ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 22, 2017 16:28:19 GMT
JC!!! 80 to 107% LTVs!! I'm feeling faint.  |
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adrianc
Member of DD Central
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Post by adrianc on May 22, 2017 17:44:01 GMT
JC!!! 80 to 107% LTVs!! I'm feeling faint. Never has an anonymised project name looked more appropriate.
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GeorgeT
Member of DD Central
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Post by GeorgeT on May 22, 2017 19:55:28 GMT
The un-numbered 12%er in London looks a better proposition given it is smaller and longer dated.
However 12% is 12% so I am in this one. It will be high class for 3 months.
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Post by excalibur on May 22, 2017 21:48:19 GMT
The un-numbered 12%er in London looks a better proposition given it is smaller and longer dated. However 12% is 12% so I am in this one. It will be high class for 3 months. 6 month loan to pay back previous lenders £2.9m who it seems to me are bailing out 10 months into development programme. Further tranches will follow as the clock keeps ticking. Will the SM quickly snap up available loans with 90 days remaining on this loan? Maybe.. maybe not. I think if you're happy to hold until maturity then fine but personally I'm going to give this a miss especially since I've picked up a lot of 12% loans on SM with longer terms to expiry, and wait for London which ticks a lot more boxes.
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copacetic
Member of DD Central
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Post by copacetic on May 23, 2017 0:19:38 GMT
Lendy will need to update their welcome video which says they only lend up to 70% LTV ratios! I do wonder how the FCA looks on Lendy's way of advertising their investments with low headline loan to GDV values like 56%, then in the overview page mentioning 70% for some mixture of valuations I can't quite get my head round, then in the valuation report it being current LTV of 80%.
Anyway in the actual valuation report when the valuer is working out the development profit (page 68) the total assumed finance cost is £131k but at 12% for six months that would be £180k. This is a guess but if Lendy were charging out 1.5% per month or 18% that'd be £270k, not to mention interest on further tranches. A couple months delay on this one could really see the developer's motivation for completing the project disappear.
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Post by Paul64 on May 23, 2017 15:56:21 GMT
Hi all, there's seems to be a misunderstanding about how DFLs work here. For land/development loans our policy is that we will lend a max of 70% of the 'residual' land value of the site and up to 100% of the build costs, but not more than 70% of the GDV in any event. Our loan at initial drawdown in this case is 56% of GDV.
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Post by freedommmm on May 23, 2017 19:16:56 GMT
What does OCHS mean  |
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mikes1531
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Post by mikes1531 on May 23, 2017 19:19:26 GMT
Went live at some point. 1731 investors and £307,137 remaining at 19:55 Must have been pretty recently because I looked at the pipeline maybe half an hour ago and the loan still appeared there. How times have changed for Lendy -- a 12% loan for less than £3M, and significantly undersubscribed!  (7.6% of PBL182 is on the SM as well. Either that also was undersubscribed, or people with default pre-funding settings got more of that than they wanted and now are trying to reduce their allocations.)
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vmail
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Post by vmail on May 23, 2017 19:21:34 GMT
What does OCHS mean Look up DFL025 on the platform. If we tell you here then the mods would tie us up, beat us and threaten us win a ban.
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vmail
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Post by vmail on May 23, 2017 19:23:53 GMT
What does OCHS mean Look up DFL025 on the platform. If we tell you here then the mods would tie us up, beat us and threaten us win a ban. I'm guessing a lot of investors are in the 200+ days club like me, it doesn't really make sense to invest in that one.
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GeorgeT
Member of DD Central
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Post by GeorgeT on May 23, 2017 19:44:35 GMT
Look up DFL025 on the platform. If we tell you here then the mods would tie us up, beat us and threaten us win a ban. I'm guessing a lot of investors are in the 200+ days club like me, it doesn't really make sense to invest in that one. Not when there is a much better 12% loan coming on this platform any day now and there was a much better 13% loan somewhere else. I massively reduced my pre fund on this one to a small amount just so I had a stake but I decided not to make a serious investment in it because of the short term and better loans available elsewhere. Had there been no other offerings around at 12% or more then I would have plunged deeper into this one but, as it was, I felt able to swerve it to a large extent.
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mary
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Post by mary on May 23, 2017 20:01:38 GMT
I'm guessing a lot of investors are in the 200+ days club like me, it doesn't really make sense to invest in that one. Not when there is a much better 12% loan coming on this platform any day now and there was a much better 13% loan somewhere else. I massively reduced my pre fund on this one to a small amount just so I had a stake but I decided not to make a serious investment in it because of the short term and better loans available elsewhere. Had there been no other offerings around at 12% or more then I would have plunged deeper into this one but, as it was, I felt able to swerve it to a large extent. Agreed, same here. Will go with the next 12%'er if it comes off as the term is more attractive. It's competitive out there!
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vmail
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Post by vmail on May 23, 2017 20:26:15 GMT
I'm guessing a lot of investors are in the 200+ days club like me, it doesn't really make sense to invest in that one. Not when there is a much better 12% loan coming on this platform any day now and there was a much better 13% loan somewhere else. I massively reduced my pre fund on this one to a small amount just so I had a stake but I decided not to make a serious investment in it because of the short term and better loans available elsewhere. Had there been no other offerings around at 12% or more then I would have plunged deeper into this one but, as it was, I felt able to swerve it to a large extent. It would not be ethical for you to go for the 13% loan.
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copacetic
Member of DD Central
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Post by copacetic on May 23, 2017 20:28:02 GMT
Hi all, there's seems to be a misunderstanding about how DFLs work here. For land/development loans our policy is that we will lend a max of 70% of the 'residual' land value of the site and up to 100% of the build costs, but not more than 70% of the GDV in any event. Our loan at initial drawdown in this case is 56% of GDV. This is quite a hefty valuation report and I admit to only skimming it, not going through with a fine tooth comb. However on page 6 it lists the market value (non-time restricted) as £3,685,000. With a loan of £2,947,357 this is a LTV of 80%. When calculating the maximum that can be lent are Lendy now subtracting the upfront interest retained for the loan term from the loan? Or adding up the residual values for the time when the development was started with another lender at 70% and then adding 100% of build costs at the time the loan is taken over perhaps? Further to my last post I should add that because the valuer has underestimated the finance costs for phase 1 and the phase 1 valuation is a residual value this means the value would be lower by the amount underestimated. I've made an approximation this would be about £140k lower which bumps up the LTV a little bit more to 83%.
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twoheads
Member of DD Central
Programming
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Post by twoheads on May 24, 2017 7:14:44 GMT
Must have been pretty recently because I looked at the pipeline maybe half an hour ago and the loan still appeared there. How times have changed for Lendy -- a 12% loan for less than £3M, and significantly undersubscribed! (7.6% of PBL182 is on the SM as well. Either that also was undersubscribed, or people with default pre-funding settings gotr more of that than they wanted and now are trying to reduce their allocations.) 19:55ish according to my little snap shot thingy - assumed it must have been earlier than that as I didn't hear it ping. And yes re: INPL on PBL182 - my thinking too, as went live with less than £1k available. My 'change logger' says it went live at 19:51. Current sale queue is £29k. Available on the SM is £333k, so this was at least £300k under funded - quite surprised by that, given the recent dearth of 12% loans.
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