TitoPuente
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Post by TitoPuente on Feb 10, 2018 13:48:10 GMT
Paul64 could you clarify (and possibly remove) the 2/2/18 update? Could you post the (probably) right 2/2/18 comment that (possibly) got lost? Could you comment on the negative days that don't seem to tally with the 19/1/18 update?
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webwizard
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Post by webwizard on Feb 12, 2018 13:22:31 GMT
Four of the seven units have now been sold and repayments of capital made to investors. The GDV of the property security has been reduced by the value of the units sold.
Having this update on the Lendy website is misleading as it suggests that the investment is sound as units are being bought. I nearly invested in this until I checked the forum and it appears that this is may be in error. This could be interpreted as misrepresenting the investment and therefore grounds for appeals if there were problems. I therefore suspect it is in Lendy's interst to get this corrected ASAP. ( Paul64). Furthermore, it cannot simply be removed as others may have acted on the information, so it needs strike out and an update to indicate that there was an error.
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mikeymike
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Post by mikeymike on Feb 12, 2018 13:52:58 GMT
Do Lendy ever act on comments made here?
The error on the update was pointed out almost 2 weeks ago and still no correction made. This lack of attention to detail coupled with offers such as la la land in Ox. is not helping their image one bit
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blata
Posts: 77
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Post by blata on May 15, 2018 10:55:19 GMT
Anyone have any information on this one, ie has it been built or is it another white elephant
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sj
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Post by sj on May 15, 2018 11:51:05 GMT
Have a read of the updates on Lendy and you'll find out for yourself (hint - 28/09/2017). Not much point investing in this though as it's not got long to run (allegedly!). You'd get sod all interest for all of the exposure to risk, it's not worth it unless you're feeling lucky....
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sl75
Posts: 2,092
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Post by sl75 on May 15, 2018 13:23:30 GMT
Have a read of the updates on Lendy and you'll find out for yourself (hint - 28/09/2017). Not much point investing in this though as it's not got long to run (allegedly!). You'd get sod all interest for all of the exposure to risk, it's not worth it unless you're feeling lucky.... Seems odd that they are bothering with a refinance, when unit sales were supposed to have completed months ago - pushing for the long-overdue completion of the unit sales would seem a better short-term use of resources, unless there's some issue that Lendy haven't bothered to tell us about that's preventing the unit sales from completing?
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withnell
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Post by withnell on May 19, 2018 10:02:30 GMT
Lendy Support - Have you talked to the new lender on this one to confirm their activity, or are we at risk of another DFL004 where the borrower's word is taken as gospel, despite being the same story multiple weeks? Has the borrower's solicitor requested a redemption figure, and what date was that calculated to?
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withnell
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Post by withnell on May 23, 2018 13:45:57 GMT
Paul70 - would appreciate a response on this. If Lendy are in daily contact with the borrower you must have their reason that the refinance didn't complete last week, would you share that with lenders? I have no issue with infrequent updates during the majority of a loan term, but when the loan is overdue it would seem better to update as information becomes available rather than waiting for a fortnightly load
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Post by Paul70 on Jun 1, 2018 14:42:58 GMT
withnell Apologies for not responding sooner. I have sought updates from our Lending/Recoveries Teams and they have advised that they have nothing of note to share ahead of next week's fortnightly update. Please be assured that any event of note before the 8th June fortnightly update will be shared in an ad hoc update. Thanks Paul70
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richox
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Post by richox on Jun 5, 2018 15:27:03 GMT
Dear Paul,
I'm sorry to say it, but it is responses like this that are causing lenders to loose confidence in Lendy. Your Lending/Recoveries team ought by now to know exactly why the refinancing has been delayed and of any problems surrounding it. They should have asked for and received evidence of any legitimate delay. If not they are either not asking sufficiently probing questions or they are allowing themselves to be fobbed off by the borrower. It appears that they are now fobbing you off and you in turn are fobbing off the lenders. Either that or you are holding back information that should be given to lenders. It's really not good enough. Please get to the bottom of what is going on and let the lenders know.
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Post by p2plender on Jun 5, 2018 23:25:29 GMT
A total of 62 posts by 'Lendy support' and 3 posts by Lendy rep at a time when the loan book is in total disarray! Shame on Lendy.
Says so much about how little Lendy investors are seen to be worth. You should be here everyday answering to concerned investors, not on TP bigging up anything other than a 1 star post.
DFL004 a £14m defaulted loan, investors given useless scraps of info every fortnight. Silly excuses on other defaulted loans as to why no 'further information'.
It must occur to someone at Lendy towers that urgent action is required? No?
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Post by loftankerman on Jun 6, 2018 6:52:15 GMT
A total of 62 posts by 'Lendy support' and 3 posts by Lendy rep at a time when the loan book is in total disarray! Shame on Lendy. Says so much about how little Lendy investors are seen to be worth. You should be here everyday answering to concerned investors, not on TP bigging up anything other than a 1 star post. DFL004 a £14m defaulted loan, investors given useless scraps of info every fortnight. Silly excuses on other defaulted loans as to why no 'further information'. It must occur to someone at Lendy towers that urgent action is required? No? I have no doubt that they are all taking urgent action - exaggerating and circulating their CVs, while pulling down all the red flags being posted on TP. How's that for multi tasking?
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69m
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Post by 69m on Jun 22, 2018 17:10:54 GMT
The 08/06/2018 update stated:
The loan is now significantly overdue for repayment. The Head of Lending met with one of the directors of the borrower company earlier this week. The borrower is in the process of finalising the Structural Defects Insurance and once this has been implemented, the refinance/sale of the units can progress to completion.
Well, apparently the Head of Lending didn't make much of an impact, because today's update is:
The borrower is finalising the Structural Defects Insurance and once implemented the refinance/sale of the units can progress to completion. The Head of Lending is in ongoing contact with the borrower and maintaining pressure to ensure the loan is repaid in full as soon as possible.
Maybe a meeting with the Head of Collections would focus the borrower's attention more?
Also - and this is a serious question - does anybody know whether or not the process of arranging structural defects insurance cover usually takes a few weeks? It seems to be a very convenient stalling tactic.
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Post by loftankerman on Jun 22, 2018 22:26:02 GMT
Also - and this is a serious question - does anybody know whether or not the process of arranging structural defects insurance cover usually takes a few weeks? It seems to be a very convenient stalling tactic.
I've never even heard of it before. I imagine any company being asked to cover it would want to have a survey up front to see what they might be letting themselves in for. If that is the case, they might be doing the rounds trying to get a quote they can afford. I don't suppose they can get an online quote from a Meerkat.
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richox
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Post by richox on Jun 23, 2018 14:35:07 GMT
If sructural defects insurance was something the borrower wanted then it should have been taken out months ago. Any developer worth their salt would have taken out whatever insurance they needed at an early stage of the project. Why has this dubious insurance matter arisen now when repayment is 160 days overdue? Practical completion was supposed to have been months ago with sales expected last January. Refinancing then emerged and was supposed to have been completed in March. Then their solicitors supposedly required some unspecified information. Now it appears some obscure type of insurance is being sought for whatever reason. Sorry Lendy, you just do not seem to be addressing what seem to be blatent delaying tactics by this borrower. Something smells very fishy, and you seem to be accepting whatever the borrower says to you without pushing back. Please get to the bottom of whatever is going on and tell us the real reason why this loan is not being repaid.
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