GeorgeT
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Post by GeorgeT on May 10, 2017 15:00:39 GMT
Repaid at 15:38. That's £3m back in investor's pockets. The best news of the month. I have just come in from doing some gardening, I have been putting in my bedding plants in my patio pots and troughs and while waiting for the kettle to boil I thought I would check the forum and lo and behold you have made me a happy man.
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GeorgeT
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Post by GeorgeT on May 10, 2017 13:38:40 GMT
PBL179 - Live at 2.35pm
Max Allocation I think was £2,280.
1,364 investors @ live.
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GeorgeT
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Post by GeorgeT on May 10, 2017 9:46:06 GMT
To calm people's nerves can I just add to the above that a medium hitter has just taken a 20K chunk out of its sister loan DFL002 which was also very hard to shift on the secondary market. Suddenly in one bite it has become one of the biggest movers and groovers of the day. The good thing about this is that when others see the activity tab and see that somebody has eagerly grabbed 20K in one go they think they better be grabbing some too.
I have worked out that the herd mentality is alive and well on the secondary market.
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GeorgeT
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Post by GeorgeT on May 10, 2017 9:30:55 GMT
This is another one that is stagnating on the secondary market. Foolishly I decided to wait until it got close to 60 days left before selling and I have been in a slow moving queue for about a week already. And I'm afraid the queue's moving even slower at the front. If you've been in the queue a week, then a lot of the movement you'll be seeing is people giving up and taking their parts off the market. I wrote that nearly 3 weeks ago! I sold my last loan part on Saturday and I am out of this one. I had quite a large stake and had been listing small loan parts as part of my loan reduction strategy for about the last two months or so and liquidity had been very good. It only went slow in the last month and I can see that it has now all but ground to a standstill. A fine example of why 100 days is fast becoming the old 60 days. A problem good folk have here is some people listed it for sale at about 60 days left in good faith and that would have been an A1 strategy 3 or 6 months ago but today you have left it too late at that point,you cannot risk it with a big mega loan when so many other investment strategists are trying to do the same thing as you. I would add there is no reason for people to panic on this one. Lendy has received a new monitoring surveyor report which advises of very good progress and that is why they are happy to advance more of our money to the borrower today and it has of course passed very rigorous due diligence tests and met with the approval of the very hard to please credit committee. It is a near certainty that the term will be extended on this one with the addition of probably two months and that will suddenly raise the quality of the loan on the secondary market so I would not say that anybody trying to sell at the moment should have any undue concerns, and that is even before we have looked at the state of the development and the fact that it is likely more than half of the loan could be recovered in a default situation down the road - though of course bear in mind that the property market peaked last autumn in value terms and it has now started to stagnate so default situations and repossessions going ahead are not likely to be as successful and lucrative as those in the past.
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GeorgeT
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Post by GeorgeT on May 9, 2017 22:09:57 GMT
I am going for PBL179, the new one. It looks a fine building. Or at least the facade is attractive. I am sitting out the other 3 because I am already up to my limit in L**erpool and Pa**nton and the other is too short dated and illiquid for me. I'm actually way (nearly 50%) over my usual limit on HQ Liverpool. It is not easy to find similar quality loans to which I can diversify.
The constant pictures of progress are very reassuring, my over reaching investment sum is not! I'm in a quandary. I will probably end up selling a third and cashing out.
Yes I am in much the same boat as you. I have a ridiculous 15% of my Lendy holding in that one loan. In fact I have more than double in that one than in any other. Because I have so much in it, when I needed to raise some fast cash today to pay for my loan purchase I put a little bit up for sale and it sold in a flash and there was a sale queue of 0 when I listed it. It is a high class loan but you start to get a bit twitchy when you see how much you have invested in it.
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GeorgeT
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Post by GeorgeT on May 9, 2017 21:40:27 GMT
The castle is a shocker. I ploughed a 5 figure sum into it at around Christmas time when there was loads of availability. I thought that will do for an 11% cash dump for a few months. It did the job and thankfully I all but sold out of it altogether a month or so ago when it was selling quite quickly. I have still got my last £400 in the queue which is toward the front of the queue if I'm honest but it is stuck like glue and going nowhere fast.
In the grand scheme of things that amount left in a stuck queue is unimportant but I would love to be shot of it.
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GeorgeT
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Post by GeorgeT on May 9, 2017 21:33:46 GMT
I am going for PBL179, the new one. It looks a fine building. Or at least the facade is attractive.
I am sitting out the other 3 because I am already up to my limit in L**erpool and Pa**nton and the other is too short dated and illiquid for me.
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GeorgeT
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Post by GeorgeT on May 9, 2017 19:59:06 GMT
The Hotel just got a number - PBL179 Yes going live tomorrow along with the 3 other tranches. Tomorrow will be a very notable day because 4 new 12% loans are going live on the same day. That's not a situation we ever thought we would see happen again. I will have to go and have a lie down.
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GeorgeT
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Post by GeorgeT on May 9, 2017 14:46:47 GMT
2180 was a bit chunkier than expected on a c1M loan (testimony to the DD on here). I had to sell 30 to make it O.C.D. compliant. I can confirm it is a high class loan*. (*as were the ones that sold within a refresh to pay for it). I noted your £30 for sale but it was gone in the blink of an eye. A high class loan indeed - already a very rare and sought after beast on the SM. I took just £800 - but only because I'm not moving any new money into Lendy - I am downscaling - and I could only be reasonably certain of having sold that amount in the next day to fund it. Nonetheless I have slightly strengthened the longevity of my portfolio by adding this one to it. I too suffer from OCD issues. And have to have round numbers. I like things in neat hundreds- and I prefer even numbers to odd numbers. If I have say £3,700 in a loan I feel compelled to sell £100 of it because it irritates me when I look at my loan book. It's something I have to live with. My spirit level is my best friend.
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GeorgeT
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Post by GeorgeT on May 9, 2017 14:35:20 GMT
DFL005 - Arboretum tranche 10 (£297k) announced (at 14:54)
Edit: Not to mention DFL001 - Exeter development tranche 8 (£251k) also (at 14:57). DFL001 only has 38 days to term. An extension looks almost inevitable. That will come as a relief to those stuck in the slow moving sales queue. I wonder if Lendy will take this opportunity to extend formally with borrower.
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GeorgeT
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Post by GeorgeT on May 9, 2017 14:30:01 GMT
PBL075 has just repaid (at 15:18).
It's only a tiddler at £315k (and almost 9 months overdue) but it's a start! Very good news. Off to monitor my sales queues....
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GeorgeT
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Post by GeorgeT on May 9, 2017 13:53:40 GMT
Don't forget we are expecting about £2.5 million to hit investors' accounts in the next week or so.
If only 20% of that is re-invested on the platform it will clear some blockages.
From the last updates:
PBL068 - Solicitors are in funds for a proportion of the outstanding debt, we expect full repayment mid May. (£1.295m) PBL047 - Expecting full repayment by mid May. (£1.285m)
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GeorgeT
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Post by GeorgeT on May 8, 2017 19:19:49 GMT
I think we can get away with that but if tomorrow's letter is U then the moderators my step in and take action unless Timmy censors his photograph.
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GeorgeT
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Post by GeorgeT on May 8, 2017 18:59:34 GMT
Today seems to be an ultimate standstill for any selling queues. Lendy management, wake up! It has been very slow today. When I checked my emails at about 11am I had sold 3 x £100 loan parts in the morning. I have sold nothing all afternoon and evening. In fact, at 11am, I noted one of my loan parts was 70% part sold so I thought that would definitely be sold today, but it still hasn't. For anything sub 100 days and sub 12%, selling is becoming a luxury bonus rather an expectation. It's still easy to sell long dated 12% loans but being able to sell anything else cannot be relied upon. People need to invest with that in mind and be careful what loans they invest in and how long they hold them. Also, I think it's a good idea to favour smaller loans over mega loans. It stands to reason that if 5% of parts in a small loan are up for sale there will be a much smaller queue than if 5% of parts in a massive loan are available. Liquidity is also related to size of loan, obviously. One reason why early sellers might want to avoid the very big ones (£3m+). It's not Lendy's problem though. They have never guaranteed people could sell, all they do is provide a SM to provide that possibility.
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GeorgeT
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Post by GeorgeT on May 8, 2017 16:26:31 GMT
Allocation discovery squarely on ganymede. I will be investing in PBL178 but not the others. I don't call myself Mr 12% for nothing! However I may or may not be able to advise the max allocation because my pre-fund will not exceed £1,000 and I may decide to plump for only £600 or £800. I was going to sit this one out and go for the hotel/hostel in the town with a name sounding like a mix of a mammal with antlers and pig meat but as that one has been delayed I am going to have a modest punt on 178 in the meantime. I expect excellent short term liquidity.
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