izigor
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Post by izigor on Jun 11, 2018 21:15:02 GMT
The 'endless' negative reviews are useful in that it shows the existence of deeply unhappy lenders to Lendy, existing Lenders (who at some point may end up in the same boat) and prospective naive Lenders. This, within the irony that deeply unhappy Lenders need new prospective naive Lenders in order to get out of the platform they don't like.
Now, the way this needs to be resolved is for Lendy to acknowledge and prove they understand why these Lenders are unhappy and a plan of action (including change of policy etc) to resolve the issues. This is the best path for all of us.
What is not a way to resolve it, is for us to simply stiffle their voice. It's not a chicken and egg situation. Lendy farted, and unhappy smellers complain ... That's how the world works.
IF Lendy is indeed sitting around taking them (their customers) as a joke, then, like any commercial company, that is when it is the beginning of the end.
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izigor
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Post by izigor on Jun 11, 2018 2:25:26 GMT
Who is actually doing the refinance? The numbers don't seem to stack up unless this means a haircut for lenders. The refinance could obviously be on Lendy itself with everything rolled up into a new loan but I can't see that ever filling. 1. I don't believe it is Lendy itself, because the update suggests they have been waiting to get the 'head of terms' of the refinance. 2. There cannot be any haircut for lenders I don't think (assuming you mean us, as lenders rather than Lendy itself .. since the loan is under the old T&Cs) because of not having had to go to further and ultimate resort. Furthermore, if there is refinance, the build will continue and Lendy can pursue all monies in debt against the borrower. But even before we go there, the security will need to be transferred to the new Lender - and Lendy can only do that (for our protection) unless all owed money has been paid. 3. What "numbers" are you referring to? 4. Saying all that, there's no reason to be optimistic yet. We do not know what phase this new refinance is. As someone has said either here or in the DFL002 forum, this could all be a red herring and nothing comes out of it, once the negotiations falls through.
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izigor
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Post by izigor on Jun 9, 2018 7:18:58 GMT
Latest update: "The borrower has received terms on the proposed refinance and details of this have now been shared with Lendy. All parties are progressing the refinance and we are continuing to chase all parties for the scheduled completion date."
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izigor
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Post by izigor on Jun 9, 2018 6:08:10 GMT
This and DFL002 is in some danger of being refinanced ... unless one us celebrates too much, too early so as to jinx it ...
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izigor
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Post by izigor on Jun 1, 2018 18:52:19 GMT
In the recent update, does anyone have an idea what 'completion date' refers to here? i.e, does it refer to the build completion date or the head of terms completion date?!? I don't think it can mean build completion as it is referring to the option where an agreement is reached with the borrower over a partial repayment and a haircut for us. I therefore suppose that it means completion of the legalities of that agreement. I think I agree with you with regards to what the completion date means. As for your haircut speculation, reaching some kind of agreement so quickly probably means a haircut is now not currently anticipated. You mentionned 'partial repayment' - is that speculation too or is the 'agreement' published somewhere?
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izigor
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Post by izigor on Jun 1, 2018 2:33:16 GMT
I'm more than happy we keep getting doom and gloom threads like this. It may just stop somebody joining Lendy and (probably/possibly) losing some of their savings - I know which 'p' is the right choice there but just making sure post doesn't get scrubbed.. The irony though is that stopping somebody joining Lendy IS what stops the Secondary Market from moving... Once the Merry Go Round stops, Lendy stops making new business, then it's the ..end..for pretty much everyone
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izigor
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Post by izigor on Jun 1, 2018 2:26:49 GMT
In the recent update, does anyone have an idea what 'completion date' refers to here? i.e, does it refer to the build completion date or the head of terms completion date?!?
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izigor
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Post by izigor on May 12, 2018 16:06:07 GMT
I believe (From my failing memory) that the borrower was warned he could lose his "pants" over this project if he didn't get his act together. He then, with a bruised ego, stopped all works at the site and then tried to orchestrate a revolt among investors here. This didn't work and he has since realised his pants would be on offer, right next after this site, in some future auction..
Spending the pants in this development is far better than losing it in an auction (both for ego and financial credibility)
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izigor
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Post by izigor on May 11, 2018 19:22:37 GMT
"A deal in principle has been agreed with the borrower and we expect to receive Heads of Terms from solicitors acting for the borrower shortly. Further details of the agreement will be released as and when we are able however, at the current time, we cannot release any further information in relation to the deal in principle due to the adverse risk of doing so." That's almost exactly what I thought the update would be . I suppose the only thing I got wrong was I thought they were expecting to receive a " Tale Tail of Terms" from the borrower's solicitors. Now watch the situation to totally revert back to 'no deal' and build-out back on the table in two six weeks ( the two updates within the four weeks being 'awaiting terms from solicitors'. I'm prepared to bet my grandad's pipe on it! Winning that bet so far ...
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izigor
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Post by izigor on Apr 28, 2018 17:12:07 GMT
Based on past performance of can kicking you may well be right. But I have a sneaking feeling that this might be the loan where they finally give up the charade of "nobody has lost money". There may be pressure from the FCA and they must realise that any delay will only increase the eventual loss. So I am prepared to put up my grandmother's pipe against your wager. May the best person win. Whatever the outcome, those two pipes looks destined to be together ♡♡♡
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izigor
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Post by izigor on Apr 28, 2018 17:07:36 GMT
Well, that was some smart thinking.... maybe next time, put your thoughts into that pipe and smoke it... Next time? How do you think I got those thoughts in the first place...
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izigor
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Post by izigor on Apr 27, 2018 15:17:34 GMT
"A deal in principle has been agreed with the borrower and we expect to receive Heads of Terms from solicitors acting for the borrower shortly. Further details of the agreement will be released as and when we are able however, at the current time, we cannot release any further information in relation to the deal in principle due to the adverse risk of doing so." That's almost exactly what I thought the update would be . I suppose the only thing I got wrong was I thought they were expecting to receive a " Tale Tail of Terms" from the borrower's solicitors. Now watch the situation to totally revert back to 'no deal' and build-out back on the table in two six weeks (the two updates within the four weeks being 'awaiting terms from solicitors'. I'm prepared to bet my grandad's pipe on it!
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izigor
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Post by izigor on Apr 27, 2018 10:48:46 GMT
I know exactly what's going to be said .. but I keep checking the 'Recent Updates' .. Someone please help me ... it's beyond unhealthy
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izigor
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Post by izigor on Apr 14, 2018 14:51:29 GMT
Not if it prejudices our ability to go after the borrowwr's other assets, PG, etc.... Absolutely. This business relies on many factors. Appropriate valuations is only one of them. Educated decisions is also another one. We can't rely on decisions that are made by fears and impatience and on this note, I prefer the 'build-out' to remain on the table and remain an acceptable path. I would also say the analogy of "one bird in the hand is better than two birds in the bushes" isn't applicable. It's more like "A murder of ravens in the bush is better than bird poo in the hand" ... or something like that :-) But coming back to the point that GSV3MIaC said, if we make a deal which involves a diluted loan reimbursement with the borrower then that is likely to be it .. no other avenues, such as Personal Guarantees for recovery of full capital and interests. I am expecting (I mean wishing) the deal will likely include responsibility of a build out with the borrower and hopefully further security.
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izigor
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Post by izigor on Apr 2, 2018 2:08:13 GMT
Why vote build out? This loan was made to Lendy under the old terms where Lendy is the borrower so if it's sold at a loss, Lendy will have to make up the short fall. Yes, I do expect Lendy to be under obligation against this debt, just like all other liabilities, since this Loan is on the old T&C's agreement. However I am expecting this avenue as a last resort. Firstly, I believe the site is a lot more sellable/marketable in a build out option than in its current state. But that's not all we can gain from this option. We need to know if 'build out' is a feasible solution on ongoing investments also and this is a good example for this test-case. This isn't going to be the only time we face this question and we (Lenders and Platform) will know better how to judge in this and future scenarios. Once we've had the red pill at least once, future decisions can then be taken more rationally with real information/data rather than letting fear or greed dictate the easy way out (and sometimes lossier way out) every time. As I agree with Lendy's liability on this Loan due to the old T&C's, so that means, luckily and timely, the risk to optimising the decision process resides with the platform (where it should be), not the lenders.
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