sj
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Post by sj on Dec 20, 2017 10:16:14 GMT
The original DFL27 remains tradeable though, wonder what is going on...
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star dust
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Post by star dust on Dec 20, 2017 10:26:43 GMT
Think it got in a twist - looks likes it's being allocated now. I've just got a slice. Still listed as a separate Tranche though. In Edit: Still in a twist - it's well over allocated at the moment  Think my slice might reduce. In Edit @ 10:48 - looks like they're starting again, suspended once more. Edit 11:03 - looks like they finally pressed the right button this time - all allocated - 384 investors, zero availability, and live, still a separate tranche at the moment though. |
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izigor
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Post by izigor on Dec 22, 2017 4:00:52 GMT
It's now showing 273 days term remaining ... was that expected?
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izigor
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Post by izigor on Dec 22, 2017 5:06:09 GMT
I'm guessing, it is a 3 months extension so to check my maths 183+90 = 273.
Although the above adds up (in sense as well as maths) Can someone please confirm if my guess is correct please?
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elliotn
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Post by elliotn on Dec 22, 2017 7:58:43 GMT
I'm guessing, it is a 3 months extension so to check my maths 183+90 = 273. Although the above adds up (in sense as well as maths) Can someone please confirm if my guess is correct please? Yes, extension confirmed in latest tranche particulars (which is partly paying for it) after delay caused by the piling. Should be re-posted as update today.
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izigor
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Post by izigor on Dec 22, 2017 9:30:07 GMT
elliotn, thanks. It's just that I saw the new tranche still on 180 days and was wondering what was going on. I'd thought they'd both be on the same term ..
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withnell
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Post by withnell on Mar 13, 2018 13:37:03 GMT
Someone's got a good feeling about this loan - b**********e just bought 25k!
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richox
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Post by richox on Sept 20, 2018 20:32:10 GMT
In spite of repeated IMS reports of "good progress being made" anticipated practical completion has slipped from May to June to July. Do these IMSs know what to look for? Now coming up to the end of September and we are waiting for the next guess. Meanwhile the loan has gone overdue. All well and good if the borrower does cough up the monthly interest payments for the extension to March 19. Otherwise the chances are Lendy will just let the overdue days tick up towards 180. The interest costs must now be making a fair old dent in this borrower's profit margin.
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orvilorvil
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Post by orvilorvil on Sept 20, 2018 20:52:02 GMT
It’s worrying with what’s happened elsewhere
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TitoPuente
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Post by TitoPuente on Oct 23, 2018 17:48:53 GMT
Interests more than a month late, and refinance seems unlikely.
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TitoPuente
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Post by TitoPuente on Nov 3, 2018 10:01:53 GMT
If I understand correctly the latest update, Lendy is letting a new lender take a first charge in exchange of a refi loan that is lower than Lendy's current loan.  ? If the value of the property is close to the stated £5m or at least a bit higher than the loan value of £3.49m, why not just sell and repay? The Duty of Care is being used as toilet paper. |
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star dust
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Post by star dust on Nov 3, 2018 10:29:19 GMT
Some of the updates just don't read right to me. The one on DFL027 is definitely wrong, but there may be others that I'm not as familiar with. (Its possible someone has done this months updates who is less familiar with the history of them) Today 1st Nov"The sixteenth tranche of development funding was added to the platform and went live last month, the Independent Monitoring Surveyor (IMS) having undertaken another site visit .... {blah blah} We are expecting another IMS site visit and report over the course of the next few weeks. " Err no, the 16th tranche went live in July, the build is finished.
EDIT: Ah ... this update is identical to DFL029, and so was presumably not meant for DFL027 28th Sept "The Head of Lending met with the borrower last week at the premises, which are now complete. The property is in the process of being let out. [...]" I walked past the site the week before this update, and it did indeed look complete to me. I'll upload the photos in the next few days.
3rd Aug"The works now outstanding are mainly decorative and cleaning, but with some electrical fittings requiring modification and final signage and other items remain outstanding. There will also be some commissioning of services and the completion of testing and general tidying up and boxing in of some services. " 20th July "The sixteenth tranche of development funding was added to the Platform, and went live, this week. "
The November 1 st update has been replaced on the platform as TitoPuente spotted and now states
"The loan is now over one month past due for repayment.
A refinance has been agreed, but not at the level required to fully repay the loan.
We have therefore agreed to allow the partial refinance to complete, which is expected to generate c £3.3m, which will facilitate the repayment of the majority of investor capital.
Lendy will retain a second legal charge over the property to secure the residual indebtedness (plus interest and fees) which the borrower has agreed to fully repay over the course of the next six to 12 months from the rental income which is expected to be generated by the property."
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Post by ajf1985x on Nov 3, 2018 10:50:33 GMT
Given where we are with Ly at the moment, getting 97% of capital back with further prospects of further capital and interest repayments is not ideal but I would take it in this climate.
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Post by charliebrown on Nov 3, 2018 22:57:01 GMT
Given where we are with Ly at the moment, getting 97% of capital back with further prospects of further capital and interest repayments is not ideal but I would take it in this climate. I’ll take this outcome in a heartbeat. With interest already received we should “break-even” which I imagine is as good as it’s going to get on LY defaults. Anything that liberates some of my cash and brings me a step closer to being able to escape this nightmare, I’ll take it.
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withnell
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Post by withnell on Nov 5, 2018 11:31:31 GMT
I'd say this is a reasonable outcome, and much better than break-even!
Much better to get ~95% capital and 2nd charge over a trading property (with possibility of getting the remaining balance back) than send to auction and get 80% at best after all the fees
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Think my slice might reduce.
?
