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Post by loftankerman on Oct 12, 2018 8:33:46 GMT
Do you mean like Buildy McBoatface?
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Post by loftankerman on Oct 11, 2018 14:24:01 GMT
See my earlier posts. Brookes now fancies himself as head of a construction company now that he's failed (appallingly/ miserably) as head of a p2p lending company. I trust he would plan on having such a company unconnected with Lendy so as to avoid hanging another millstone round its neck? Nah! Probably not.
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Post by loftankerman on Oct 9, 2018 15:46:59 GMT
I remarked a long time ago that a real risk of P2P is that idiots may lend your money to crooks. It disappeared, presumably moderated. It remains true nonetheless.
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Post by loftankerman on Oct 9, 2018 15:31:04 GMT
Personally I think the build out is a bit of a bluff here. It seems expensive and long-winded. The block doesn't seem to know what it is. Is it apartments for professionals, students, serviced apartments for short-lets, or council housing? It seems to have marketed themselves at all of these groups, all of which have differing needs. I can't seem to think of a set-up like it, and for good reason, it doesn't work. For the security to be disposed of I think some of the apartments would have to be reconfigured, and that's on top of the outstanding works that needs to be done. My own prediction is the original developer will end up getting it for a cut-down price. There doesn't seem to be much of a shortage of flats here, and given you could pick up a city centre 2-bed for c£90k or even a house for £100k, the price for these would have to be much less, as going on the few pictures the flats look smaller and in a worse location. It would be more lucrative to rent these out but then Lendy have the risk of paying to build it out and there being no takers for it, at which point they would have to cut a deal anyway. It shouldn't work like this, but the other bad loans cross-contaminate others. Hypothetically speaking a deal for 80% return now would be much more tempting now than the summer given what other problems have arose since then. Along the lines of some concerns I have expressed. My forecast is that ultimately this will become a 'no go' area for the refined folk of Wolverhampton and after demolition some P2P outfit will be trying to raise money on a development not too different to the aspirations this one had was sold to us on.
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Post by loftankerman on Oct 4, 2018 17:23:29 GMT
would lenders agree with lendy using the PF to pursue all the historic loans that as you say are just lying on the back burner.when it runs out that is the end of it.the PF seems to be a interest earning sideline and part of lendys marketing and will only be used at lendys discression.so might as well put the thing to use inthe interest of the lenders who they have badly let down. Yes, I would totally agree. I have never regarded the alleged existence of it to be of any real value to me. I suspect that the potential size relative to the growing number of cases where lenders regard themselves to be entitled, make it more of an embarrassment than a benefit. On balance Lendy might as well scrap it and put a few hundred quid on Euro Millions every week with the assurance that any winnings would be put aside as a PF. I doubt any would notice the difference.
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Post by loftankerman on Oct 4, 2018 15:53:29 GMT
Actually I suspect its lack of +ive cash flow which explains why progress of many defaults is so slow... It may be that LY can't afford to front legal costs for so many contemporaneous recoveries and that is why many sit on the back burner.
I have suggested to FCA, P2P platforms of the LY business model should be required to hold a significant cash reserve in proportion to the loan book to meet unknown default recovery costs.
LY made the roockie error of splashing out on Cowes sponsorship, flash offices and the Teslas before they secured a sustainable business model. Sponsorship of 'Frasier' was a last desperate gamble of Equitable Life and I'm more inclined to believe that of Lendy and Cowes, than regard is as too much too soon.
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Post by loftankerman on Oct 3, 2018 22:42:08 GMT
You can't know what you are investing in as Lendy don't undertake to confirm that money is used for the purposes it was borrowed. An imagined viable holiday complex in the West Country could turn out to be a shed up't North if I have understood correctly. Only if you didnt read the loan particulars where it was quite clear. Ive never invested in a viable holiday complex only in the northern sheds & yet I am in DFL005. Yeah, me too and the viable holiday complex was an oblique reference to DFL005, which, even if dragged to its doom by the sheds seems capable of a viable business future under some ownership.
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Post by loftankerman on Oct 3, 2018 17:09:35 GMT
latest review title
now that the problem , im now unsure what exactly im investing in anymore, i thought i was investing in loans with a high LTV, but as it transpires im not on some of the loans
You can't know what you are investing in as Lendy don't undertake to confirm that money is used for the purposes it was borrowed. An imagined viable holiday complex in the West Country could turn out to be a shed up't North if I have understood correctly.
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Post by loftankerman on Oct 2, 2018 16:55:00 GMT
I read the review in question and thought the reviewer had a puzzling view of the risks involved. The only way I could imagine their outcome being many times worse than losing the capital would have been if they'd taken out a pay day loan to raise the capital to invest on a Lendy loan. I'm with Lendy on this one but happy to be educated.
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Post by loftankerman on Sept 26, 2018 14:05:44 GMT
Lendy have said due to poor uptake of lendy wealth the two directors leaving before Christmas, will now be leaving before Easter.they will update us again in a month. That sounds a bit contra intuitive. I'd expect them to be leaving sooner rather than later if Lendy Wealth has had little uptake. I can only imagine that rather than getting severance pay from an imagined influx of new investors, maybe it'll take until Easter to recover it from the SM retained interest.
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Post by loftankerman on Sept 25, 2018 7:05:00 GMT
There have been multiple large investments made today on various loans. Lendy Wealth at work here for sure, unless a millionaire has lost his marbles and decided to have a flutter...
NOW, the big question is - how will Lendy Wealth lenders get their money back when they decide to withdraw it? Will Lendy be using new funds deposited in Lendy Wealth to pay back those wanting to withdraw (assuming there's a steady influx of new money)? Will they queue-jump the Lendy Wealth money to the front of the selling queue (nobody buys the cr@ppy loans in any meaningful quantities anyway though)? What would happen if too many want to withdraw at once - will Lendy just say "sorry lads/ladies, T&Cs say that we don't have to give you your money within the stated time scale"? That seems to be a bit of a flaw in the Lendy Wealth model, its obvious to those of us who already use Lendy but maybe not to those whose first experience with Lendy would be Lendy Wealth. I suppose that it is a good thing for the individual lenders that have parts in the sales queues, at least they are getting a clean exit before the loans have potential to turn sour further down the track (i'm not saying that they definitely would... but they're not exactly great on the whole are they?)
And if we type "Lendy Wealth" enough times, does that bump this forum up the Google search rankings and make it more visible to would-be investors that are doing a bit of research before parting with their hard-earned?
Well, new money coming in, being used to fund the old money and alleged 'great returns' going out was the business model that brought Equitable Life customers in in droves. However, EL had tripped themselves up with slack wording in T&C resulting in unachievable promises. The enquiries labelled it a Ponzi scheme. Interestingly, my spell checker thinks I got Ponzi wrong and wants to change it to Poison.
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Post by loftankerman on Sept 24, 2018 22:35:53 GMT
Surely Lendy would use LW funds towards new tranches. They get the interest from funds languishing on the SM. Just milking the stuff stuck on the SM isn't a viable long term plan. Getting the SM moving might do them more good. I find it hard to believe the number of people on here who say that in spite of everything, getting a bit of SM movement and a big recovery would have them back in there chucking money away. So if people mean that... Lendy could be onto a winner hoovering up the SM with LW as I believe I mentioned they might a few days ago.
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Post by loftankerman on Sept 24, 2018 17:02:36 GMT
There has been a single investment of £162,000.00 today against the second charge loan. Lendy Wealth perhaps??? Seems a bit improbable that it would be an informed investor, yet a bit over enthusiastic for a newbie dipping a toe in the water.
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Post by loftankerman on Sept 23, 2018 8:54:32 GMT
...but they’ve sent us a lovely email explaining their recovery process..it’s so reassuring (cough cough splutter) Another BS email. They’ve claimed they’ve improved their recovery process and team and there’s an awful lot of hard work “behind the scenes” that investors don’t see. This is total rubbish, they’ve never managed to recover anything as far as I can remember. Just endless broken promises about repayments. LY, it’s results that count. Where are the results? Loan after loan is going IA / default and there’s now lots of loans that are many years overdue with absolutely no progress, so please don’t send us an email telling us about all your hard work. I believe Lendy. I also believe there are borrowers out there who'd figured they'd make a tidy profit for themselves, whatever the outcome of the grand plans they'd floated and are having a good laugh about it.
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Post by loftankerman on Sept 18, 2018 17:46:11 GMT
Perhaps just maybe they are getting ready to hide purchases made by the wealth products! Potentially very cunning. If they can hoover up the dross funded by the 'Wealth' brigade who are only expecting 7% and have been told their capital is at risk, they might even be able to pull through if they really are working on better DD, valuations and recoveries.
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