ped
Member of DD Central
Posts: 255 
Likes: 84
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Post by ped on Aug 1, 2017 18:22:40 GMT
Little insight from a part time forum member, I read the forum and feedback to 5 friends who have small investments in Ly loans few K each. Only LY will know the true stats but for me the low numbers of investors in 7-8% loans is telling as well as the reduced size of the latest Tranches.
Only once the defaults payup or not will things really change for the better IMHO.
2Yrs on Ly oh for the good old days!
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Post by debaser on Aug 1, 2017 21:38:31 GMT
I suppose I'm one of the silent majority, although I haven't been using Lendy for long. But I'm not really involved with any news or goings on, in fact I unsubscribed from Lendy's emails because they were emailing me way too often.
Is there something I'm supposed to be displeased about?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 1, 2017 22:54:34 GMT
I suppose I'm one of the silent majority, although I haven't been using Lendy for long. But I'm not really involved with any news or goings on, in fact I unsubscribed from Lendy's emails because they were emailing me way too often. Is there something I'm supposed to be displeased about? You shouldn't rely solely on the information that LY provide (for obvious reasons) For me, there are concerns about the management & history surrounding the current list of defaulted loans. The resolution and further information that results from these will result in me either remaining out or jumping back in (on a loan to loan basis) Other concerns remain; the big one includes bad comms lack of credible updatesWot about VR's that are foisted passed on to us from LENDY after being "Thoroughly checked/scrupulously vetted by their professional in-house Due Diligence Team" Dude? 
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Post by masquedefer on Aug 7, 2017 10:33:39 GMT
Speaking with my Chartered Surveyor/RICS Registered Valuer hat on, it is my opinion that a valuer's mindset would be better focused if they were to read something like the following in a valuation instruction:
When providing a valuation the Valuer must bear in mind that Lendy lend to borrowers who are unable to obtain loans from larger mainstream lenders (which operate higher loan eligibility criteria). As a consequence, there is a greater risk of a loan default and likelihood that the valuation will be subject to real-world testing via repossession and sale of the secured asset. It is essential that valuations are provided with this in mind and that they err on the conservative side particularly where there is wider valuation bracket due to e.g. lack of information or any assumptions made. Furthermore, the Valuer must not rely on financial information or projections provided solely by the borrower. The Valuer must also appreciate that (s)he is the lender's eyes and ears on the ground and in accordance with the RICS Red Book, (s)he must report on all factors that may impact on the valuation, its reliability and the suitability of the asset for secured lending.
EDIT: Nb. Every val has a leeway bracket (typically 10%), a Lendy val should should err towards the lower end of this bracket.
I have sent this to Paul @ Ly on 3 occasions but no response. I have also recently suggested the following to Lendy
Given the high likelihood that DFL projects overrun on time and/or cost. I suggest that on all future DFLs Lendy require from the borrower a verifiable plan of how they will finance any extra interest payments (e.g. due to project delays) and/or raise extra capital (due to cost overruns).
How do I get rid of this text below (I have deselected the BBcode tab)?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 7, 2017 10:52:03 GMT
It's a party innit, and you're spoiling it masquedefer, so you're being locked out.
This VR / LTV business is going to explode in various Platform's faces, and those Platforms that do suffer from the fallout deserve everything they get. And more.
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Post by masquedefer on Aug 7, 2017 10:59:23 GMT
@ new2p2p Thank you. Yes I use Reverso to help me learn Spanish. It's enabled as a Chrome Extenssion. I have just unenabled it and hopefully this message will be free of code/HTML text.
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registerme
Member of DD Central
Posts: 6,624
Likes: 6,437
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Post by registerme on Aug 7, 2017 11:13:28 GMT
Speaking with my Chartered Surveyor/RICS Registered Valuer hat on, it is my opinion that a valuer's mindset would be better focused if they were to read something like the following in a valuation instruction: When providing a valuation the Valuer must bear in mind that Lendy lend to borrowers who are unable to obtain loans from larger mainstream lenders (which operate higher loan eligibility criteria). As a consequence, there is a greater risk of a loan default and likelihood that the valuation will be subject to real-world testing via repossession and sale of the secured asset. It is essential that valuations are provided with this in mind and that they err on the conservative side particularly where there is wider valuation bracket due to e.g. lack of information or any assumptions made. Furthermore, the Valuer must not rely on financial information or projections provided solely by the borrower. The Valuer must also appreciate that (s)he is the lender's eyes and ears on the ground and in accordance with the RICS Red Book, (s)he must report on all factors that may impact on the valuation, its reliability and the suitability of the asset for secured lending.
EDIT: Nb. Every val has a leeway bracket (typically 10%), a Lendy val should should err towards the lower end of this bracket. I have sent this to Paul @ Ly on 3 occasions but no response. I have also recently suggested the following to Lendy Given the high likelihood that DFL projects overrun on time and/or cost. I suggest that on all future DFLs Lendy require from the borrower a verifiable plan of how they will finance any extra interest payments (e.g. due to project delays) and/or raise extra capital (due to cost overruns).
How do I get rid of this text below (I have deselected the BBcode tab)?  Also, it's good of you to "out yourself" as a Chartered Surveyor/RICS Registered Valuer. I think your insight here could be invaluable across multiple platforms, and I am disappointed that Lendy haven't heeded your advice.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
Likes: 4,859
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Post by ozboy on Aug 7, 2017 11:16:25 GMT
Disappointed, but far from surprised eh registerme?!!!  |
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