acky
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Post by acky on Aug 9, 2017 12:04:00 GMT
And since the e-mail came out this morning (two and a half hours ago), the amount on the SM has fallen from £275k to £193k now. No doubt it will fall further. Doesn't seem any point pre-funding the new tranche when you can buy exactly how much you want with certainty on the SM now.
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GeorgeT
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Post by GeorgeT on Aug 9, 2017 12:42:50 GMT
Following the rate uplift to 12%, today I made my first transfer of funds IN to Lendy for some months.
I snaffled up some of DFL024 on the SM because the sale queue is 0 and that means 12% with good liquidity for the time being.
Decided to zero my pre-fund on the new tranche because I could have exactly the amount I wanted on the SM and start earning 12% interest one day sooner.
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spyrogyra
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Post by spyrogyra on Aug 9, 2017 13:36:38 GMT
I wouldn't invest again in Lendy's loans anytime soon because of fear of platform collapse. Though the SM is back to live, I can't forget about the wall of pending loses on some older loans. I don't have any idea what would be the lenders' confidence once these loses crystalize and surely at that point the SM will come to a grind again. Which is not the end of the world if the platform survive. There's much more that needs to be done to gain back confidence. The updates on the dfls should be much more detailed. By just saying "independent report received" I have no idea what's going on. Even a short description of the work done since the last tranche is not enough for me anymore. That's because they have been very careless with dfl 1 & 2. Lenders have asked and didn't receive credible answers to so many questions that starting with particular questions again seems exhausting.
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IFISAcava
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Post by IFISAcava on Aug 9, 2017 13:45:36 GMT
Following the rate uplift to 12%, today I made my first transfer of funds IN to Lendy for some months. I snaffled up some of DFL024 on the SM because the sale queue is 0 and that means 12% with good liquidity for the time being. Decided to zero my pre-fund on the new tranche because I could have exactly the amount I wanted on the SM and start earning 12% interest one day sooner. Sale queue is zero because the rest is unsold overhang from the last tranche?
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GeorgeT
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Post by GeorgeT on Aug 9, 2017 13:59:11 GMT
Following the rate uplift to 12%, today I made my first transfer of funds IN to Lendy for some months. I snaffled up some of DFL024 on the SM because the sale queue is 0 and that means 12% with good liquidity for the time being. Decided to zero my pre-fund on the new tranche because I could have exactly the amount I wanted on the SM and start earning 12% interest one day sooner. Sale queue is zero because the rest is unsold overhang from the last tranche? Yes. And retail investors go to the front of the queue so it's 0 queue - or was when I checked an hour ago.
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twoheads
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Post by twoheads on Aug 9, 2017 14:51:09 GMT
Following the rate uplift to 12%, today I made my first transfer of funds IN to Lendy for some months. I snaffled up some of DFL024 on the SM because the sale queue is 0 and that means 12% with good liquidity for the time being. Decided to zero my pre-fund on the new tranche because I could have exactly the amount I wanted on the SM and start earning 12% interest one day sooner. Similarly, I would like to use the tranche to ensure it is funded. I bought a little earlier to check the sales queue but will (as usual) buy using the available tranche.
However, the tranche may not allocate the amount I want so, if the SM value continues to fall at its current rate and gets down to say £50k, then I too will use the SM (in this circumstance, the tranche will probably fill anyway).
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twoheads
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Post by twoheads on Aug 9, 2017 15:00:42 GMT
@new2p2p , I've asked registerme if he can move your OP back to the top of the thread. The three posts currently above it predate your OP and were moved here after you created the thread.
If this can't be done, I'll delete my two posts... they're now covered by later posts anyway.
EDIT - It's not possible to move your OP to the top while keeping mine ... I've deleted my two posts above it.
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adrianc
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Post by adrianc on Aug 9, 2017 15:18:09 GMT
I wouldn't invest again in Lendy's loans anytime soon because of fear of platform collapse. Though the SM is back to live, I can't forget about the wall of pending loses on some older loans. I don't have any idea what would be the lenders' confidence once these loses crystalize and surely at that point the SM will come to a grind again. Which is not the end of the world if the platform survive.
If Lendy are going south for the winter, then there's a very broad swathe of the P2P sector who are ahead of them.
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peteuk
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Post by peteuk on Aug 9, 2017 16:35:48 GMT
I wouldn't invest again in Lendy's loans anytime soon because of fear of platform collapse. Though the SM is back to live, I can't forget about the wall of pending loses on some older loans. I don't have any idea what would be the lenders' confidence once these loses crystalize and surely at that point the SM will come to a grind again. Which is not the end of the world if the platform survive. There's much more that needs to be done to gain back confidence. The updates on the dfls should be much more detailed. By just saying "independent report received" I have no idea what's going on. Even a short description of the work done since the last tranche is not enough for me anymore. That's because they have been very careless with dfl 1 & 2. Lenders have asked and didn't receive credible answers to so many questions that starting with particular questions again seems exhausting. Cant see why the platform would calapse , they changed there buisiness model when they changed the terms and conditions , as far as i know the only default they are liable for is the fleetwood power station that i suppose is under the old terms where you lent money to lendy not the borrower but thats history correct me if i am wtong
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elliotn
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Post by elliotn on Aug 9, 2017 16:50:19 GMT
and GeorgeT has kindly removed his (post), so all is as it should be. Is it possible to replicate across the other Lendy threads?
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Post by Companion Cube on Aug 9, 2017 17:01:16 GMT
Has the rate gone up across all existing loan parts?
So obviously no one in their right mind would complain if their loan parts were suddenly paying more interest. But if we all invest a bit now at 12%, then surely Lendy can't legally drop it back down to 9% later if the market becomes famine again, can they? So it's stuck at 12% now for everyone 'til completion?
Does anyone have any theories, or better facts.
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Post by Companion Cube on Aug 10, 2017 5:55:34 GMT
Has the rate gone up across all existing loan parts? Yes. No. But I am waiting for someone to complain that it hasn't been backdated.  Ts & Cs? 9.6 Notwithstanding any other clause in these terms you agree that, in certain circumstances, for example a change in the borrower’s circumstances, and in its absolute discretion, Lendy (acting as agent on your behalf) may agree with the borrower to restructure the loan and amend the Loan Contract and you will be bound by these amendments. 9.7 Where Lendy and/or Lendy Security Holding believes that an agreement to restructure the loan and amend the Loan Contract is in the interests of the relevant lenders as a group, and intends to amend the terms of the Loan Contract in accordance with clause 9.6 above, we will notify you of our intention to amend not less than 5 business days before making such amendment. Although you'd have to imagine it would be commercial suicide for any platform to reduce a rate mid-term. Than mine? Almost certainly!  Thanks new2p2p. Very useful.
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twoheads
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Post by twoheads on Aug 10, 2017 7:53:21 GMT
What the rate uplift clearly shows is that there is still a decent demand for 12% loans on Lendy.
Two days ago, DFL024 had £277k available on the SM (all underwritten, not regular investor cash).
Less than 24 hours into it's new life as a 12% loan and the SM value is down to £67k (all underwritten, still zero sales queue).
Therefore, in a single day, £210k extra investor's cash arrived on the platform. All down to one loan moving from 9% to 12%.
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SteveT
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Post by SteveT on Aug 10, 2017 7:57:57 GMT
... which should come as no surprise to anyone at Lendy. I was happy to invest in this scheme at 12% on MoneyThing, immediately ignored it at 9% when it refinanced to Lendy and now have taken a modest slice now it's back at 12%. I doubt I'm the only one |
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twoheads
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Post by twoheads on Aug 10, 2017 9:46:26 GMT
I do hope there some left from the pre-funders. Otherwise the SM will just crank right back up there again!  On the other hand, based on a few recent observations, I really wouldn't be surprised of the if today's go-live of T5 also saw any pre-funding over-spill knocked the SM right down to zero. Tranche just went live, allocation at least £2k.
You were right... SM value used up! Now down to £4063.
EDIT: I assume that, if a pre-funder has asked for an amount greater than the allocation AND has the money already on account, then excess SM value can be sold to the pre-funder when a tranche goes live, without the SM sale causing an INPL situation.
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