TitoPuente
Member of DD Central
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Post by TitoPuente on Dec 6, 2018 20:19:24 GMT
It is interesting that after I posted yesterday that a sale not a refinance was underway, there were only 2 purchases of loan parts to take advantage of the accrued bonus (mine is the £307, which was all the cash I had in the account at the time; the other is for just £2), and probably around £500 of cancelled sales requests. The land registry details of the purchaser were clear enough that it was a UHNW cash purchaser.
Has trust in Lendy fallen so far that an investment that is 99% risk free is shunned ?
Was the price paid published? I wouldn’t have invested without knowing that the price paid would be sufficient to cover principal and interest plus bonus.
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Post by mrclondon on Dec 6, 2018 20:34:41 GMT
It is interesting that after I posted yesterday that a sale not a refinance was underway, there were only 2 purchases of loan parts to take advantage of the accrued bonus (mine is the £307, which was all the cash I had in the account at the time; the other is for just £2), and probably around £500 of cancelled sales requests. The land registry details of the purchaser were clear enough that it was a UHNW cash purchaser.
Has trust in Lendy fallen so far that an investment that is 99% risk free is shunned ?
Was the price paid published? I wouldn’t have invested without knowing that the price paid would be sufficient to cover principal and interest plus bonus. No, this was just the record of the search to protect their position until the title document gets updated - which then includes the sale price.
Hence there was some residual risk, which is the trust thing, that Lendy would release the charge without full redemption proceeds being received. There is an interesting parallel here in so far as the MT storage site is being sold for well less than the loan value by the borrower (not by a receiver / administrator).
However, in this case we were told the proposed refinance would release almost all the loan proceeds, so it was reasonable to assume there would be decent headroom between the Lendy loan, and the property's OMV. So IMO it was worth risking a few hundred pounds on, but not worth risking £100k on to buy all the available loan parts !
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Post by mrclondon on Dec 6, 2018 21:14:37 GMT
A footnote to my previous post.
It has been pointed out to me that it is possible that the proposed refinance and shortfall / deferred consideration never existed, and was simply a story concocted by Lendy so that they could today trumpet a better than expected "recovery". (And if so my assumption on OMV was invalid.)
A rather cynical point of view, but given the update on Monday still referred to refinance rather than sale, and the slightly strange wording on today's email regarding their efforts on recovery it does feel plausible.
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Post by charliebrown on Dec 7, 2018 4:09:40 GMT
My first positive post in a long while, but I’m delighted to have something positive to write. Well done, Lendy. I won’t be reinvesting these funds in the platform as I still feel I have far too much exposure to the platform and cash tied up in defaults. However, a few more results like this and my confidence might start to return.
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Post by picanto on Dec 7, 2018 10:03:24 GMT
My first positive post in a long while, but I’m delighted to have something positive to write. Well done, Lendy. I won’t be reinvesting these funds in the platform as I still feel I have far too much exposure to the platform and cash tied up in defaults. However, a few more results like this and my confidence might start to return. To be fair Charliebrown, I agree with you. I understand the skepticism with the E-mail last night and then all of a sudden a "recovery loan" repayment, and it is very possible that it was a PR exercise. But at the end of the day, Lendy have got a significant FULL loan repayment which is something to actually be happy about, and yet the negativity which has come of it from some of the posters is just a bit disappointing. Nobody is under any illusion that Lendy are struggling but Lendy have managed to recover, in full, two overdue loan repayments in the past three weeks so I think credit needs to be given on that basis.
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benaj
Member of DD Central
N/A
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Post by benaj on Dec 7, 2018 10:29:01 GMT
Full repayment, interest and bonus accrual.
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ton27
Member of DD Central
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Post by ton27 on Dec 7, 2018 13:15:04 GMT
A good result but I need quite a few more before I consider re-investing.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Dec 7, 2018 13:34:29 GMT
A good result but I need quite a few more before I consider re-investing. Without other repayments nobody has any money or faith to reinvest
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dp
Member of DD Central
Posts: 189
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Post by dp on Dec 7, 2018 15:18:36 GMT
Made withdrawal last night - still waiting for it.
Excellent move for repayment but someone needs to press the withdraw flow.
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nsinvestor
Member of DD Central
Posts: 105
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Post by nsinvestor on Dec 7, 2018 15:57:40 GMT
Let's not get carried away with Lendy's efforts at recovery.
This was a development where the funds were used correctly and not diverted elsewhere. The development was completed and you had a developer who wanted to play ball by either refinancing or selling. 77 days overdue not that significant.
Where I will give Lendy real kudos and get back onboard with more investment is when they chase down a developer who isn't playing ball and manage to recover against the asset, personal guarantees et al.
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rocky1
Member of DD Central
Posts: 1,139
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Post by rocky1 on Dec 7, 2018 16:29:19 GMT
Made withdrawal last night - still waiting for it.
Excellent move for repayment but someone needs to press the withdraw flow. withdrawal problem is with lendys bank [barclays bank] system cannot cope with over £3million going out to so many different people.lendy say should be sorted soon.
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Mucho P2P
Member of DD Central
Posts: 946
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Post by Mucho P2P on Dec 7, 2018 20:34:56 GMT
Made withdrawal last night - still waiting for it.
Excellent move for repayment but someone needs to press the withdraw flow. withdrawal problem is with lendys bank [barclays bank] system cannot cope with over £3million going out to so many different people.lendy say should be sorted soon. Mine came through at 6 pm tonight, so it is filtering through.
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withnell
Member of DD Central
Posts: 550
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Post by withnell on Dec 10, 2018 15:33:40 GMT
Made withdrawal last night - still waiting for it.
Excellent move for repayment but someone needs to press the withdraw flow. withdrawal problem is with lendys bank [barclays bank] system cannot cope with over £3million going out to so many different people.lendy say should be sorted soon. Issue was nothing to do with Lendy, it impacted Barclays corporate banking systems which were out for the majority of the day
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