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Post by charliebrown on Nov 16, 2018 14:28:42 GMT
The saying “once you've ruined your reputation, you can live quite freely” springs to mind.
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hazellend
Member of DD Central
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Post by hazellend on Nov 18, 2018 9:44:52 GMT
One of the reasons I put money into the new first tranche of this loan was because I was given the impression ~ 400 days of IOA was included. Did I read it wrongly?
Anyway, I’ve had enough of Lendy now and will not be investing anymore funds with them, 100% because of their poor communications.
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rrrupert
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Post by rrrupert on Nov 18, 2018 10:17:31 GMT
One of the reasons I put money into the new first tranche of this loan was because I was given the impression ~ 400 days of IOA was included. Did I read it wrongly? Anyway, I’ve had enough of Lendy now and will not be investing anymore funds with them, 100% because of their poor communications. So nothing to do with the fact that most of their loans wont pay back in full or at all?
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Monetus
Member of DD Central
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Post by Monetus on Nov 18, 2018 10:49:37 GMT
One of the reasons I put money into the new first tranche of this loan was because I was given the impression ~ 400 days of IOA was included. Did I read it wrongly? Anyway, I’ve had enough of Lendy now and will not be investing anymore funds with them, 100% because of their poor communications. Hazellend bearish and leaving Lendy? Never thought I’d see the day!  Last week I registered a formal complaint with Lendy over the non-payment of interest on this loan. Enough is enough.
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hazellend
Member of DD Central
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Post by hazellend on Nov 18, 2018 10:49:38 GMT
One of the reasons I put money into the new first tranche of this loan was because I was given the impression ~ 400 days of IOA was included. Did I read it wrongly? Anyway, I’ve had enough of Lendy now and will not be investing anymore funds with them, 100% because of their poor communications. So nothing to do with the fact that most of their loans wont pay back in full or at all? Most of mine are okay so no
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Post by p2plender on Nov 18, 2018 11:52:44 GMT
hazellend dissing Lendy... Final nail in coffin.
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pi
Member of DD Central
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Post by pi on Nov 19, 2018 14:31:33 GMT
Apologies if it's already been discussed but what I could understand is Lendy has first charge on the sheds (so far) and an external Lender has offered 10m additional funding for which they need first charge on the development.
Now Lendy has two options:
1. Appoint the administrators as they are not able to fund more tranches and development has stopped or
2. Accept the new Lender's proposal which means the development gets completed sometime in future (hopefully) and it sells for a good price (which means capital + interest + any bonus for both the Lenders).
The downside with 1st option is well known and some might even prefer it over second option.
I am more inclined towards second option but without losing my first charge which means something equivalent to "equal" charge might just work for everyone and hopefully the development gets completed which means win-win for everyone.
In case of recovery, Lendy and new Lender gets proportionate money.
I am sure I might have missed a few points and would appreciate other view point/idea on this.
Disclaimer: I have a "good amount" invested in DFL019.
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Post by charliebrown on Nov 19, 2018 22:10:38 GMT
Apologies if it's already been discussed but what I could understand is Lendy has first charge on the sheds (so far) and an external Lender has offered 10m additional funding for which they need first charge on the development. Now Lendy has two options: 1. Appoint the administrators as they are not able to fund more tranches and development has stopped or 2. Accept the new Lender's proposal which means the development gets completed sometime in future (hopefully) and it sells for a good price (which means capital + interest + any bonus for both the Lenders). The downside with 1st option is well known and some might even prefer it over second option. I am more inclined towards second option but without losing my first charge which means something equivalent to "equal" charge might just work for everyone and hopefully the development gets completed which means win-win for everyone. In case of recovery, Lendy and new Lender gets proportionate money. I am sure I might have missed a few points and would appreciate other view point/idea on this. Disclaimer: I have a "good amount" invested in DFL019. My understanding is the same as yours. If the new lender has requested an exclusive first charge then it might be unlikely they would settle for an “equal” first charge. If this was put to the vote I’d vote for exploring a quick sale. If we could recover say 50% of our capital quickly then that appeals to me more than 75% of capital recovered very slowly. Just my personal preference as I badly want to forget LY sooner rather than later.
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Mr_N
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Post by Mr_N on Nov 28, 2018 2:46:18 GMT
Apologies if it's already been discussed but what I could understand is Lendy has first charge on the sheds (so far) and an external Lender has offered 10m additional funding for which they need first charge on the development. Now Lendy has two options: 1. Appoint the administrators as they are not able to fund more tranches and development has stopped or 2. Accept the new Lender's proposal which means the development gets completed sometime in future (hopefully) and it sells for a good price (which means capital + interest + any bonus for both the Lenders). The downside with 1st option is well known and some might even prefer it over second option. I am more inclined towards second option but without losing my first charge which means something equivalent to "equal" charge might just work for everyone and hopefully the development gets completed which means win-win for everyone. In case of recovery, Lendy and new Lender gets proportionate money. I am sure I might have missed a few points and would appreciate other view point/idea on this. Disclaimer: I have a "good amount" invested in DFL019. What the borrower should be doing is refinance the whole lot, pay off lendy investors and then allow the new lender to place first charge on the entire build. If no one is willing to lend that kind of money due to the securities not being enough to cover it all, it begs the question as to why Lendy did.
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pi
Member of DD Central
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Post by pi on Nov 28, 2018 10:20:26 GMT
I understand and share your frustration Mr_N. I am also VERY unhappy with Lendy and they are not getting a single penny from me anymore. The question is what to do now and how to make the best of the worst. |
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Nov 28, 2018 14:26:56 GMT
I suggest that one thing that investors should do is to make your displeasure known to the following contacts [who have shown interest in the dreadful way that FC have handled the now infamous London Hotel loans] who are aware of Lendy's woeful lack of progress in handling so many defaults and the fiasco over the Maryl**** loan (see "The London Loan" thread).
The Times - contact james.hurley@thetimes.co.uk
Also contact marc@p2pfinacenews.co.uk (Marc Shoffman) or suzie@p2pfinacenews.co.uk (Editor Suzie Neuwith). Both are very on the ball as to Lendy and there total failure to protect investors capital.
SXLR
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warn
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Curmudgeon
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Post by warn on Nov 28, 2018 15:12:12 GMT
If no one is willing to lend that kind of money due to the securities not being enough to cover it all, it begs the question as to why Lendy did. I was about to get all proper, and point out that instead of "begs" the question you should have said "poses" or "asks". But then, looking at where we all are, I fear there may be quite some truth in what you say.
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Post by brightspark on Nov 29, 2018 15:03:30 GMT
I understand and share your frustration Mr_N . I am also VERY unhappy with Lendy and they are not getting a single penny from me anymore. The question is what to do now and how to make the best of the worst. Perhaps lenders could agree by vote to a haircut in exchange for retaining their first charge position? In effect the potential loss would be more or less crystallised in exchange for more certainty in recovering at least some (hopefully most) of the original investment. Personally I am not in this loan though I do have an exposure to DFL005. The alternative of demanding a full recoup plus interest is not I think likely to happen.
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pi
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Post by pi on Dec 3, 2018 14:39:48 GMT
It still shows IOA even though it shouldn't. In the meantime, however, we are able to inform you that Lendy’s Board are discussing plans to introduce more categories of interest status  |
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nyneil
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Post by nyneil on Dec 3, 2018 15:21:25 GMT
It still shows IOA even though it shouldn't. In the meantime, however, we are able to inform you that Lendy’s Board are discussing plans to introduce more categories of interest status That will be: IOA; IA & NFC (No F'ing Chance)
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