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Post by df on Oct 3, 2017 17:58:24 GMT
grotty is SEETHING I'm sure someone will be along soon to suggest that discounts on the SM is the answer hth Introducing a discount option could help to unclog SM, but I think it is in Lendy's interest to keep SM as it is. Long queues = less interest to pay to lenders (every little helps). It doesn't really matter what the situation is on SM, if the loan is fully funded they get their profit.
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mikes1531
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Post by mikes1531 on Oct 3, 2017 18:14:05 GMT
Introducing a discount option could help to unclog SM, but I think it is in Lendy's interest to keep SM as it is. Long queues = less interest to pay to lenders (every little helps). It doesn't really matter what the situation is on SM, if the loan is fully funded they get their profit. It might be in Lendy's short-term interest, but a non-functioning SM is a turn-off for potential investors. ISTM that when the SM was liquid, investors were willing to put large sums in because they thought it likely that they could get all/some of their money back if they needed/wanted to. The current state of the SM does not encourage investing at all, and if the situation continues it will cause problems for Lendy long-term.
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Post by MrHappyGoLucky on Oct 3, 2017 18:59:43 GMT
"The largest P2P loan in the world" has been repaid. So this should help clear up the clogged SM.
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MarkT
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Post by MarkT on Oct 3, 2017 19:12:25 GMT
"The largest P2P loan in the world" has been repaid. So this should help clear up the clogged SM. We shall see.
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treeman
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Post by treeman on Oct 3, 2017 19:16:28 GMT
Cement's gone rather quickly !
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Post by picanto on Oct 3, 2017 19:17:24 GMT
Credit where credit is due, Lendy really have got their act together this month after a disappointing month last month. Brilliant news that PBL143 has been repaid and this should get the SM much more liquid. Now Lendy, please get the default list down and I'm sure everybody would become very happy!  |
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fp
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Post by fp on Oct 3, 2017 19:17:42 GMT
Excluding the 300k of 143 which has now gone, i'd say about 400k so far
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Post by df on Oct 3, 2017 19:46:06 GMT
Introducing a discount option could help to unclog SM, but I think it is in Lendy's interest to keep SM as it is. Long queues = less interest to pay to lenders (every little helps). It doesn't really matter what the situation is on SM, if the loan is fully funded they get their profit. It might be in Lendy's short-term interest, but a non-functioning SM is a turn-off for potential investors. ISTM that when the SM was liquid, investors were willing to put large sums in because they thought it likely that they could get all/some of their money back if they needed/wanted to. The current state of the SM does not encourage investing at all, and if the situation continues it will cause problems for Lendy long-term. Of course, but it doesn't look like they can see it that far. Just by summarising their weekly update e-mails and the video of two of them interviewed in Cowes, I don't think there is much wisdom in their approach to this business. Despite some recent improvements, my trust in Ly is still very low - at the moment I trust Rebs more than Ly.
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Post by df on Oct 3, 2017 20:03:58 GMT
"The largest P2P loan in the world" has been repaid. So this should help clear up the clogged SM. The largest one in "Ly world" is DFL004. 41d left, but "further development tranche to be added to the Pipeline shortly. The borrower’s Broker has advised that they should have a Credit backed offer of refinance within the next 2 weeks." - not exactly clear when this one is going to be repaid, if ever
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dermot
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Post by dermot on Oct 3, 2017 20:15:20 GMT
Cement's gone rather quickly ! Yep, I was £225K down in the queue and all gone now.
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treeman
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Post by treeman on Oct 3, 2017 20:23:50 GMT
Cement's gone rather quickly ! Yep, I was £225K down in the queue and all gone now. Original hefty Q has gone, been topped up, gone again and re-topped up several times. Seen a few £20k and above bites.
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stokeloans
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Post by stokeloans on Oct 3, 2017 21:15:55 GMT
The number of loans repaid in such a short period of time is unprecedented is it not.
I'm sure the more cynical amongst us will have a theory 😉
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guff
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Post by guff on Oct 3, 2017 22:53:01 GMT
… Money that is propping up their own flash lifestyle with nice shiny boats at the yacht club … Do you mean care of punts?
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bg
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Post by bg on Oct 4, 2017 0:17:41 GMT
WHY does Lendy stop allowing interest to accrue to the owner of an investment when it is placed into the SM? I asked that question and they neatly side stepped it - no answer. Why? Because I reckon its bloody illegal. I own that investment till its sold. They don't want a SM - if they did, interest would accrue in the normal way, whether someone had their share on the market or not. It's still mine, with any interest accrued, till its sold. The other issues aside this is a key point for me and the more I think about it the more I don't like it. However they try and pitch this they are only doing this to make money off borrowers. I agree that if I own the loan part I should be getting interest.....I can't see any justification for not accruing interest on my own loan part. I have also not read anywhere Lendy saying that any excess money saved will keep be added to the provision fund and assume they just take it straight to their bottom line. I would be interested in the FCA's view on this. If Lendy want some way of building up a provision fund then by all means introduce a charge for selling (as long as it actually goes to the provision fund). I've also had some loan parts in queues that don't move even when I can see activity on the investor activity tab - I feel I have lost money under false pretences. This alongside the inability to discount loan parts when I want to sell and future tranches jumping ahead of me in the queue(and its incredibly difficult even to monitor where we are in terms of tranches drawn and tranches to come) has made me decide to exit the platform. I'm now down to 15% of my holding earlier this year although I appreciate some of that 15% I will be unlikely to exit in a hurry and will quite possibly lose if/when some of the other issues get resolved.
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Post by portlandbill on Oct 4, 2017 8:52:44 GMT
WHY does Lendy stop allowing interest to accrue to the owner of an investment when it is placed into the SM? I asked that question and they neatly side stepped it - no answer. Why? Because I reckon its bloody illegal. I own that investment till its sold. They don't want a SM - if they did, interest would accrue in the normal way, whether someone had their share on the market or not. It's still mine, with any interest accrued, till its sold. The other issues aside this is a key point for me and the more I think about it the more I don't like it. However they try and pitch this they are only doing this to make money off borrowers. I agree that if I own the loan part I should be getting interest.....I can't see any justification for not accruing interest on my own loan part. I have also not read anywhere Lendy saying that any excess money saved will keep be added to the provision fund and assume they just take it straight to their bottom line. I would be interested in the FCA's view on this. If Lendy want some way of building up a provision fund then by all means introduce a charge for selling (as long as it actually goes to the provision fund). I've also had some loan parts in queues that don't move even when I can see activity on the investor activity tab - I feel I have lost money under false pretences. This alongside the inability to discount loan parts when I want to sell and future tranches jumping ahead of me in the queue(and its incredibly difficult even to monitor where we are in terms of tranches drawn and tranches to come) has made me decide to exit the platform. I'm now down to 15% of my holding earlier this year although I appreciate some of that 15% I will be unlikely to exit in a hurry and will quite possibly lose if/when some of the other issues get resolved. I'm in a similar position, I currently have about 15% of my previous investment in Lendy remaining and am selling that down but expecting it to take a long time as they're in DFL's with long queues (that get longer with every additional tranche). It's really annoying to know that I own these loans and that they'll will be in the sales queue for a long time whilst not earning any interest. I might be tempted back but it'll only be in 1 year, 12% PBLs with low LTVs. DFL's will not tempt me now that the liquidity has been virtually removed because of the new priority system, worsened because of the lack of interest whilst in the queue.
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