Balder
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Post by Balder on Aug 13, 2017 6:39:07 GMT
Well as some direct feedback to Lendy regarding the priority on SM sales I have sold and taken £20K off the platform prior to 1st September.
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nick
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Post by nick on Aug 13, 2017 9:32:37 GMT
Perhaps it should be illegal or at least against regulatory rules for a platform to withhold interest for loans listed for sale. The investor still holds that loan and the investor still holds all the risk, so is due all the interest by right. How has any platform the right to 'steal' it? But then I don't even know what ''INPL''means, be grateful if someone could enlighten me to what that is and how it justifies interest retention. I have always strongly disagreed with platforms withholding interest on loans listed for sale as it goes completely against the notion of the direct relationship between lender and borrower. I can understand the motives (revenue generation & stopping people continually de/relisting to improve the liquidity of thier positions), but I believe that it would be far more transparent for fee to be charged. Instead we have a bizarre situation that when list loans for sale, lenders do not earn any more interest and the platform earns 'interest' on our capital. It is not clear to me who is technically paying Ly the 'interest', eg does the interest that accrues on the loan netted against a fee of the same amount charged by Ly, or do we forfeit the interest and Ly charge the borrower a fee equal to the same - they get to the same result, but could have varying tax consequences - again its not very transparent........
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kaya
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Post by kaya on Aug 13, 2017 11:59:15 GMT
I think it is imperative that Lendy at least allow discounting in the secondary market to free things up.
As for more investing more (see current ad) , I just won't be had for 12 reasons - I'll reconsider though when it reaches about 25.
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Post by df on Aug 13, 2017 23:28:46 GMT
Perhaps it should be illegal or at least against regulatory rules for a platform to withhold interest for loans listed for sale. The investor still holds that loan and the investor still holds all the risk, so is due all the interest by right. How has any platform the right to 'steal' it? But then I don't even know what ''INPL''means, be grateful if someone could enlighten me to what that is and how it justifies interest retention. I have always strongly disagreed with platforms withholding interest on loans listed for sale as it goes completely against the notion of the direct relationship between lender and borrower. I can understand the motives (revenue generation & stopping people continually de/relisting to improve the liquidity of thier positions), but I believe that it would be far more transparent for fee to be charged. Instead we have a bizarre situation that when list loans for sale, lenders do not earn any more interest and the platform earns 'interest' on our capital. It is not clear to me who is technically paying Ly the 'interest', eg does the interest that accrues on the loan netted against a fee of the same amount charged by Ly, or do we forfeit the interest and Ly charge the borrower a fee equal to the same - they get to the same result, but could have varying tax consequences - again its not very transparent........ I like FS system - no loss of interest, no fees, and the recent cap disc/premium down to +/-1% made it even better.
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 16, 2017 15:28:16 GMT
Secondly, I think Lendy would easily justify that the secondary market is a service that they offer which you are rightly paying for...out of withheld interest. That is perhaps a fair point, and a regular selling fee is perhaps the correct way to go about it. Another way to think of the SM is not as a service being offered to lenders but as a second source of new investment for the platform and, as such, making lenders pay for its use is ridiculous. Agreed, with the current level of sentiment, a lot of money freed from sales is being withdrawn but in times gone by most of the money liberated on the SM got re-invested immediately. If Lendy Support would reverse, or at least mitigate, some of these recent spurious ways of making money out of lenders they would find the SM doing its job much better to their advantage as well as their lenders.
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jonno
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nil satis nisi optimum
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Post by jonno on Aug 16, 2017 15:32:40 GMT
That is perhaps a fair point, and a regular selling fee is perhaps the correct way to go about it. Another way to think of the SM is not as a service being offered to lenders but as a second source of new investment for the platform and, as such, making lenders pay for its use is ridiculous. Agreed, with the current level of sentiment, a lot of money freed from sales is being withdrawn but in times gone by most of the money liberated on the SM got re-invested immediately. If Lendy Support would reverse, or at least mitigate, some of these recent spurious ways of making money out of lenders they would find the SM doing its job much better to their advantage as well as their lenders. Fully agree. Hey Rose, two posts in one day? ?
Have you just awoken from a Cryogenic vacation?
Anyway, good to hear from you 
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ramblin rose
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“Some people grumble that roses have thorns; I am grateful that thorns have roses.” — Alphonse Karr
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Post by ramblin rose on Aug 16, 2017 15:46:42 GMT
Thanks jonno  I found myself being sufficiently dismayed by something I had read on another board (to which I have not yet decided whether to respond) that I started reading other stuff and then found the need to put finger to keyboard. I mostly prefer to keep my own counsel these days  |
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bg
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Post by bg on Aug 19, 2017 11:41:15 GMT
Apologies if this is covered elsewhere but us there any way you can tell how much of a loan has already been funded and therefore how much is still to hit the pipeline?
For example, DFL012. Massive loan £9.345m that regularly has a few hundred thousand available. But how many more tranches of that £9m are still to come? Is there any way of telling (easily)?
The reason I wonder is that right now there is around £100k available but most of that is supposedly the most recent unfunded trache, so if I put any up for sale it goes pretty much to the front of the queue. My fear is that come 1 Sep there may still be another £4-5m still to hit the market, in which case if I sell/or am selling I will automatically be pushed behind a large wall of money, meaning I will potentially never be able to sell out this loan.
With that in mind I'm inclined to try and liquidate my holding in this loan and any other large loan before 1 Sep or I could end up trapped with no way of selling before maturity/default. I would have more comfort if I knew how much of each loan was still to hit the market.
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Post by mrclondon on Aug 19, 2017 12:01:13 GMT
Apologies if this is covered elsewhere but us there any way you can tell how much of a loan has already been funded and therefore how much is still to hit the pipeline? For example, DFL012. Massive loan £9.345m that regularly has a few hundred thousand available. But how many more tranches of that £9m are still to come? Is there any way of telling (easily)? The reason I wonder is that right now there is around £100k available but most of that is supposedly the most recent unfunded trache, so if I put any up for sale it goes pretty much to the front of the queue. My fear is that come 1 Sep there may still be another £4-5m still to hit the market, in which case if I sell/or am selling I will automatically be pushed behind a large wall of money, meaning I will potentially never be able to sell out this loan. With that in mind I'm inclined to try and liquidate my holding in this loan and any other large loan before 1 Sep or I could end up trapped with no way of selling before maturity/default. I would have more comfort if I knew how much of each loan was still to hit the market. According to the loan details for DFL012 the max loan will be 60% of GDV (= £10.77m). In addition it reveals the expected loan size at time the loan was launched was £9.8m (£3.5m tranche 1, plus £6.3 across remaining tranches). So the remaining drawdowns will be between £0.455m (if exactly on budget) and £1.425m (reaching the facility limit) NOTE: A recent update mentioned the GDV had been revised upwards slightly. I don't think this increase has been reflected in the headline GDV as yet, so the facility limit may be capable of being raised slightly higher than I've stated.
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bg
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Post by bg on Aug 19, 2017 12:07:48 GMT
In addition it reveals the expected loan size at time the loan was launched was £9.8m (£3.5m tranche 1, plus £6.3 across remaining tranches). So the remaining drawdowns will be between £0.455m (if exactly on budget) and £1.425m (reaching the facility limit) How do you know how much of the £6.3m has been drawndown already though?
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Post by mrclondon on Aug 19, 2017 12:09:44 GMT
In addition it reveals the expected loan size at time the loan was launched was £9.8m (£3.5m tranche 1, plus £6.3 across remaining tranches). So the remaining drawdowns will be between £0.455m (if exactly on budget) and £1.425m (reaching the facility limit) How do you know how much of the £6.3m has been drawndown already though? Current loan value = £9,345,021 - first tranche £3,500,000 = £5,845,021 (£5.845m + £0.455m = £6.3m)
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bg
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Post by bg on Aug 19, 2017 12:23:20 GMT
How do you know how much of the £6.3m has been drawndown already though? Current loan value = £9,345,021 - first tranche £3,500,000 = £5,845,021 (£5.845m + £0.455m = £6.3m) Yes but my question is:- Is that £6.3m still to be funded (or partially funded) in tranches to SS investors or has it already been funded and SS are just sitting on it and paying it out to the developer in stages? I have emails from them saying a new tranche (up to tranche 14) has hit the pipeline. All in, its not very clear. Does the loan value go up everytime a new tranche is issued? My understanding was that it does not...the £9,345,021 is the total loan that will eventually be issued and it has always said £9,345,021 but I could well be wrong.
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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 19, 2017 12:32:26 GMT
Current loan value = £9,345,021 - first tranche £3,500,000 = £5,845,021 (£5.845m + £0.455m = £6.3m) Yes but my question is:- Is that £6.3m still to be funded (or partially funded) in tranches to SS investors or has it already been funded and SS are just sitting on it and paying it out to the developer in stages? I have emails from them saying a new tranche (up to tranche 14) has hit the pipeline. All in, its not very clear. Does the loan value go up everytime a new tranche is issued? My understanding was that it does not...the £9,345,021 is the total loan that will eventually be issued and it has always said £9,345,021 but I could well be wrong. If you need a breakdown of whats been advanced, check CDs record here (DFL tab on the linked excel file) p2pindependentforum.com/post/113880This is whats been funded, anything else is still to come. Edit though typically looks like there might be an error cooling_dude is the first tranche for DFL012 correct - all other records say 3.5m not 4m as in the index?
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bg
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Post by bg on Aug 19, 2017 12:48:11 GMT
Yes but my question is:- Is that £6.3m still to be funded (or partially funded) in tranches to SS investors or has it already been funded and SS are just sitting on it and paying it out to the developer in stages? I have emails from them saying a new tranche (up to tranche 14) has hit the pipeline. All in, its not very clear. Does the loan value go up everytime a new tranche is issued? My understanding was that it does not...the £9,345,021 is the total loan that will eventually be issued and it has always said £9,345,021 but I could well be wrong. If you need a breakdown of whats been advanced, check CDs record here (DFL tab on the linked excel file) p2pindependentforum.com/post/113880This is whats been funded, anything else is still to come. Thanks, so from that the full £9,345,021 has been funded. Still it's not very clear, you'd think this info would be in the summary loan details (ie loan to date, still to fund). Makes more sense for me to exit all DFL's rather than dig around for the info. It's far from clear what size of tranches are still to be issued.
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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 19, 2017 13:23:10 GMT
If you need a breakdown of whats been advanced, check CDs record here (DFL tab on the linked excel file) p2pindependentforum.com/post/113880This is whats been funded, anything else is still to come. Edit though typically looks like there might be an error cooling_dude is the first tranche for DFL012 correct - all other records say 3.5m not 4m as in the index? It's missing a tranche (which alters that column) - a couple of the DFLS are. I will update now... Yes, realised that after posting though not sure why that would alter the first tranche entry . Do we need a total advanced column/funding requirement and outstanding funding column for a quick snapshot of where we are?
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? 
I found myself being sufficiently dismayed by something I had read on another board (to which I have not yet decided whether to respond) that I started reading other stuff and then found the need to put finger to keyboard. I mostly prefer to keep my own counsel these days 
