jaswells
Member of DD Central
Posts: 255 
Likes: 184
|
Post by jaswells on Jun 9, 2017 1:02:21 GMT
"'I'm still broadly comfortable with my project portfolio (and returns) but as the default list has increased and as the SM has grown to amounts where the queues can be long and therefore loss of interest prolonged, I have some concern that some of my existing holdings will drift into the default box. I have always realised that property projects can have a protracted conclusion, so I'm still relaxed and in for the long term but it would be reassuring to see some of these defaulted projects sold and closed out"
I think the fast majority feel the same way as you about their holdings.
The only question of importance is can we foresee a scenario when these same people panic and have a significant negative effect on the platform. For me, more loans going into default will not have that effect. However, if a proportion of these start to see largish haircuts to investors during repayment (at least likely for a few) then this could spell trouble. Lendy of course will do everything to avoid this, but trying to maintain a 100% repayment record may also be foolish if it puts the business model at risk.
|
|
mary
Member of DD Central
Posts: 698 
Likes: 711
|
Post by mary on Jun 9, 2017 6:36:30 GMT
"'I'm still broadly comfortable with my project portfolio (and returns) but as the default list has increased and as the SM has grown to amounts where the queues can be long and therefore loss of interest prolonged, I have some concern that some of my existing holdings will drift into the default box. I have always realised that property projects can have a protracted conclusion, so I'm still relaxed and in for the long term but it would be reassuring to see some of these defaulted projects sold and closed out"I think the fast majority feel the same way as you about their holdings. The only question of importance is can we foresee a scenario when these same people panic and have a significant negative effect on the platform. For me, more loans going into default will not have that effect. However, if a proportion of these start to see largish haircuts to investors during repayment (at least likely for a few) then this could spell trouble. Lendy of course will do everything to avoid this, but trying to maintain a 100% repayment record may also be foolish if it puts the business model at risk. Seems Lendy are very confident at present as they've just announced that they are sponsoring Cowes Week, not sure how much that costs, but brand marketing is the quickest way to spend plenty of money for little direct business benefit.
|
|
mikeh
Member of DD Central
Posts: 499
Likes: 370
|
Post by mikeh on Jun 9, 2017 9:33:21 GMT
The phrase 'Fiddling while Rome burns' comes to mind. Let's hope it's not the books.  |
|
mikeh
Member of DD Central
Posts: 499
Likes: 370
|
Post by mikeh on Jun 9, 2017 10:06:41 GMT
SM now £7m (excl DEF). Still seems to be rising at a rate of around £2m/week.  |
|
|
|
Post by p2plender on Jun 9, 2017 10:18:45 GMT
pipeline empty though, for now...
|
|
grahamg
Member of DD Central
Posts: 220
Likes: 62
|
Post by grahamg on Jun 9, 2017 14:35:57 GMT
SM now £7m (excl DEF). Still seems to be rising at a rate of around £2m/week. I'm assuming that most of this queue is lenders trying to cash out and leave the platform, but why anyone would want to sit at the back of any of the 18 odd queues that exceed 100K that are shifting maybe 2K a day beggars belief, especially if they cross the month end boundaries and get no interest. (warning your cash in time may exceed the length of the loan) But then there are all those people on ebay who push the price of the item they want up by bidding against each other days before the end of an auction instead of the last couple of minutes! Funny old world!
|
|
|
|
Post by mrg on Jun 9, 2017 16:47:10 GMT
2k a day is flying! I was watching the weekly sales of the castle and there have been 7 day periods with less than £200 purchased. I cancelled all my selling parts over a month ago - if it carried on at that speed, and did not redeem, the interest lost whilst waiting could be 60%+ of the capital, so they must have money to burn. Haven't looked into the castle much but not a bad looking one to me. Seems to be rented out to a business for weddings and accommodation with a number of units all let out. So does that mean borrower has achieved their goal and likely to repay? Or does it mean it's going to be harder to sell it ig it defaults as it's tenant occupied? Either way surprised so much of it is for sale - a sign that a lot of people out there with cash have no idea what they are investing in? In which case send them my way for shares in my time machine.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Jun 9, 2017 17:14:23 GMT
2k a day is flying! I was watching the weekly sales of the castle and there have been 7 day periods with less than £200 purchased. I cancelled all my selling parts over a month ago - if it carried on at that speed, and did not redeem, the interest lost whilst waiting could be 60% of the capital, so they must have money to burn. That would be better than losing >60% of capital in a default.
|
|
sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
Likes: 916
|
Post by sussexlender on Jun 9, 2017 19:05:14 GMT
Hi leopardcat,
I agree.
I am still putting money into this platform as I like many of the long dated proposals and suspect that the SM will clear within a few weeks of some repayments whicb are due.
Regards, SXLR.
|
|
|
|
Post by loftankerman on Jun 10, 2017 8:25:26 GMT
Seeing the above reference to Cowes Week sponsorship set another 'Desperation Alert!" alarm bell ringing for me. In January 2000 Equitable Life signed a £4M sole sponsorship deal with the popular TV programme 'Frasier' in an attempt to entice more customers into its plummeting business. Almost laughably the cunning sponsorship plan was picked up on their failure by troubled Brittanic in 2001 who subsequently closed to new business in early 2003. Just saying...
|
|
|
|
Post by p2plender on Jun 10, 2017 8:48:03 GMT
They should be out chasing repayments not chasing sponsorship deals.
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on Jun 10, 2017 13:20:37 GMT
Defaults now 9.29% (of live and default loans)
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Jun 10, 2017 13:23:10 GMT
I have no idea what it costs to be the naming sponsor at Cowes but I wonder if the £70K they are now saving monthly on the SM might be paying part of it. I was not around in the boat days but if that is their interest, this sounds like a tax efficient way to totally indulge themselves and their families and friends as a big freebie. But not lenders 
|
|
skippyonspeed
Some people think I'm a little bit crazy, but I know my mind's not hazy
Posts: 787
Likes: 424
|
Post by skippyonspeed on Jun 10, 2017 13:59:39 GMT
Defaults now 9.29% (of live and default loans) I make it 9.5%? £ 17,940,500 / £ 188,820,985 * 100 = 9.50 Well, I make it between 9 and 10%! 
|
|
chunkie
Member of DD Central
Posts: 121
Likes: 83
|
Post by chunkie on Jun 11, 2017 13:16:39 GMT
CD was correct of course but today it's £ 18,437,500 (9.76%) and another £ 4,830,000 imminent which may take it over 12%.
|
|
