bloodycat
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Post by bloodycat on Aug 10, 2017 10:00:21 GMT
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.
Or more likely, any pre-funders with sufficient balance are allocated from the SM to then maximise the allocation available to others relying on INPL. After all those asking for larger amounts are unlikely to have that much sitting idle in their accounts, and if most of the SM was underwriters then it makes sense to reduce it as much as possible.
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GeorgeT
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Post by GeorgeT on Aug 10, 2017 10:05:30 GMT
I think I may have got a bit over excited and gone a bit overboard on this one. When this good quality loan moved from 9% to 12% I was immediately very interested in it. At this point there was well over £200k available on the SM and I didn't want to miss out so transferred new funds into Lendy and made a purchase yesterday. During the night I was wondering why I hadn't been bolder and invested more and accordingly when I was fully awake this morning I transferred another sum across into LY and have bought up some more of the DFL024. Now it has all gone so what a good job I acted early this morning when I did.
This is living proof of everything I've been saying for the last year which is that it is all about 12%.
I wish I had written the numbers down so I could provide you with some precise data but when I first looked at the loan yesterday after learning it had leapt up 3% I noted it had approximately 1600 investors. One day later and now it has approximately 1950 investors. And I am proud to say I am one of the additional 350. LY will have noted this extraordinary turn around in 24 hours just by putting the rate back to 12% where it should have been in the first place.
My LY investment is now rising after falling steadily all year and it seems that LY is my platform of the week and up in my personal satisfaction chart.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 10, 2017 10:22:38 GMT
I think I may have got a bit over excited and gone a bit overboard on this one. When this good quality loan moved from 9% to 12% I was immediately very interested in it. At this point there was well over £200k available on the SM and I didn't want to miss out so transferred new funds into Lendy and made a purchase yesterday. During the night I was wondering why I hadn't been bolder and invested more and accordingly when I was fully awake this morning I transferred another sum across into LY and have bought up some more of the DFL024. Now it has all gone so what a good job I acted early this morning when I did. This is living proof of everything I've been saying for the last year which is that it is all about 12%. I wish I had written the numbers down so I could provide you with some precise data but when I first looked at the loan yesterday after learning it had leapt up 3% I noted it had approximately 1600 investors. One day later and now it has approximately 1950 investors. And I am proud to say I am one of the additional 350. LY will have noted this extraordinary turn around in 24 hours just by putting the rate back to 12% where it should have been in the first place. My LY investment is now rising after falling steadily all year and it seems that LY is my platform of the week and up in my personal satisfaction chart. Yes but have you done any DD on it. How exposed are you to this particular borrower and his associates who have multiple loans on your three favourite platforms? Seems to be a very Tarkinesque approach to risk analysis. Just when we thought you'd seen the light youve flipped back to the dark side  (For the record Ive had a small holding from the start)
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GeorgeT
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Post by GeorgeT on Aug 10, 2017 11:57:23 GMT
I was in this one from the start when it was on MT. And I mourned it's departure from that platform and resurrection on LY at a worse rate of interest for investors. For rate reasons I was forced to sit it out when it became a LY loan. Now it's paying a fair rate to investors I am confident about stepping back in. Back in March 17 when it's refinance away from MT was announced I wrote on the MT board - So this is a loan that passed the internal DD scrutiny of 2 platforms and passed my own quality tests as well. New proposals and new borrowers will be subject to greater scrutiny. This is now my single biggest loan investment on LY. PS. I don't know what Tarkinesque means so I don't know if it fairly describes my approach to risk analysis  |
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 10, 2017 12:44:31 GMT
I was in this one from the start when it was on MT. And I mourned it's departure from that platform and resurrection on LY at a worse rate of interest for investors. For rate reasons I was forced to sit it out when it became a LY loan. Now it's paying a fair rate to investors I am confident about stepping back in. Back in March 17 when it's refinance away from MT was announced I wrote on the MT board - So this is a loan that passed the internal DD scrutiny of 2 platforms and passed my own quality tests as well. New proposals and new borrowers will be subject to greater scrutiny. This is now my single biggest loan investment on LY. PS. I don't know what Tarkinesque means so I don't know if it fairly describes my approach to risk analysis I find your faith in platforms distubing  www.youtube.com/watch?v=HRY0cs26Zvofcpacompliancereport.com/2015/12/star-wars-week-part-evaluate-risk-assessment/www.wrike.com/blog/10-reasons-projects-fail-lessons-from-the-death-star/To be fair you would have evacuated when the risk was determined, assuming you knew about it, which you possibly wouldnt have in the absence of DD. I just wanted to drop Star Wars references into the thread
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Brainer
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Post by Brainer on Aug 10, 2017 13:35:57 GMT
Looking at the size of these flats versus comparables, does the estimated value looks a little high to anyone else? Total size of the block is 1209 sq m, comparables are between £1,600-£2,000 sq m, so simple maths says at best the GDV is 2000*1209 = 2,418k, not 2,700k. Or is sq metreage not that important? Or does being brand new add value?
E.g. a 1 bedroom apartment in the same development (built in 2007) with 48 sq m was sold for £78,500 in Nov '16. The 1 bed apartments in this block are only 41-42 sq m and estimated at £95,000.
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bernard
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Post by bernard on Aug 10, 2017 15:04:28 GMT
A further question on valuation: The initial valution report uses 1329k for build costs, of which 300k is added back as work already completed prior to the valuation. Ie, 1029k remaining build costs. Even after taking account of finance costs of 73k from the report, does anyone understand how this squares with the envisaged loan for the development portion of the loan (ie not the initial loan for site acquisition) of 1476k? The loan blurb states 'The purpose of the Land loan of £692,235, is to repay the existing lender and to reimburse costs already incurred on the site as previously detailed', which I read as the initial loan is against site acquisition and 300k worth of works (which squares with a 70% LTV against an initial valuation of 992k being 692k residual value plus 300k of works already complete). The only way I approximately square this is to assume the site value of 692k is being funded at 100% LTV and then the 300k is included in the remaining build costs. Relevance of this is I am trying to use dev costs incurred so far as a rule of thumb to get % of developement complete and proxy for current valuation (rather than the mostly irrelevant final GDV Lendy chooses to display on their site). I have of course asked Lendy to detail some things about this loan but they have been silent. Any views appreciated.
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mikes1531
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Post by mikes1531 on Sept 23, 2017 16:40:00 GMT
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mikes1531
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Post by mikes1531 on Sept 24, 2017 18:51:06 GMT
I see the latest tranche of this loan went live today. I received all I pre-funded for, which surprised me because the tranche is pretty small (£340k), the loan is pretty small (less than £2M), there are more than 2000 investors in the loan, and there hasn't been much of this loan on the SM since the interest rate was increased over a month ago.
I was expecting to get maybe £500. Does anyone know what the maximum allocation was?
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sirius
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Post by sirius on Oct 27, 2017 10:53:28 GMT
From the updates: 12/10/2017
DFL024 - Latchford, Warrington
The Independent Monitoring Surveyor visited site again last week and their report is expected early next week.
As the next tranch is about to be punted out, I cannot find the alleged IMS report, due the 16th/17th October.
Can anyone point me in the right direction, as I would like to increase my small holding in this loan?
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sirius
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Post by sirius on Oct 27, 2017 13:25:57 GMT
new2p2p
Many thanks.
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Post by mrclondon on Jan 14, 2018 15:43:49 GMT
A second (?) charge against the title was registered in December 17 by a newly incorporated company which has a loose connection to the COL Student flats in Bradford. Links to CH are on DD Central.
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mikes1531
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Post by mikes1531 on Jan 16, 2018 21:38:46 GMT
A second (?) charge against the title was registered in December 17 by a newly incorporated company which has a loose connection to the COL Student flats in Bradford. Links to CH are on DD Central. Should we be encouraged by this? If someone is willing to lend against this security and have their charge rank behind the Lendy loan, ISTM that they have a bit of confidence that their charge might be worth having. I suppose an alternate scenario might be that the lender was making a loan against something else entirely and the borrower offered a second charge on our property as a sweetener. The lender might not ascribe much -- or any -- value to the lower-ranking charge but ISTM that they'd be crazy not to take it if offered. Am I missing something?
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Post by skint4achange on Jan 18, 2018 15:45:13 GMT
If you are investing with Lendy, probably about 20% of your investment the same as the rest of us!
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sarahcount
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Post by sarahcount on Feb 2, 2018 22:01:59 GMT
Lendy updates tell us;
But before anyone gets too excited I believe this is an error and the report most probably relates to PBL174 which I understand may have the same borrower.
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