am
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Post by am on May 4, 2017 14:28:00 GMT
If I'm interpreting the accounts correctly the borrower paid £1.8m for the O.B. properties about 18 months ago. I'm failing to find the correct incantation to confirm this at the Land Registry.
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lofty
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Post by lofty on May 4, 2017 15:11:05 GMT
No way, at any interest rate. What about 100% pa, 12 months interest up front?  Only if the taxman is looking the other way! 
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ablender
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Post by ablender on May 4, 2017 15:19:00 GMT
No way, at any interest rate. What about 100% pa, 12 months interest up front? Doesn't that guarantee you 50% loss? Remember you will be the one paying the interest on the capital.
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n
Member of DD Central
Yet another Nick
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Post by n on May 4, 2017 15:21:17 GMT
I heard you the 1st time.  Good for you. Clearly another member had not. Sorry, I was aiming at the other guy, but probably wasted effort as, like you say, he doesn't appear to read everything.
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GeorgeT
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Post by GeorgeT on May 4, 2017 15:48:48 GMT
So, a borrower in receivership, a loan with a LTV of 109% and a rate of 10% ?? Surely a mistake bringing this to the platform bearing in mind Lendy's 5 step DD process that rivals, if not surpasses, major High Street banks: p2pindependentforum.com/post/185514 |
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oldgrumpy
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Post by oldgrumpy on May 4, 2017 16:17:51 GMT
I wouldn't invest in these at 19%, let alone 12% - and 10% is a joke For me, the issue surrounds the security, which seems to have bloated valuations, and even then, the 90day MV is too close to the bone. VRs are increasingly looking like they provide valuations to suit the loan as opposed to find the actual MV No thank you ... All this borrower's "hotels", according to Tripadvisor recommendations, appear to be maintained to a consistent standard, so due consideration should be given to the actual likelihood of attaining these enthusiastic valuations, should default occur and selling be required. I've done my DD, so I'll pass also. 
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GeorgeT
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Post by GeorgeT on May 4, 2017 16:35:39 GMT
I haven't done any DD , although of course I have read the comments of others who have. I agree these loans sound bad and I wouldn't want to be anywhere near them within 6 months of their term end dates.
However I will be investing modest sums in both the 12% loans - should they not be withdrawn.
The loan totals are relatively small, and liquidity will be great for the first month or so. It is 12% in the bag, albeit for a limited period. My guess is that as the majority of investors act like me (and in addition don't read this forum) that these loans will be over-subscribed and sell like hot cakes on the SM for a while to come.
Of course I could be wrong - but given my stake will be trivial compared with the total Lendy interest I have bagged to date, I am happy to invest in new, rare beast 12% loans andI am glad a few others will not, as that increases my allocation.
I would not touch the 10% loan with a bargepole.
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sirius
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Post by sirius on May 4, 2017 16:50:00 GMT
No way, at any interest rate. What about 100% pa, 12 months interest up front? Where do I sign!?
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adrianc
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Post by adrianc on May 4, 2017 17:08:52 GMT
All this borrower's "hotels", according to Tripadvisor recommendations, appear to be maintained to a consistent standard Beautifully put... <thinks> You didn't write the VRs, did you?
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Post by pepperpot on May 4, 2017 19:29:14 GMT
I haven't done any DD , although of course I have read the comments of others who have. I agree these loans sound bad and I wouldn't want to be anywhere near them within 6 months of their term end dates. However I will be investing modest sums in both the 12% loans - should they not be withdrawn. The loan totals are relatively small, and liquidity will be great for the first month or so. It is 12% in the bag, albeit for a limited period. My guess is that as the majority of investors act like me (and in addition don't read this forum) that these loans will be over-subscribed and sell like hot cakes on the SM for a while to come. Of course I could be wrong - but given my stake will be trivial compared with the total Lendy interest I have bagged to date, I am happy to invest in new, rare beast 12% loans andI am glad a few others will not, as that increases my allocation. I would not touch the 10% loan with a bargepole. I also see the merit in your strategy (having used it myself up until last year), however, showing support for loans that "sound bad" in the form of setting pre-funding can only be read by Lendy as a stamp of approval that they are providing what people want, paving the way for more of the same. The more 'bad sounding' loans that come onto the platform, the more likely the platform will fail and the bigger they are... Your recent comment -here- seems to be at odds with how your strategy might be perceived by Lendy and it seems you are relying on others to engage in the scrutiny you speak of, as any scrutiny from someone "glad" to be increasing their allocation could be seen as hypocritical. My pre-funding on these loans is 0, as it was for the Thames duo.
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GeorgeT
Member of DD Central
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Post by GeorgeT on May 4, 2017 20:23:37 GMT
I haven't done any DD , although of course I have read the comments of others who have. I agree these loans sound bad and I wouldn't want to be anywhere near them within 6 months of their term end dates. However I will be investing modest sums in both the 12% loans - should they not be withdrawn. The loan totals are relatively small, and liquidity will be great for the first month or so. It is 12% in the bag, albeit for a limited period. My guess is that as the majority of investors act like me (and in addition don't read this forum) that these loans will be over-subscribed and sell like hot cakes on the SM for a while to come. Of course I could be wrong - but given my stake will be trivial compared with the total Lendy interest I have bagged to date, I am happy to invest in new, rare beast 12% loans andI am glad a few others will not, as that increases my allocation. I would not touch the 10% loan with a bargepole. I also see the merit in your strategy (having used it myself up until last year), however, showing support for loans that "sound bad" in the form of setting pre-funding can only be read by Lendy as a stamp of approval that they are providing what people want, paving the way for more of the same. The more 'bad sounding' loans that come onto the platform, the more likely the platform will fail and the bigger they are... Your recent comment -here- seems to be at odds with how your strategy might be perceived by Lendy and it seems you are relying on others to engage in the scrutiny you speak of, as any scrutiny from someone "glad" to be increasing their allocation could be seen as hypocritical. My pre-funding on these loans is 0, as it was for the Thames duo. Fair comment and I have just changed the prefund on one of them to 0 so now I only have a prefund set for one of the 12% loans. I don't want to encourage and support reckless loans and bad practice but on the other hand I am investing my time as well as my money and my purpose is to yield a decent return.
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Post by p2plender on May 5, 2017 0:05:31 GMT
Actually a new low for lendy these 3. As someone has already stated, this isn't bridging finance, it's bail out finance. Should get filled though as they're back to 'happy days' rates.
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Investor
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Post by Investor on May 5, 2017 11:48:12 GMT
I haven't done any DD , although of course I have read the comments of others who have. I agree these loans sound bad and I wouldn't want to be anywhere near them within 6 months of their term end dates. However I will be investing modest sums in both the 12% loans - should they not be withdrawn. The loan totals are relatively small, and liquidity will be great for the first month or so. It is 12% in the bag, albeit for a limited period. My guess is that as the majority of investors act like me (and in addition don't read this forum) that these loans will be over-subscribed and sell like hot cakes on the SM for a while to come. Of course I could be wrong - but given my stake will be trivial compared with the total Lendy interest I have bagged to date, I am happy to invest in new, rare beast 12% loans andI am glad a few others will not, as that increases my allocation. I would not touch the 10% loan with a bargepole. I also see the merit in your strategy (having used it myself up until last year), however, showing support for loans that "sound bad" in the form of setting pre-funding can only be read by Lendy as a stamp of approval that they are providing what people want, paving the way for more of the same. The more 'bad sounding' loans that come onto the platform, the more likely the platform will fail and the bigger they are... Your recent comment -here- seems to be at odds with how your strategy might be perceived by Lendy and it seems you are relying on others to engage in the scrutiny you speak of, as any scrutiny from someone "glad" to be increasing their allocation could be seen as hypocritical. My pre-funding on these loans is 0, as it was for the Thames duo. Also hard to envisage how this aligns with the quote last week from GeorgeT "Yes it is true I have decided to reduce my exposure on this platform and I am in the process of doing that and I will be only holding very high class, select loans from now on". One may erroneously get the impression that he holds onto his loans for a significantly longer period than he holds onto his strategies. 0 for me too on these 3, and hope just maybe one day us ol' timers can enjoy a pint over reading the 'why have I been burnt' posts from some people using the 'I'll just flog it on the SM' strategy
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Post by pepperpot on May 5, 2017 12:57:39 GMT
You're alive!!! Had us all worried there for a month or nine. |
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GeorgeT
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Post by GeorgeT on May 5, 2017 13:14:46 GMT
Also hard to envisage how this aligns with the quote last week from GeorgeT "Yes it is true I have decided to reduce my exposure on this platform and I am in the process of doing that and I will be only holding very high class, select loans from now on". One may erroneously get the impression that he holds onto his loans for a significantly longer period than he holds onto his strategies. 0 for me too on these 3, and hope just maybe one day us ol' timers can enjoy a pint over reading the 'why have I been burnt' posts from some people using the 'I'll just flog it on the SM' strategy A couple of points, 1. I define high class select loans as those paying 12% with very long unexpired terms. Investor appetite as evidenced by activity on the SM seems to support my definition. Therefore there is no inconsistency in my comments. 2. Your 2nd paragraph could be interpreted as wishing that investors who do not adopt the same strategy as yourself lose their money. In fact your use of the word 'hope' implies a firm wish and requires little interpretation. I would suggest that ought to be against forum rules. It also sounds rather pompous and suggests a degree of arrogance, i.e. my way is right and your way is wrong. For the record, in many years of investing, and 4 years in P2P I have never lost a penny of interest, let alone capital. I always withdraw my interest in full every month and, as I have stated previous, have now received more in interest from Lendy over the last 3-4 years than my total current investment here. Accordingly, your wish will will never come true so you will have to hope for some other misfortune to befall others in order to enjoy your pint. Those points aside, I wish successful investing to you and everybody else, regardless of personal strategy.
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