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Post by Paul64 on May 16, 2018 14:54:09 GMT
When Paul64 refers to legal privilege regarding any possible future action do we think he means: A/ He can't discuss anything to do with any possible future action due to legal privilege between Lendy and their solicitors and/or B/ We shouldn't discuss on this public forum anything to do with possible future action e.g. our views on specific valuations? If A then sounds reasonable but I'm no solicitor. If B then a bit more worrying due to conflict of interest - i.e. Lendy (and many lenders) clearly would rather less of this sort of thing was discussed. Personally, from talking and reading from others some of whom are employed in the p2p industry, the problem is not so much RICS but how their agents are instructed. If being instructed by the borrower's broker then there is a problem right there. Hi michaelc, thanks for the post. For clarity, yes, it is A, which we have communicated a number of times over recent months on here and to investors. We have no intention of stifling constructive comment on the forum, which is what it was designed for. KR, Paul
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Post by Paul64 on May 16, 2018 10:45:39 GMT
Dear thegrumbler, thanks for your post. What you have stated however is factually untrue, and does not reflect in any way how Lendy undertakes it independent valuations. As you might have read in the recent investor update, we have had constructive discussions with RICS over recent weeks. We are now working proactively with them to help ensure that all their members adhere to the highest standards set by the institution, which we will be updating investors on in due course. Separately, on matters where Lendy is undertaking legal proceedings against third parties on behalf of investors, we need to be very careful that we do not breach legal privilege, which would almost certainly negatively impact our case, and therefore reduce the chances of a good and fair outcome for our investors. We will covering this issue in our podcast later in the month. If you DM me with your contact details, we would be more than happy to discuss this matter on the telephone with you, however there is no pressure at all for you to do this. Kind regards, Paul
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Post by Paul64 on May 1, 2018 8:49:28 GMT
Dear all, You may have read that we are looking to trial a new podcast over the summer. The aim of them is to answer any questions you have about our model and our activities. The first one is planned for later in May, so if you have any questions for the management team, please submit them by Friday 11th May 2018. Please email them to asklendy@lendy.co.uk Many thanks Paul64
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Lendy (L) in Administration
MONTHLY BS
Mar 29, 2018 14:59:55 GMT
Post by Paul64 on Mar 29, 2018 14:59:55 GMT
Hi all, the fortnightly Investor Round-up will be out later this pm. Regards, Paul64
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Post by Paul64 on Feb 23, 2018 13:58:16 GMT
From today's special edition... "Our current default rate on our overall loan book is currently around 10%, which is not unusual in the bridging and development market"Clearly Lendy either assumes that none of us can add up or that we just believe this b*****ks. As of now the loan book is £187m and default page totals £37.7m, which is 20%. This conveniently ignores all the suspended loans, which in my book should also be counted as defaulting. I suspect “overall loan book” includes repaid loans Hi SteveT, yes, that's correct. Our current default rate is 10.2% on overall loan book, inc. repayments, and 19.1% on the live book. Best, Paul
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Post by Paul64 on Feb 22, 2018 13:03:17 GMT
Dear upland, thanks for your forum message. As you may know, we do not typically offer telephone reply support to our investors. Our support team is kept small. We pass the cost savings from this back to investors in the form of higher investment returns. For more information see here. Kind regards, Paul
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Post by Paul64 on Feb 15, 2018 19:37:00 GMT
Dear all,
We are of course disappointed that the sale of W++++++ C+++++ at auction fell short of the original independent valuation put on the property. Before this loan was written, Lendy undertook detailed due diligence with our advisers, including a valuation by a RICS registered independent property agency. However, remember the sale of PBL155 is just one stage in our process for recouping maximum value for lenders. Following the auction, we have acted immediately to protect the interests of our investors.
As part of our efforts to bridge the gap between the value of the property realised at auction and the loan value, we will be pursuing a claim against the borrower (in line with the terms of the loan agreement) and we will update investors on that and other actions in due course. Despite our strong and sustained track record of delivering above market returns to our investors, there are, sadly, occasional instances where a single property may not realise its full potential value for investors.
It is for this reason that we always recommend that investors diversify their portfolios across a wide range of loans in order to manage concentration risk effectively. We also always recommend that investors read the full independent valuation reports on the properties they lend against and never to commit more than they are comfortable with to any one loan.
We are however very aware that investors will be disappointed at the price realised, so we would like to reassure them that the team will be putting every effort into recovering as close to the full capital value as possible, on top of the interest already earned. Kind regards
Paul
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Post by Paul64 on Feb 15, 2018 9:22:14 GMT
Hi all, we had hoped to have filed earlier but a combination of a change auditors - we appointed top 10 accountancy firm Moore Stephens as our auditor, for its experience in working for fast-growing financial services businesses - and some restructurings, delayed our submission. As we knew we were going to be file late, we published our unaudited accounts in September. We regularly updated both Companies House and the FCA on our progress. Regards, Paul
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Post by Paul64 on Feb 15, 2018 8:20:07 GMT
Hi all, just to let you know that we expect to be filing our 2016 Report and Accounts to Companies House this week. All the best, Paul64
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Post by Paul64 on Feb 9, 2018 14:49:39 GMT
Hi all, and thanks again for your understandable interest in this repayment. As you know, we issued an update on 2 February 2018 in regard to DFL005 confirming that we expected the loan to be repaid shortly. Whilst the loan is still to be repaid, we are now very close to completion, having received positive updates from the borrower’s broker over the past few days. The current status is that the funds to be used to redeem the loan are now in place. The only thing now holding up the repayment is the legal due diligence. We have impressed on the borrower the urgency of repaying the loan as soon as possible and we will continue to follow up with them over coming days. KR Paul64
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Post by Paul64 on Feb 7, 2018 8:44:56 GMT
Dear blata , please find the update here, which is the most up to date position we have. It is progressing very well. "We have spoken to the borrower's solicitor, who has confirmed that completion of the sale is expected over the course of the next few working days. Whilst the sale has taken longer than expected to complete we remain confident full repayment will be achieved soon." Paul64
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Lendy (L) in Administration
MONTHLY BS
Feb 7, 2018 8:09:16 GMT
Post by Paul64 on Feb 7, 2018 8:09:16 GMT
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Post by Paul64 on Feb 7, 2018 7:52:58 GMT
Dear Jeepers, and thanks for your forum message. You're assessment however is wrong, and does not reflect the business models of a great many P2P lenders. From our position, we place just as much focus on our repayments and recoveries programmes as we do on new loan origination, and our portfolio management team has been beefed up over recent months, who have had much success - including a large £2m+ repayment yesterday. The attached article hopefully provides a little more information. CCR magazine - Lendy Oct 17.pdf (52.56 KB). Do though get in touch if you have any specific questions and we'll get back to you. Thanks again, Paul64
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Post by Paul64 on Feb 6, 2018 16:29:47 GMT
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Post by Paul64 on Jan 26, 2018 15:29:10 GMT
I've read this update several times and I'm still unclear over what it is actually communicating! Are they now saying that as a first step that they will be writing to repeat offenders to honour their pledges, before enacting their proposed cash preferencing model, or is this just another step/action. I'm increasing left confused by Ly's communications.......... Hi nick, we have listened to feedback from investors and decided to approach this in two potential phases. As a first phase we will be writing to those investors who have repeatedly pre-funded but then fail to credit their accounts to match their agreed pledges. We hope this will encourage the majority of these investors to honour their pledges, to the benefit of all investors. If after a trial period we are still seeing a negative impact on the majority of investors we will re-evaluate our proposed cash preferencing policy. I.e. look at whether we still need to implement cash preferencing. I hop that helps. Paul64
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