued to have a separate listing on the SM, which still stated that buyers would receive 2% cashback, and this resulted in all loan parts offered for sale from T20 by lenders who had already received their cashback acheiving an almost instant sale, as the buyers reasonably expected to receive the advertised cashback, due to there being no indication on the tranche that it was not still eligible for cashback. (I'd wondered if any such buyers might be lurking here...)

Did those buyers actually get the advertised cashback when the loan drew down (despite the sellers already having received cashback as well) or not? If not, how is Lendy explaining to those buyers that they are reneging on the deal that was clearly advertised at the time of their purchase. If so, a similar opportunity for 1% cash back still exists with any loan parts of PBL198 (where the original investors were also paid on 3 April), and if it still exists next time I've got spare cash in the account (and having reached my investment limit on T21), I may be tempted to take advantage of it if any becomes available!


It appears to have been a mistake on Lendy's part not to remove the cash back label at the same time cash was paid, but I am hoping that Lendy themselves are paying for their own mistake (and undoubtedly changing their procedures to ensure it doesn't happen again), rather than further reducing the trust investors still have in them by finding some excuse to tell buyers that a cash back tag clearly advertising cash back doesn't necessarily mean they get cash back!