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Post by Lendy Support on Sept 7, 2017 8:59:46 GMT
Hi all, we've followed the thread, and am happy to accept that ideally more notice could have been given. However, the nature of the P2P platform is we do at times need to work at pace, for a great many reasons both legal and otherwise, and when that happens we accept that some opportunities might be missed. We always try and give 24 hours advance notice whenever possible. There are of course tools on the platform that now enable investors to set their pre-funding levels, to either choose a default investment amount (to cover every new loan) or choose an investment amount for each specific loan. The pre-funding amount chosen is the maximum that will automatically be invested for them. See here for more information. We will look at how we might improve this process and communications in future. Kind regards Lendy Support |
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seeingred
Member of DD Central
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Post by seeingred on Sept 7, 2017 11:36:16 GMT
Yes, it must be tough working at such a hectic pace knowing, in this case, how close the buyer was to being gazumped.
There are indeed few opportunities to acquire such a magnificent building complete with detailed plans for a potentially lucrative conversion and with full planning permission just having been granted.
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seeingred
Member of DD Central
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Post by seeingred on Sept 17, 2017 9:06:21 GMT
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Post by reeknralf on Sept 17, 2017 10:02:00 GMT
The development project does indeed look optimistic. That Lendy switched tack mid-race indicates their tacit agreement with this position. IMO the PBL looks OK, and I'm happy to hold for the moment.
Lendy are often a law unto themselves, and in the past have rolled investors over from PBL to DFL's, but that was when you could exit anything at any time. Surely even for Lendy it would be a step too far to forcibly roll PBL investors into a new DFL when Lendy themselves have previously expressed reservations about said development? We will see. Personally, I plan to be a spectator before that particular question gets answered.
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Post by mrclondon on Oct 3, 2017 23:42:42 GMT
Given some of the concerns that have been expressed in this thread concerning the viabillity of the development as proposed, its perhaps worth noting that PBL191 and DFL009 (The A****, W*******, Norfolk) are separate SPV's with a common director and shareholder.
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ilmoro
Member of DD Central
'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 Dec 13, 2017 23:32:05 GMT
I note from the new DFL listing that: Just retaining lenders interest at 12% for 12m would leave a balance of £654k. The expectation would be that c. 20% to cover Lendy interest and fees as well as lenders interest would be retained, leaving just £595k which wouldn't repay PBL191. So not sure what is going on. Retaining 20% for 6m would leave a balance of c. £670k which would be something more like it, but I see no mention of reduced interest retention in the DFL blurb. Lendy Support - can you confirm 12m interest has been retained for this initial drawdown, please? Arent you forgetting that the c9m retained interest on the existing loan which will be refunded so that the actual sum being repaid by this loan is less than the figure quoted by Lendy.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Dec 14, 2017 2:18:03 GMT
The Property Description of PBL191 states: "Once we are satisfied that the Borrower has appropriate planning consents, and our appointed Independent Monitoring Surveyor has confirmed viability of the Borrower's proposed development, this loan will then be converted into a DFL and all Investors from this loan will be automatically switched in to the DFL."The bold underlined text is as it appears in the description. So more Lendy confusion 
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Post by charlata on Dec 14, 2017 9:05:20 GMT
Ben paid £925k for the property, and estimates total costs for the development at £637k. A total of £1.56M.
Lendy have given Ben a loan facility of £2.1M, guaranteeing him a profit of around £300k without selling a single unit.
This facility will in effect cover building works at 200% of cost. Shurley shome mishtake?
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Post by GSV3MIaC on Dec 14, 2017 13:27:40 GMT
Ah, but Lendy had to lend him enough to cover our interest too, which I don't think you may have accounted for?
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Post by skint4achange on Dec 14, 2017 13:30:46 GMT
Just gone live. 551 investors. I got £1000, forgot to remove pre funding!!  |
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fasty
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Post by fasty on Dec 14, 2017 14:01:42 GMT
.. and, unsurprisingly, investments in PBL191 were not "automatically switched in to the DFL".
Regardless of the merits of the loan, I'm surprised that this one was not more heavily subscribed at 12% and a full year.
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Post by skint4achange on Dec 14, 2017 14:06:35 GMT
.. and, unsurprisingly, investments in PBL191 were not "automatically switched in to the DFL". Regardless of the merits of the loan, I'm surprised that this one was not more heavily subscribed at 12% and a full year. One person has sold out already (Not me as I see it could be ok for 200 days or so), but any that came on the SM has been snatched up straight away (Most of it by one person/fund). I assume they see it the same way, 365 days, 12% etc.
Edit: Sorry, I got confused there. The loan that has lots of movement is PBL191 which is being repaid by this DFL. Big money going in so they are probably just waiting to see if they get a few days interest before drawdown of this DFL. A lot of messing around for £6 a day on £20k??
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jsmithe
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Post by jsmithe on Dec 14, 2017 14:54:00 GMT
.. and, unsurprisingly, investments in PBL191 were not "automatically switched in to the DFL". Regardless of the merits of the loan, I'm surprised that this one was not more heavily subscribed at 12% and a full year. One person has sold out already (Not me as I see it could be ok for 200 days or so), but any that came on the SM has been snatched up straight away (Most of it by one person/fund). I assume they see it the same way, 365 days, 12% etc.
Edit: Sorry, I got confused there. The loan that has lots of movement is PBL191 which is being repaid by this DFL. Big money going in so they are probably just waiting to see if they get a few days interest before drawdown of this DFL. A lot of messing around for £6 a day on £20k??
Not good, I had £6K in this, now I’m down to about £5.3K due to the lower allocation in the new one, I thought it was going to be worse however.
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Post by sirkillalot on Dec 14, 2017 15:00:25 GMT
Yes allocation was much higher that I thought - I got the £5K i asked for
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lofty
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Post by lofty on Dec 14, 2017 16:33:56 GMT
.. and, unsurprisingly, investments in PBL191 were not "automatically switched in to the DFL". Regardless of the merits of the loan, I'm surprised that this one was not more heavily subscribed at 12% and a full year. One person has sold out already (Not me as I see it could be ok for 200 days or so), but any that came on the SM has been snatched up straight away (Most of it by one person/fund). I assume they see it the same way, 365 days, 12% etc.
Edit: Sorry, I got confused there. The loan that has lots of movement is PBL191 which is being repaid by this DFL. Big money going in so they are probably just waiting to see if they get a few days interest before drawdown of this DFL. A lot of messing around for £6 a day on £20k??
Or they haven't noticed that this is the one is due to repay and clicked a little too quickly...
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