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Post by charliebrown on Jun 11, 2018 12:46:39 GMT
I’m pretty sure these big Developers know how to play the game and wouldn’t leave themselves exposed.
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Post by charliebrown on Jun 11, 2018 11:47:35 GMT
Lendy use the words “maximise return” on most of their loans that are in big trouble. What I read it to mean is “you’re probably not going to get all of your invested capital back but we’ll do our best to get you back as much as we can”. At this stage in the proceedings the borrower has defaulted the loan and is holding all the cards. I’m quite sure any settlement offer is significantly below the loan amount. The borrower will be calling Lendy’s bluff, in the knowledge he has a position of strength, that the word on the street is that Lendy is a soft touch and that most investors are so desperate to exit that if put to the vote the majority would vote to accept capital loses. I wouldnt say the borrower is in a position of strength. He's provided a PG. Lendy could completely clean him out of every penny he's got if he wants to start playing silly buggers. I am not an expert in debt recovery but I was led to believe and have seen it said by other more knowledgeable members that a PG is not worth the paper it’s written on. All saleable assets in some other family member’s name etc. That’s why we still see many bankrupts living in mansions and driving Ferraris. I do hope that’s wrong.
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Post by charliebrown on Jun 10, 2018 10:28:11 GMT
God, you guys are boring. The same repetitive moans and trolling from the same handful of posters, more or less daily, whatever a thread starts out about. This forum used to be a place of information sharing and debate, where the majority of posts were actually worth reading. Sadly your "noise" has drowned out any remaining "signal", and most members whose posts I used to value have gone elsewhere or given up entirely. Well done chaps, nice work. I take your point, but what else are we supposed to discuss? I think a lot of investors, especially those who have overstretched themselves, are extremely worried about the meteoric rise in IA, suspended, default and capital losses and the endless updates that say nothing or never materialise. I don’t have anywhere else to share that worry so I guess I post here for therapy. Believe me, I’d much rather be posting that Lendy are doing a terrific job and I’ve made a lot of gains. I think my posts are generally reasonably constructive rather than unjustifiably negative.
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Post by charliebrown on Jun 10, 2018 6:00:16 GMT
why arent these loans flying off the shelf. GDVs of millions,loan 1/2/3/hundred k,LTVs 30/40%,2/3 hundred days.if i was a new investor i would be filling my boots with this lot. then again we know that everything is not always what it seems with lendy. If I were a new investor I’d take one look at the defaults tab (that’s what it should be called) and one look at the capital losses tab (that’s what it should be called) and I’d immediately turn off my computer and go lay down in a dark room. I can’t see much new money coming in whilst things are as they are. Lendy should abandon Cowes and try to expedite cleaning up this mess.
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Post by charliebrown on Jun 10, 2018 5:29:45 GMT
Council would never step in private projects, better not held hope up. Ly said “maximise return”, not recovery. Seems Ly still think it is in the “return” territory, purely my speculation. Lendy use the words “maximise return” on most of their loans that are in big trouble. What I read it to mean is “you’re probably not going to get all of your invested capital back but we’ll do our best to get you back as much as we can”. At this stage in the proceedings the borrower has defaulted the loan and is holding all the cards. I’m quite sure any settlement offer is significantly below the loan amount. The borrower will be calling Lendy’s bluff, in the knowledge he has a position of strength, that the word on the street is that Lendy is a soft touch and that most investors are so desperate to exit that if put to the vote the majority would vote to accept capital loses.
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Post by charliebrown on Jun 9, 2018 10:59:43 GMT
I suspect this is a red herring. Updates are very non-specific and lacking detail and Lendy do not have a good track record in promises turning out to be true. False hope is a terrible feeling and Lendy have given us all to much false hope.
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Post by charliebrown on Jun 9, 2018 2:18:21 GMT
-333 days overdue and they’re continuing to work with the borrower. They’re very charitable with our money aren’t they. Like all Politicians they just don’t ever deliver bad news.
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Lendy (L) in Administration
MONTHLY BS
Jun 9, 2018 2:06:34 GMT
Post by charliebrown on Jun 9, 2018 2:06:34 GMT
I remain disappointed with the updates. There may be slightly less cut-paste but it reports absolutely no progress on anything.
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Post by charliebrown on Jun 7, 2018 11:09:53 GMT
Total silence. Have MT attended the same customer experience course that Lendy were on.
i always rated MT a bit better in this respect, but obviously not.
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Post by charliebrown on Jun 6, 2018 12:21:30 GMT
i think the 2nd charge loan is to pay interest and extend the first charge loan to whenever the project gets completed.maybe a few more tranches of the 2nd charge loan to come.who knows what lendy will come up with next. Just a thought, what is the benefit of that to the borrower? Couldn’t the borrower just leave the 1st charge loan in default and ignore it. Apart from some bonus accrual what has he got to lose? He can then repay when he’s good and ready, or never. If the borrower actually needs more funds to finish the development then that’s a different story. At 1.7m then it looks like it actually includes more funds to finish the development. They’ve only raised ~87k at the moment so it’s not looking good.
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Post by charliebrown on Jun 6, 2018 12:00:34 GMT
Looks like we voted for an outcome they cannot execute. Can’t say I’m surprised, I’m now conditioned to take everything they say with a pinch of salt. The only time I believe anything is when I see it.
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Post by charliebrown on May 31, 2018 23:31:47 GMT
I think most of us are in a very similar predicament, apart from maybe Liz. Lendy is a total disaster zone and it’s compounded by their brazen attitude and smarmy employees. I’m expecting big capital losses and a long and deceiptful road ahead. Those who keep posting that they expect their lost interest to be paid, I think, are very optimistic people.
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Post by charliebrown on May 31, 2018 11:14:15 GMT
But if Lendy monitored the loan, we'd still be where we are today- without repayment. The only possible complaint that could be taken to the ombudsman would be if you invested in the latest November tranche and the progress of the development was misrepresented at that time. If you been in since the outset, I doubt you'd be able to show Lendy's negligence has caused financial loss. Or that you invested in amounts that became available on the SM Or that you didn’t sell out early because you believed LY’s lies and thought the investment was in good shape and worth holding.
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Post by charliebrown on May 31, 2018 11:11:33 GMT
i imagine lendy tower is more like faulty towers at the moment.headless chickens and blind leading the blind. ducking and diving,where have all the lenders gone,where are all the new recruits.sorry not much confidence in people who think BS baffles brains. Lendy are a bunch of used car salesmen. Sold as seen. As I’ve posted before, they seem to have absolutely no grip on reality. God help us.
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Post by charliebrown on May 30, 2018 23:30:24 GMT
Lendy launched the 2nd charge loan knowing it wouldn’t fill. What was the point of that? They’re up to something fishy.
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