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Post by charliebrown on Aug 5, 2018 2:14:50 GMT
I think Lendy will turn things around. The initial defaulted loans will likely lose a lot of capital, but when you look at these with the retrospectoscope, the interest rate was far too low on most of them for the risk. I am still happy to keep investing in any new decent loans, even big DFLs if they show they can monitor them adequately. I certainly HOPE L turn things around, but after sampling their self-denial of the issues first hand I am not confident enough to THINK they will. My "retrospectoscope" says that the risk on some was too high at ANY practical interest rate, and now I have looked at some of the recent offerings in more detail I am of that opinion for several more! I am still potentially prepared to invest my original pocket-money stake further, but won't be adding further funds unless things improve dramatically. I think the recent initiative of investors monitoring progress on development sites, - and possibly querying valuations up-front - will help @lendy focus on some real issues which they have yet to prove competent to handle. Having experienced LY’s arrogance, I’m sure LY don’t think there’s anything to turn around. Everything’s working perfectly and they’re still getting richer by the day and able to swan around at Cowes Week like big shots, further fueling their egos. The only thing that will wake them up is for us investors to stop investing. I’ve done my bit and haven’t invested a penny for months. I do not want LY to fail, I just want them to change their attitude and working practices to put investors’ interests at the centre of everything they do.
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Post by charliebrown on Aug 3, 2018 23:43:36 GMT
I imagine regulators are just like Auditors, it’s a compliance and box ticking exercise. Once you understand what boxes need to be ticked you can “game the system”. I’m not sure FCA has any interest in whether LY’s investors are happy or whether they’re losing large chunks of their invested capital.
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Lendy (L) in Administration
MONTHLY BS
Aug 3, 2018 23:32:13 GMT
ozboy likes this
Post by charliebrown on Aug 3, 2018 23:32:13 GMT
Latest updates pretty much showing no progress, on anything. Since they always claim to be “pushing” and “working tirelessly” the lack of progress month after month is very frustrating. With some loans 2 years overdue but still not considered losses by LY, I am unsure at what point LY will declare all these disaster loans with perpetual no-progress updates as losses.
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Post by charliebrown on Aug 3, 2018 23:12:58 GMT
Looking at the circumstances surrounding this loan, it appears we’ve “been had” by the borrower. I fully expect this to be forever shrouded in mystery by LY and cans kicked down the road indefinitely.
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Post by charliebrown on Aug 3, 2018 12:22:01 GMT
If the LTV is truly max. 70% then I think as soon as the loan is overdue it should be defaulted and receivers appointed. Apply a zero tolerance approach.
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Post by charliebrown on Aug 3, 2018 11:30:25 GMT
I wouldn’t invest another penny with LY even if they offered me 20% interest. Hi Charlie Would you if interest was at 25%? Frankly, no I would not. I know we shouldn’t let our emotions cloud our investment decisions, but I just don’t feel LY have much respect for us investors. I also don’t think they’re fit to be handling millions of pounds of other people’s hard earned savings. I fully expect all this to end in tears (but not for them obviously). When dealing with a small business I expect to be able to trust them, but I’m just not sure that I do.
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Post by charliebrown on Aug 2, 2018 13:29:08 GMT
I wouldn’t invest another penny with LY even if they offered me 20% interest.
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Post by charliebrown on Jul 30, 2018 14:09:36 GMT
Lendy stated they expect full repayment "BEFORE the end of July 2018" making investors feel delighted.
That leaves only 1 day to go.
Some may think that this was yet another bit of Lendy fake news.
We shall see. I stoped being delighted by LY’s promises of repayments a long time ago. I’ll only be delighted when I see the money back in my bank account, not before, and certainly not based on LY hollow promises.
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Post by charliebrown on Jul 30, 2018 14:05:07 GMT
Hi awk , Yes, I received almost another 1% repayment on 27th, making exactly 8% paid back so far; slightly disappointing given the whole project was due to complete a year ago last month, but had only then after 19 months made the first sale of what was supposed to be a 7 month project! I sometimes wonder how Borroers can still make a profit when projects overrun by a year at LY’s interest rates. Was there really that much profit in the development? When I see borrowers making partial repayments I always find it encouraging. It’s the intent that I find encouraging, at least, it seems, the borrower’s intent is to repay. All property developers usually understand that time is money so anything more than a minor overrun is a big problem.
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Post by charliebrown on Jul 27, 2018 12:34:49 GMT
And these people are in control of investors money. While Rome burns, they are trying to stop honest posts on Trustpilot. Appalling company these days. When I first heard about the p2p model I was sold on the idea. I was sure that the world does need a digital crowd lending platform just like the world does need a digital crowd taxi platform like Uber. I was keen to invest and for a while I was happy. The problem is not the model, it’s Lendy’s performance under that model. If Lendy were Uber, then 100% of all taxis would be late and 50% of all taxis would crash and kill you. As you have said, and I agree, LY is an appalling company these days and on every possible level they deserve zero stars on TP.
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Post by charliebrown on Jul 27, 2018 12:22:49 GMT
Some wanted option 1, some wanted option 2. They can't please everyone. We're in a good position. £11m on the table and its obviously worth considerably more to the borrower and financing company. With our backing, Lendy has a much stronger hand in negotiations. We'll no doubt get an increased offer. I just hope the terms are more clear in the next vote. And hope it happens this century.
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Post by charliebrown on Jul 27, 2018 11:55:03 GMT
Woah - was not expecting that! Credit to them though. I'd really like to know the split of voters when capital investment is taken out of the equation and we each get 1 vote Not sure why it’s credit to them? They held a vote and then didn’t listen to the result. Instead they said they listened to some investors who expressed that they didn’t like the outcome of the vote. No further info has been released but regardless whether option 1 is better or option 2 is better what’s the point of voting? I also don’t understand the call for 1 investor 1 vote. Where I have a high 5 figure sum in the loan and Joe Bloggs has a tenner in the loan why shouldn’t I have a greater say? My preferred mechanism would be to abolish the voting system for any recovery decisions. As soon as the loan passes due date and there’s been no explanation (with proof) from the borrower just immediately pass the loan to receivers and let them decide what course of action to take. They can still use the voting mechanism to get answers to questions like “should LY sponsor Cowes” and “should LY make handsome profits from investors losses”.
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Post by charliebrown on Jul 26, 2018 14:10:19 GMT
Taking a hit is bad for anyone, shape of things to come maybe but, if this is so lets see how this is conducted. There will only be so many times they can implement this. I voted against but am willing to take the hit. I have 16 further non performers with £48k involved in those. This won't go down well with the Liverpool waterfront development or many of the others. They must realise they will be selling the same investors out over and over, cottages, Scottish Estates, central London Parish Halls, Swiss chalets.....I suspect we are all in the same (sinking) boats. I’m in the same sinking boat. Frankly, borrowers are only able to offer low-ball settlement figures when they default the loan and the asset is worth <70% of the initial valuation. Accepting a low-ball offer once shouldn’t mean we always have to. However, the reality is it always seems to be the case that when the borrower defaults a second valuation is done and shock horrotr it’s worth <70% of the initial valuation. So the root cause of borrowers making mugs of us is the initial valuation. I also think all this “claims underway” nonesense is just a scam so they don’t have to explain why the PF didn’t cough up any money.
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Post by charliebrown on Jul 26, 2018 13:55:35 GMT
I've asked Lendy which estate agents are/have been marketing the flats, and where they are being advertised. Must be somewhere as the borrower has been working hard on the sales for several months. Lendy responded "Unfortunately, we cannot go into any further detail than what is already provided at this point in time." Does anybody here know the answers to these questions? Following last Friday's inadequate cut-and-paste update, I asked Lendy some similar questions. I received exactly the same response as you. Looking on Rightmove, there is a new-build apartment block (W******* W****) being marketed in the approximate location of this development. I doubt it's DFL024, though.
In the absence of any meaningful information from Lendy, I suspect that something has gone seriously wrong with this build. In December 2017 the flats were supposed to be practically complete and sales were going to be finalised by the end of February 2018. However, for reasons unknown, the borrower is struggling to secure a refinancing deal seven months later. The irony of complaining to Lendy about cut-paste updates and them sending you a cut-paste reply. This just sums them up. I wouldn’t expect anything else.
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Post by charliebrown on Jul 26, 2018 13:44:02 GMT
so if option 1 does come off, does that mean £ for £ I put in, I am looking at a reduced capital being returned but they are suggesting that this has been offset by the interest I have already received, thus I am breaking more than even and should be getting around 3%? (I got confused with their example maths) And does this also mean I need to wait 12 months to get that break even point (with this additional payment), or do I break even from whenever this gets settled? Yes, that’s what they’re telling you, but it wouldn’t be the first thing they told you that wasn’t correct.
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