SteveT
Member of DD Central
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Post by SteveT on Jun 27, 2018 9:19:09 GMT
Personally I'd prefer they go back to leaving the rate the same across all tranches and using cashback to help fill later / larger ones.
However, an additional 1% on the rate for 280 days clearly costs Lendy (and/or the borrower) a lot less than 2%CB, which tranches of this loan were offering a few weeks back IIRC. Perhaps filling further tranches is no longer as urgent as it was...
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Post by picanto on Jun 27, 2018 10:00:16 GMT
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. Are you seriously criticising Lendy for offering a better return for investors? Is there anything Lendy can do that you wouldn't complain about?
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Post by picanto on Jun 27, 2018 14:07:51 GMT
Are you seriously criticising Lendy for offering a better return for investors? Is there anything Lendy can do that you wouldn't complain about? I am seriously, yes. All lenders rank equally, all have the same risk, all should receive the same interest. A one off cashback could be added which would also get the loan filled much quicker and stop them telling us off. Respect works both ways so until they start talking to lenders on a human level with proper, clear updates, the friction will continue. But all lenders are equal. You can fund the new tranche and receive a 13% return just like anybody else. If Lendy offer cashback on the new tranche, you could still apply the same logic and say it's unfair on the existing lenders in the former tranches since they wouldn't receive any cashback. There is nothing wrong with criticising Lendy if you think their updates are unclear and their communication is poor, but accusatory comments regarding Lendy's motives by offering a higher return on funding new tranches is actually self-serving to save money on interest payments on the SM is not helpful to anybody since it's unjustly smearing Lendy's business.
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Post by picanto on Jul 16, 2018 21:42:54 GMT
Tranche 28 is going live tomorrow, but why is more funding required so quickly after tranche 27 was fully filled? It was exactly the same when tranche 26 was filled as well, surely the borrower couldn't have spent all the money so quickly? Each tranche takes quite a long time to get filled so surely Lendy can't expect people to be able to afford to keep filling up these tranches in such a short timeframe?
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Jeepers
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Post by Jeepers on Jul 16, 2018 21:48:46 GMT
He may not need the money yet but will do by the time it's filled.
We've seen numerous comments about funding not keeping pace so they're obviously just keeping the wheels turning.
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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 Jul 16, 2018 22:09:33 GMT
Tranche 28 is going live tomorrow, but why is more funding required so quickly after tranche 27 was fully filled? It was exactly the same when tranche 26 was filled as well, surely the borrower couldn't have spent all the money so quickly? Each tranche takes quite a long time to get filled so surely Lendy can't expect people to be able to afford to keep filling up these tranches in such a short timeframe? Due to the lack of funding readily available Lendy are employing slight of hand to get the required funding. Basically they list the full amount the borrower wants, drawdown what funds quickly and then list the balance as a new tranche and so on. So each drawdown required by the borrower actually relates to multiple tranches eg need £1m, £1m listed 200k fills, next tranche immediately appears for 800k, 300k fills, next tranche immediately listed for 500k & so on until the requirement is met. By which time the next sum will be needed or even overdue. Its going to be continuous tranches until completion.
It also is a result of FCA regulation ... Lendy cant fund the shortfall themsleves any more and then flog ahead of lenders on SM or give priority to UW on SM sales so by doing it this way they keep the ball rolling without breaking rules ISTM. (Plus of course it catches anyone who has set auto-prefund for every loan  )
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Jeepers
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Post by Jeepers on Jul 16, 2018 22:16:58 GMT
And of course encourages diversification across all tranches  |
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MONEY
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Post by MONEY on Jul 16, 2018 23:33:49 GMT
Tranche 28 is going live tomorrow, but why is more funding required so quickly after tranche 27 was fully filled? It was exactly the same when tranche 26 was filled as well, surely the borrower couldn't have spent all the money so quickly? Each tranche takes quite a long time to get filled so surely Lendy can't expect people to be able to afford to keep filling up these tranches in such a short timeframe? To give some idea of how funding of the project has been progressing - the loan value of a couple of earlier tranches were revised to a lesser degree, however, every tranche from 16 onwards has been adjusted thus:- Tranche Amount Raised
T16 £152,202 £81,866
T17 £82,345 £73,426
T18 £316,423 £182,030
T19 £328,432 £88,883
T20 £2,945,780 £607,102
T21 £2,649,663 £1,013,009
T22 £1,114,560 £128,429
T23 £546,245 £247,890
T24 £264,358 £135,749
T25 £387,433 £301,795
T26 £306,423 £132,031
T27 £236,450 £203,104
Totals £9,330,314 £3,195,314
Due to some of the funds in the 'Amount' column being recycled, the actual position won't be quite as bad as it may initially appear from the 'Totals', but it's safe to say that there has been an accumulative shortfall to date. Probably in the region of £2m - the amount the lodge supplier is taking up the slack for.
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webwizard
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Post by webwizard on Sept 24, 2018 15:15:43 GMT
There has been a single investment against this loan today of £166,000.00
Good to see dents in the SM of this size and hopefully some more confidence in the SM moving again
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jwatson
Member of DD Central
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Post by jwatson on Sept 24, 2018 15:18:59 GMT
There has been a single investment against this loan today of £166,000.00 Good to see dents in the SM of this size and hopefully some more confidence in the SM moving again Maybe from Lendy Wealth ?
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hazellend
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Post by hazellend on Sept 24, 2018 15:54:33 GMT
Surely Lendy would use LW funds towards new tranches.
They get the interest from funds languishing on the SM.
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GeorgeT
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Post by GeorgeT on Sept 24, 2018 22:10:26 GMT
Surely Lendy would use LW funds towards new tranches. They get the interest from funds languishing on the SM. You think so but then I can't think an individual investor would stick 166k in this loan. Not unless they had a screw loose.
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Post by p2plender on Sept 24, 2018 22:35:25 GMT
Lambs to the slaughter.
so it does look like they managed to pull in funds from some individuals who don't read here or TP. Give them several months and I expect they'll be more than active on both sites..
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Post by loftankerman on Sept 24, 2018 22:35:53 GMT
Surely Lendy would use LW funds towards new tranches. They get the interest from funds languishing on the SM. Just milking the stuff stuck on the SM isn't a viable long term plan. Getting the SM moving might do them more good. I find it hard to believe the number of people on here who say that in spite of everything, getting a bit of SM movement and a big recovery would have them back in there chucking money away. So if people mean that... Lendy could be onto a winner hoovering up the SM with LW as I believe I mentioned they might a few days ago.
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hazellend
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Post by hazellend on Sept 24, 2018 23:21:39 GMT
Allowing discounting is the only thing that will get the SM moving
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