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Post by charliebrown on May 11, 2018 23:38:16 GMT
Lendy’s loan book now looks like a veritable house of horrors. Most loans are IA/suspended/defaulted/under legal or are sliding that way. LY seem weak and powerless to do much other than tell us they’re “working tirelessly” and they’re “hopeful” and all the other BS which shows they are lost. It pains me to say it as I stand to lose an awful lot of money but I really can’t see where the platform is heading, it already feels like a dead man walking. Let’s hope the new COO can improve matters. I’ve personally decided not to invest another penny in LY and my hope is that I can get some of my money back this century and limit my damages.
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Post by charliebrown on May 11, 2018 13:50:20 GMT
If it is the same borrower then hopefully we can talk about a class action against FS as I too have a fair few quid in these. Why can't FS simply repossess one painting to show they mean business rather than be seen as a soft touch who seem frightened to ask the borrowers what time of day it is! Maybe FS have the paintings hanging in their office and have grown attached to them. Joking aside these loans are an insult to the lenders who are invested (yes, I have a sizeable sum in these). Enough is enough
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Post by charliebrown on May 11, 2018 12:58:35 GMT
if i was liam iwould would take my few million and get my self ready for cowes week and be well out of it.i thank you you all lendy investors Don’t give them ideas. Not that I’m sure they haven’t had that same idea every day. Having seen how most of these p2p sites operate I am amazed that it is legal to simply setup a major financial operation so easily. I never used to worry about the platforms, I assumed that this is UK surely they’ve got millions in reserves and are tightly regulated. I later realised the FCA is a joke and the platforms are just a couple of guys in a shed handling 10s of millions of pounds. No wonder we had a global financial crisis.
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Post by charliebrown on May 9, 2018 23:23:55 GMT
I think there is appetite but not the cash. Lendy need to get cash back to their lenders either by loans repaying or improving SM liquidity with discounting. I was planning to use loan repayments to buy into Cardiff but no repayment forthcoming and my funds are tied up elsewhere after ISA season Not doing too well on repayments and it's hard to see how it is going to improve. I don't think discounting would make any significant difference, the appetite for high risk/return seems to be declining. The appetite for high risk/no return is definitely declining
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Post by charliebrown on May 9, 2018 23:05:03 GMT
I think you're also doing a disservice to other lenders, lenders might want their money back now for a variety of reasons and just because they hold a different view gets them labelled as idiots, clueless and out of their depth in this arena. So what is the security worth, you gave me a clue but that doesn't really cut it for me. This loan was a PBL not a DFL and the LTV was calculated on the market value of the freehold interest not GDV. The original valuation reports GDV as £13,912.300 but what is it now? Clearly there should be margin for profit for an incoming developer even with the remaining build costs, flats that have already been sold, legal costs as well as marketing etc. Personally I like to be given options but I also like to see the data to base my decision on and don't think this has been provided by Lendy, to my satisfaction as least. I have yet to cast my vote. If you need more data than those provided here, ask the friendly team at Lendy.... To me just suffice to say that the lenders are due less than 900k in total and the site was professionally valued 2.6 million even before a single stone was posed in (and is now not too far from completion). You have photos, professional reports etc on the status. Costs for drafting contracts and selling were already in the original plan. The only thing that is changed is that the lenders here don't have any committment to save the builder or the people who already payed for an apartment onsite. To me the margins are very ample (and this is why the clever Lendy team thought to this nice scheme to deprive lenders from their interests via a friendly lender). The site was professionally valued 2.6 million... i understand your point, but The Castle was also professionally valued at a figure higher than the loan. I personally don’t have the appetite to wait 18 months to find out whether the valuation is correct. I’m probably irrational because I’m one of those lenders in too deep and wanting my money out ASAP. Nonetheless, I voted to accept the offer, I want out.
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Post by charliebrown on May 9, 2018 14:06:59 GMT
I would like to vote no but the vote button remains greyed out whatever option I choose. Does anyone else have this issue? I'm not in this loan but I received the email addressed to me, by name, inviting me to vote. I wonder if this is a technical issue or a competence one. Why do you think you should be able to vote when you’re not in the loan? And why would you want to vote when you’re not in the loan?
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Post by charliebrown on May 9, 2018 12:49:51 GMT
I voted to accept. I feel any deal that sees a quick return of capital from LY is a stellar result. The alternative is expecting LY to sell the asset and attempt to recover interest and bonus, which they said will take 18 months. Does anyone trust them to do that? A lot of people don’t even think LY will be around in 18 months. My personal preference is my capital back ASAP, I don’t have the appetite for 18 months worth of meaningless updates from LY just to secure some lost interest. Lost interest is the least of my worries.
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Post by charliebrown on May 8, 2018 12:59:21 GMT
The list of available excuses for the total failure to make payments (and for Lendy to check out this loan) has just got shorter as the local elections have been and gone and now the Bank Holiday has finished. There is ample time for action before the next Bank Holiday takes place.
So Lendy, prove you are actually trying to get investors cash and interest back, by getting out of your office and taking a day trip to the Hastings planning department (cheap day returns are available) to check the file to see if you are just being had over by this Borrower with whom you seem determined to simply accepted any old excuse fed to you by their solicitor. Go and check their file as well to see what they have actually been doing - don't leave it until an Administrator gets called in at investor expense.
Just how much interest is now outstanding after 300 + days failure to repay? Why have you not made any demand for interest to be paid at the very least?
Totally agree. Of all the examples of LY incompetence and laissez-faire attitude this is one of the worst. After suspending the loan every update just says waiting for an update. 2 million quid of our money overdue for almost a year with no explanation or corncern from LY. Unacceptable!
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Post by charliebrown on May 8, 2018 12:15:29 GMT
The feeling I have as a LY investor is that I can see the train coming and I know it’s going to hit me but I can’t do anything about it. It’s a terrible feeling. I do find it interesting that FS has made most of the same mistakes as LY and quite honestly offer an even worse customer experience, yet their (smaller size) loans still fill and their SM (discounts available) is still active.
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Post by charliebrown on May 6, 2018 23:22:05 GMT
At this stage of the game I think Lenders dream of a 70% return.
Whilst losses don’t directly impact LY, their poor performance means they now have a product that no one wants to buy. They need to stop messing around and turn up the heat on all those borrowers who are being allowed to sit on 10s of millions of pounds of our money without any consequences. If they’re not doing it for us lenders then they should be doing it for themselves (assuming they even care). Worrying times.
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Post by charliebrown on May 6, 2018 13:11:51 GMT
I wonder whether they knew about this. Perhaps this is what was behind them updating their T&C to state it’s not their responsibility to keep track of developments.
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Post by charliebrown on May 5, 2018 9:18:43 GMT
Lies, damned lies, and FS updates.
Like naughty children they follow every lie with an even bigger lie.
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Post by charliebrown on May 5, 2018 0:55:13 GMT
What's actually going on? Erm..... the borrower borrowed our money and now he won’t pay it back..... pretty much like the majority of other Lendy loans
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Post by charliebrown on May 4, 2018 15:35:12 GMT
Why don’t they just auction these off? If they can’t even stick a painting in an auction what chance have they got of recovering complex property loans. God help us, these clowns make Lendy look good. What a bunch of jokers.
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Post by charliebrown on May 1, 2018 12:31:31 GMT
Just noticed the latest pipeline tranche has some more photos. I must say, this developer really does finish to a high standard. The interior space looks really well done and very inviting. I still don’t find the exterior and overall site at all appealing, but the interiors look fabulous.
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