jsmithe
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Post by jsmithe on May 2, 2018 15:41:45 GMT
No, but we got an email yesterday written by someone who forgot what month it was, stating "Owing to overrunning maintenance of our platform any due March 2018 cashback will be credited to investors' accounts tomorrow.", by which it is assumed they meant the "April 2018 cashback". , you are running out of time to get the cash back on DFL019 paid as promised for today, let’s go! And paid, nicely done, thanks Paul64.
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Jeepers
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Post by Jeepers on May 6, 2018 11:53:27 GMT
Given the current state of affairs, I find the latest update very arrogant. Get some big loans repaid and stop messing us around and then maybe new tranches will be funded.
By the tone of the update, it also seems they are insinuating it will be the investors fault if this overruns due to lack of investment.
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Monetus
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Post by Monetus on May 6, 2018 12:06:11 GMT
Given the current state of affairs, I find the latest update very arrogant. Get some big loans repaid and stop messing us around and then maybe new tranches will be funded. By the tone of the update, it also seems they are insinuating it will be the investors fault if this overruns due to lack of investment. Lendy arrogant? Never!  It’s all our own fault! The “imminent” £14 million DFL004 refinance repayment would have surely helped.
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Post by p2plender on May 6, 2018 12:38:27 GMT
"We encourage new and existing investors in this scheme to fund build tranches promptly, following release to the platform, to ensure smooth and regular release of funds to the developer."
Wowser! Dig deep folks.
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hazellend
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Post by hazellend on May 6, 2018 17:19:53 GMT
"We encourage new and existing investors in this scheme to fund build tranches promptly, following release to the platform, to ensure smooth and regular release of funds to the developer."Wowser! Dig deep folks. Zzzz so predictable it’s like a stuck record
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Post by brightspark on May 6, 2018 17:36:57 GMT
Unfortunately some will go along with the idea and just as the loan is due too repay will learn that there is a little teeny weeny problem - the borrowers are unable to meet their commitment. Then they will agree after a bit of this and that to a token repayment with the remainder of the loan extended initially for 6 months after which the situation will be reviewed with the borrowers having indicated that they are seeking a refinance elsewhere. 6 months on little changes with perhaps another dribble of money or perhaps negotiations about an interest holiday or a haircut. Prospects - 70% or less return on capital. Of course I may be wrong and the borrowers pay up - live the dream!
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Post by charliebrown on May 6, 2018 23:22:05 GMT
At this stage of the game I think Lenders dream of a 70% return.
Whilst losses don’t directly impact LY, their poor performance means they now have a product that no one wants to buy. They need to stop messing around and turn up the heat on all those borrowers who are being allowed to sit on 10s of millions of pounds of our money without any consequences. If they’re not doing it for us lenders then they should be doing it for themselves (assuming they even care). Worrying times.
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rocky1
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Post by rocky1 on May 7, 2018 6:02:41 GMT
I think about at least all of my capital back.as for interest and BA they seem to be long gone dreams.really had enough of lendys BS but with my funds now earning very little interest lendy lendy now hold a high 5 figure sum of my money for god knows how long and with little prospect of selling or any way out.i am just along for the ride now while I watch as lendy lose more and more of my capital.of course I know the risks but lendy really are something else.
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Jeepers
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Post by Jeepers on May 22, 2018 8:35:10 GMT
Did I miss something ?
Following further negotiations with the borrower we have agreed to extend the loan term by a further four months (making eight in total) to December 2018.We are confident the development will be completed and the loan fully repaid before December 2018.
Please note that this loan was formally extended, with documentation completed on 19th March 2018, for a period of 12 months from 4th April 2018 to 4th April 2019.
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empirica
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Post by empirica on May 23, 2018 7:20:59 GMT
First reported back in March _ two posts above your own The borrower's website is claiming an opening in Spring 2019, so might this indicate they are implying to Lendy that this will be refinanced away from Lendy once a certain stage of completion is reached rather than either method outlined in the exit strategy? (Complete and sell all lodges by December seems a tall order to me, and opening Spring 2019 wouldn't generate income in December needed to service a more mainstream lender's term loan.) As this is the same borrower as DFL005, I wonder if the refinancing of the two loans are tied? (Lendy currently anticipate DFL005 to be refinanced and fully paid off in September.)
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empirica
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Post by empirica on May 23, 2018 8:58:30 GMT
Yes, we were told it would be extended for 6 months to Dec 18. It's actually been extended for 9 months to March 19, without any mention.
The update from 29/03 alludes to it: "The loan facility has been extended by a further twelve months to April 2019 to ensure the borrower has sufficient time and funds to complete the development and cover the extension costs."
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Post by loftankerman on May 23, 2018 12:06:25 GMT
I imagine that Lendy have a gun to their heads and the repayment of a linked West Country loan is being held to ransome.
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sarahcount
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Post by sarahcount on May 23, 2018 16:22:09 GMT
Lendy have put up a video of DFL019 against the latest tranche on the available loans page.
The borrower sounds very confident about the build being completed by March 2019 and is excited about the quality of the works and the attractions of the local area.
Worth logging in and having a look.
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Post by loftankerman on May 23, 2018 18:39:19 GMT
No doubt about it Yorkshire has some truly beautiful places. I spent 12 years doing a 70 mile daily round trip commute over moorland, and through charming villages and towns. An absolute delight most of the time but a bit hairy in winter. It was like being on a touring holiday, minus the "are we nearly there yet" stuff. I'd like to point out however that the loan is to fund a field of sheds, and the security is not Yorkshire itself whatever the nostalgic impressions the video may leave one with.
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hazellend
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Post by hazellend on May 23, 2018 19:42:19 GMT
No doubt about it Yorkshire has some truly beautiful places. I spent 12 years doing a 70 mile daily round trip commute over moorland, and through charming villages and towns. An absolute delight most of the time but a bit hairy in winter. It was like being on a touring holiday, minus the "are we nearly there yet" stuff. I'd like to point out however that the loan is to fund a field of sheds, and the security is not Yorkshire itself whatever the nostalgic impressions the video may leave one with. it's an upmarket lodge holiday park. Why call it a field full of sheds? I love holidaying in places like this rather than hotels.
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