Podcast interview Paul and Liam

Haters gonna hate.

What do you want them to do? Stop all publicity and expenditure until the defaults tab is cleared and all loans have been repaid with zero losses? Totally unrealistic and not going to happen.

There are 2 gripes on this board about Lendy basically. They've addressed one (clogged SM) through recent tinkering and a few repayments save in respect of bad or massive loans where sorry but if you are in them you probably need to accept you're in them, and the second (default list) is no doubt high on their list of priorities but if they were shouting that resolving the large number of defaults was a core pillar of their strategy in marketing materials that would be somewhat silly I think...

There have been 9 repayments totalling approx. £7.5 million since 7th July. And another £1.7 million due to be paid later this week, which will make 10 loans repaying a total of over £9 million in about 6 weeks.

I think that's quite an impressive performance.

I think i'd be as impressed as GT if these all settled in the next month, with interest and bonuses, I might even be tempted to invest again.

ozboy I don't disagree there is a VR problem but I don't think that's a lendy issue, and I don't even think it's a p2p sector issue. I think VRs across the entire property-backed loans industry are an issue. Even on residential mortgages they seem to be a totally worthless fee-extraction racket for the valuers and backside covering for the banks (if it goes wrong people internally can say "but we had a VR from our panel firm..."). The difference between the survey of my new house that I commissioned and the mortgage valuation is frankly embarrassing for the latter, and the fact that you aren't required to show the bank the full survey shows you that they don't even want to engage with detail they just want to satisfy a check the box requirement.

So my "solution" to this issue is simply to avoid loans where I am not happy with the VR, which is quite a few. I don't see what choice we have, but to be clear I am not condoning the practice at all. P2P, which is tiny, isn't suddenly going to cause a dramatic shift in the VR industry no matter what we say or want. I also think it's unrealistic to ask a few platforms to apply a super-equivalent standard to VR review - they are all in competition with each other so as long as pathetic reports remain industry-standard I cannot see that changing. So yes I was wrong to say there are 2 complaints but I saw those as the "big 2 which are achievable to address" so focused on them.

Part 2 is now up. I haven't had time to watch it yet:

And 2% of the outstanding loan book would be £3.7m.

Looking positively thats nearly 80% of target coverage, looking negatively that nearly £700k used to cover losses to date.

Overall I'm feeling a bit better, although there are clearly several £m of losses yet to be be realised from the default tab, but as these will not all happen immediately, and assuming 2% of all new loans/tranches continues to be paid in, and loan quality improves due to lessons learnt, then it is highly probable that Capital losses can be avoided for quite some time.

Have I understood correctly from the video or have I misheard?

3% margin used in the example Liam quoted.
£5m profit in the first 6 months unaudited.

Current order book £163m.

Making more profit than turnover if my maths serves?
Neat trick.
Whats the secret?
Have Lendy got other profitable income streams?

Unless business costs were negligible or loans made were nearer say £220m originated in h1 2017 I cant get it to make sense.

What am I missing please?