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Post by charliebrown on Jul 18, 2018 12:05:55 GMT
I voted for option 1. Anything that gives me a quicker exit from LY with at least some of my capital back gets my vote. I’ve been criticised for being too negative about LY, but all I’ve really got to say is if you enjoy loosing money or giving interest free loans then go ahead, but I want out. I love the way LY position getting capital back as a terrific outcome. Yeah, great outcome, LY, in the same way as me burying my money at the bottom of the garden and digging it up 2 years later. Great result. Borrowers, if you’re looking for an interest free loan, LY is the platform for you.
EDIT: The only positive here is that LY got the options on the table quite quickly. I fully expected them to kick the can down the road for another 2 years. Credit to them for going for a quick vote.
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Post by charliebrown on Jul 16, 2018 14:18:17 GMT
I have no idea what is going on with this loan How many months this loan's interests not being paid so far? There's an update tab on the loan, have a leaf through. Updates are nonesense and increasingly infrequent. MT has gone down in my estimations, I thought they’d be all over defaults like a rash but they seem to be taking a similar approach to other shoddy platforms, bury your head in the sand and keep kicking the can down the road.
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Post by charliebrown on Jul 16, 2018 13:45:49 GMT
Don't wish to worry you - but several of us are really worried by this one. Whitehaven is going to auction in a couple of days with a guide price of £40K against a loan of £530K so after expenses a 90% loss is quite possible although I did estimate it would sell for £80K. I am in this business and I frequently see complete disasters due to either dodgy developers and/or amateur investors. I regard FS as completely incompetent in such loans - I may be wrong but I think the current defaults speak for themselves - how on earth did they lose 69% on the wind turbine - modern art is one thing but surely it should be easy to properly value a wind turbine... I appreciate you sharing your concerns with the group. I agree that FS is totally incompetent, I am in Whitehaven, but I’ve got more in Suffolk. I still can fathom how the borrower has spent 20m on the site yet added no value to the site. If he’s really spent 20m on something that sells for 130k then he’s even better at making money disappear than FS. Of course, if he hasn’t really spent 20m and we’ve been lied to then this is deception just like Whitehaven was deception. This game isn’t investing at all, it’s russian roulette.
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Post by charliebrown on Jul 16, 2018 11:36:58 GMT
I have just been looking at this one for the FA league status - complete and utter disaster in my opinion as crazy as investing to build an artificial desert in the Antartic. This main director has a very interesting history and that is being charitable. This site is not sold but we have been told We have heard all this before and the above means absolutely nothing. No funding company is going to even engage in meaninful discussion until the land is valued! This land is ex-industrial and seems to comtaminated. The land seemed to have been valued at 40% above peak and is based on the assumption there are no restrictions nor contamination. I don't know but I think £1000 per acre is generous (just my unqualified opinion) so it's Goodnight Vienna for me and a mega mega 90% loss is on the cards... I can relate to being told the asset is sold only for some “unforeseen” issue to drag it on for another 6 months and default. Lendy are the kings of this modus operandi and I suspect FS are no better. The thing that’s puzzling me is that the loan is for 1.3m secured by a first charge against an asset worth 3.5m giving an LTV of approx 36%. Is the valuation incorrect? It probably is as they always are. However, to suggest a 90% loss means the entire site would sell for just 130k after fees. Has an asset valued at 3.5m ever been so misjudged that it sold for 130k? Also, is there any truth in the statement “the owners have spent 20m on the site”. What did they spend 20m on and why is the site still valued at 3.5m (or 130k if you agree with that valuation) when 20m has been spent. I’ve got some of my hard earned in this so quite nervous that it’s been touted as a 90% loss. I was suckered in by the Low LTV and the 20m spent, I never actually believed a snow village was a good idea.
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Post by charliebrown on Jul 15, 2018 17:14:43 GMT
My bets on the largest value losses to be: V*ney Br*dge M*ll Development land in Suffolk Lytham St Annes All these have lower ranking facilities; so while the first charges could take a little trim, the lower charges will be wiped out 100%. Why do people suspect Development Land in Suffolk will default? The updates claim it’s been sold. Do you think the update is a fabrication? It wouldn’t be a first in p2p for updates stating done deals that never materialise, but do you know something that make you suspect it will default and will not realise it’s valuation?
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Post by charliebrown on Jul 15, 2018 2:40:28 GMT
It’s a crazy situation that Lendy are heading for 50% of the loan book in default. Most other platforms quote single figures for defaults. It’s about time the Telegraph ran another article on Lendy’s woeful performance. I noticed a few more 1 star TP reviews have appeared. The only people who think Lendy is doing a great job is Lendy themselves and a few smart/lucky investors who only look at their own position rather then the overall position.
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Post by charliebrown on Jul 14, 2018 12:06:44 GMT
I invested in these art loans on the basis that should they default recovery would be fast and simple. I assumed that should they default FS could simply put them in the next available auction, sell them off very quickly and with the relatively Low LTV quite likely recover all capital. How very wrong my theory turned out to be. Something very fishy is going on here. Does FS have position of the art? Is there some reason (such as forgery) why they can’t auction them and recover our capital. 7 months overdue and practically radio silence.
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Post by charliebrown on Jul 12, 2018 13:02:49 GMT
Q. How does the secondary market work?
A. It doesn’t work.
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Post by charliebrown on Jul 12, 2018 12:52:15 GMT
A lot of these loans leave the borrower laughing all the way to the bank Best to let FS answer but as I see it : once defaulted then it is basically "Goodnight Vienna" - although in some cases FS can pursue a personal guarantor and press for bankrupcy etc not that I can recall this ever realising more money... They should do this whether it raises more money or not. It’s their duty to pursue defaults as far as the law allows, thus at least ensuring that there’s a record of the default and hopefully it will in some way prevent serial defaulters.
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Post by charliebrown on Jul 12, 2018 12:44:13 GMT
I think procrastination, ambivalence and couldn’t give a toss about delays and defaults seems to apply to most platforms, certainly the platforms I’ve tried. There’s thread after thread on these forums complaining about lack of empathy and kicking the can down the road. It seems borrowers need to be treated with kid gloves whereas investors are ten a penny (put ten pennies in, get one penny out). They say these days customers are loyal to experience not brand but to be quite honest I haven’t used any platform that offers investors a good experience.
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Post by charliebrown on Jul 12, 2018 12:28:42 GMT
Are they robbing Peter to pay Paul(s).
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Post by charliebrown on Jul 11, 2018 17:44:32 GMT
FS silence always spells trouble. Ignore the problem long enough and hope it will go away.
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Post by charliebrown on Jul 9, 2018 12:11:06 GMT
We must be due a substantive update on this loan. No more updates that claim the borrower, despite being wealthy, is trying to raise some funds. Come on MT, you guys were the platform that aimed for transparency and empathy and won the hearts and minds of investors, it seems those days are gone?
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Post by charliebrown on Jul 9, 2018 12:02:19 GMT
Looks like the queries raised have meant they’ve decided to just not bother renewing any of the loans at all. What might have been seen as a legitimate objection has backfired on all of us.
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Post by charliebrown on Jul 9, 2018 11:43:30 GMT
....latest set of update seems to be nonsense that Lendy should be stopping....
...they're looking to sell units off plan.... when they haven't shifted the units that are actually built...
If they can't refinance the land to the same level as lendy lent them - borrower should be putting their hand in their pocket....
There’s little incentive for borrowers to resolve these problems quickly. The consequences of doing nothing are seemingly nothing. A stalemate perpetuated by fortnightly BS updates.
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