webwizard
Member of DD Central
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Post by webwizard on Jun 9, 2018 11:48:06 GMT
Latest update suggests progress but on review of previous 3 reports of the IMS, reported in updates, it is not clear if any progress has been made at all. 08/06/2018
- The southern access roads are complete with services trenching ongoing.
- One of each type of Eco-Lodge is complete and the corresponding internal fit-out progressing to second fix level.
- Each of the Eco lodge foundations are now installed and works to erect the timber frames are ongoing.
- All of the pod foundations are installed and the timber frames are installed to 59 units, and the remainder all on site in storage within the arena building.
- External works and associated site level reduction is progressing to all pods.
- Delays have been experienced on site which may have a detrimental effect on the original completion. The programme has now been amended with agreement, with completion now planned for Summer 2018.
Which is remarkably similar to 22/12/17, in turn suggesting that little or no progress has been made.
22/12/2017
- The southern access roads are complete with services trenching ongoing;
- One of each type of Eco-Lodge is complete and the corresponding internal fit-out progressing to second fix level.
- Lodges are being delivered to site to allow for continuous erection once the corresponding foundations are prepared and installed;
- All of the pod foundations are installed and the timber frames are installed.
- External works and associated site level reduction is progressing to all pods;
- Delays have been experienced on site which may mean the date of Practical Completion may be later than originally expected.
15/09/2017
- Site establishment works and part site hoardings have been erected.
- The southern access roads are installed, together with geotechnical membrane and base course.
- Preparatory works for the foundations have commenced with one of each type of Eco-Lodge installed and the corresponding frame erected.
The latest IMS report is dated March 2018 but these updates do not really give a clear indication of the progress made against the various tranches launched over the same period. I for one would like to see more detail here because without it, I am concerned that investors are putting in funds (or not as it might seem) and little or no progress is being made. It is exactly this sort of lack of detail that gives me concerns and makes me more hesitant to invest more. Come on Lendy, be more clear on this if you want more investment and detail the real progress made over time. |
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Post by loftankerman on Jun 9, 2018 13:41:00 GMT
It makes me wonder if DFL005 is going to be heading towards another deferred repayment to try and keep this one afloat.
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Jeepers
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Post by Jeepers on Jun 9, 2018 21:52:08 GMT
So the older tranches remain at 12%.
Lendy probably think they're been clever because it stalls the SM on the main loan meaning they pocket the interest for longer.
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Jeepers
Member of DD Central
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Post by Jeepers on Jun 10, 2018 12:42:47 GMT
All recent updates have stated that funding isn't keeping pace with the development.
If the borrower puts his money where his mouth is and offers a PG or some additional security like a charge on the holding company instead of the SPV, I'd invest.
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ilmoro
Member of DD Central
'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 Jun 10, 2018 13:42:59 GMT
All recent updates have stated that funding isn't keeping pace with the development. If the borrower puts his money where his mouth is and offers a PG or some additional security like a charge on the holding company instead of the SPV, I'd invest. There is a PG on the particularls page & mortgages/debentures over both the SPV (PVRLH) & other company (RLH)
So if thats what you mean ... fill your boots.
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Post by charliebrown on Jun 22, 2018 16:14:42 GMT
Latest LY update suggests that works on site have stopped. In their usual arrogant tone they blame us investors for not providing funds to allow the development to continue and insinuate that we have put our own invested funds at significant risk. This is very worrying. With many huge DFL loans now in default or heading for the rocks the LY black hole just gets bigger. LY is like watching a slow motion train crash.
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Post by p2plender on Jun 22, 2018 23:09:47 GMT
Lendy at full fault not their investors. I started a thread a long time ago warning they were flooding the platform with loans even whilst the SM was losing liquidity. Was easy to spot back then this car crash was nearing. It's going to get Lionel.
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Post by p2plender on Jun 22, 2018 23:32:17 GMT
Latest LY update suggests that works on site have stopped. In their usual arrogant tone they blame us investors for not providing funds to allow the development to continue and insinuate that we have put our own invested funds at significant risk. This is very worrying. With many huge DFL loans now in default or heading for the rocks the LY black hole just gets bigger. LY is like watching a slow motion train crash. We aren't institutional lenders with millions in the bank, we invest what we have. Until Lendy starts recovering some old money in other loans, there's nothing left in the pot for new tranches. The new tranches have filled anyway, what's the issue? If cash flow is the issue, perhaps the borrower shouldn't run his funds down to 0 before asking for more money. That's a very abrupt update towards investors. Perhaps Lendy should heed the advice they're offering. " It is now imperative that funds are raised"
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Post by loftankerman on Jun 23, 2018 8:12:29 GMT
When criticised by people complaining about their lending experiences, Lendy lecture them, repeating their mantras of 'understanding risk' and 'diversification'. When their infinite tranche game plans goes awry, it's because people are recklessly putting them in jeopardy by considering risk and diversifying. I suppose they'd like us to take out pay day loans to further fund these carrot on stick DFLs.
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Post by picanto on Jun 23, 2018 8:41:29 GMT
Tranche 25 has now been fully funded (quicker than I expected to be honest) so I don't understand what the issue is.
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TonyL
Posts: 53
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Post by TonyL on Jun 25, 2018 13:30:58 GMT
Well done Lendy Support (sarcastic tone). Once again you have taken exactly the opposite tone to what is required here. It isn't very smart to ask for more money by telling people "Please lend me some money, but if not enough other people give too, then you probably won't get this money back". How dumb and insensitive are you? For a long time now we have been trying to get you to understand that it's the lenders that are most important to your business, not the borrowers. There will ALWAYS be people/businesses that want to borrow money...but there aren't always people willing the lend money. People will only lend if the conditions are right...and it's very sensitive, which you are being far too slow to recognise. Here is a list of a few of the things which stop people from lending...are any of these familiar? - Being told they might not get their money back. - Money being tied up in protracted recovery cases leaving funds unable to be re-lent. - Actual financial loss due to default. - Fear of platform failure. - Rude and obnoxious ways of asking for more money. So far I can count 4 out of 5. Do you really want to go for 5 out of 5? Lendy Support...Change your attitude, quickly, or you will lose your support quicker than you appear to recognise. And yes, I am as angry as this rant sounds. |
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TonyL
Posts: 53
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Post by TonyL on Jun 25, 2018 13:52:50 GMT
And another thing, Lendy Support. It's not our fault if loans fill slowly and borrowers don't get their money in a timely fashion. It's your fault for not running your platform properly. Just remember that. |
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Post by p2plender on Jun 25, 2018 23:34:35 GMT
If it's a reply/response you're after then you should have stuck that on Trustpilot. Response times are a maximum of 2 hrs over there.
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TonyL
Posts: 53
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Post by TonyL on Jun 26, 2018 9:20:02 GMT
If it's a reply/response you're after then you should have stuck that on Trustpilot. Response times are a maximum of 2 hrs over there. Possibly...but unfortunately they do delete some of the negative reviews. I gave a positive review for them a couple of months ago and I read a negative review someone posted an hour or so after mine (and their review was perfectly reasonable)...when I revisited the next day to see if I'd had a "Thank you" (which actually took a couple of days) I noticed that they'd already 'reported' (effectively deleted) the other reviewer's negative post, using some trumped up claim about contravening rules. As a follow up I should add that their negative review was reinstated a few days later (I guess you can challenge the 'reporting'), and does now have a long response from Lendy about how it's not their fault... p2p risk...RICS...blah, blah, blah...all stuff that other P2P platforms do much better and further proves Lendy is just incredibly slow to understand their role in all this and the impact they have on the operating of the platform.
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sarahcount
Member of DD Central
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Post by sarahcount on Jun 27, 2018 8:04:19 GMT
I took my loan part off sale. No point listing. The SM has stalled and with another 13% tranche launching tomorrow, there's no chance of selling. Lesson to be learnt going forward, don't invest in the initial loan as higher paying tranches will be offered later down the line which will also be far more liquid than the initial loan. I reckon they're offering 13% just to stall the SM on the older tranche, pocketing the interest for longer. Get your act together Lendy. The reason that Lendy have listed the new tranche at 13% is not to spite your attempts to sell on the SM but to actually get the funding in to complete the project.
I'm pleased to see Lendy have eventually seen that they need to compromise on their margin rather than just moan at lenders for not investing quickly enough.
Whether 13% is enough is another matter and I think that cashback also needs to be added to this offering.
My version of the lessons to be learned in P2P is to only invest in good loans that will sell out quickly and won't require higher paying subsequent tranches.
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