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Post by loftankerman on Jun 6, 2018 22:43:18 GMT
Speaking as someone who has a regularly travelling family member... It is always between midnight and dawn somewhere.
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Post by loftankerman on Jun 6, 2018 8:04:58 GMT
And another review bites the dust... Hardly surprising really as it was most defamatory, and said quite optimistically that the review couldn't be pulled down because it was all true. What does puzzle me about these reviews is that whilst they contain an indication of date and/or duration since posting on more recent posts, scrolling back in time has the older ones being posted twenty something hours ago.
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Post by loftankerman on Jun 6, 2018 6:52:15 GMT
A total of 62 posts by 'Lendy support' and 3 posts by Lendy rep at a time when the loan book is in total disarray! Shame on Lendy. Says so much about how little Lendy investors are seen to be worth. You should be here everyday answering to concerned investors, not on TP bigging up anything other than a 1 star post. DFL004 a £14m defaulted loan, investors given useless scraps of info every fortnight. Silly excuses on other defaulted loans as to why no 'further information'. It must occur to someone at Lendy towers that urgent action is required? No? I have no doubt that they are all taking urgent action - exaggerating and circulating their CVs, while pulling down all the red flags being posted on TP. How's that for multi tasking?
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Post by loftankerman on Jun 4, 2018 13:00:31 GMT
This seems a bit of a change in tack from harassing us by emails asking us to phone them to discuss problems or just have a chat. Looks like Baldrick is behind strategy development.
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Post by loftankerman on Jun 4, 2018 12:07:08 GMT
It seems that Lendy's strong point is not Maths and for a financial institution, that really gives me no confidence. There are numerous examples reported on here and by myself where the interest and bonus amounts are either calculated incorrectly, displayed incorrectly, missed completely or bungled in some other way. Which is what happens if you hire beta test oriented web wranglers and make the assumption that they have a thorough understanding of systems development, accountancy and programming business systems.
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Post by loftankerman on Jun 2, 2018 15:39:34 GMT
It is wonderful that ncp has all this time to question fractions of percentage points that he believes to be underpaid. Keeps us all on our toes.... beancounting? You've said recently that your objective is to get your posts count up to a level where you can gain access elsewhere. I assume you are thinking of DD Central. I never applied to join because I had already stopped investing in Lendy. I did note however that forum members on here were advised that valueless posts, just to get the numbers up would not assist entry. So it may well be that posts whining about whiners and taking pot shots at people bright enough to be able offer solutions to technical queries won't be worth a hill of beans, counted or otherwise.
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Post by loftankerman on Jun 1, 2018 12:45:49 GMT
The council seem very keen to get things back on track, which may work in our favour somewhere down the line (not sure where yet though). The borrower obviously has his own business plan for the flats, but it strikes me that they'd be a far better investment as long-term flat rentals than short term all-bills-included weekly/monthly rentals. Short-term residents don't tend to look after flats well and the place will become pretty dingy, pretty quickly. From the photos on the website the whole place reminds me a lot of some of the backpacking hostels I've stayed in (fluorescent coloured doors, design attempts to be 'cool', even the font used for the building name is an overused one that's often despised by anyone with any knowledge of graphic design). The whole place strikes me as rather low budget with an iffy quality of tenants, and it wouldn't surprise me if that's one of the reasons for the refinance problems. Yeah, that's what I was tip toeing round on this thread on the 30th. The borrower's plans made me think of the recent complaints about supposed student accommodation elsewhere that had become generally available. Students there were complaining about the use of the place for drug dealing, prostitution and the unfettered access that people had to the student areas. It seems to me that this place could represent an economic alternative to bed and breakfast accommodation for the council too. Places can go downhill over time but worryingly this place looks very much like it could turn out to be a designer slum dwelling from the outset.
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Post by loftankerman on May 31, 2018 11:33:14 GMT
I think there is a degree of reliance on investors who don't quite know what 'second charge' means, and possibly who haven't been bitten by other loans, therefore have a more positive view. A higher interest rate on second charge might help, but could also flag it as a much higher risk to lenders. Even if the loan is a much higher risk, wouldn't L want to keep a calmer-looking profile? Therefore I don't really know what risk L thinks this loan is. Errr! I thought a 2nd charge loan meant I got two bites at the cherry. Please don't tell me I'm wrong.
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Post by loftankerman on May 31, 2018 8:41:03 GMT
I started making my exit from Lendy over a year ago. I disposed of things when their SM queues were short or non existent. I just moved the funds elsewhere. Last October I had money remaining in just three developments. They were all projected as being done and dusted by Christmas as I recall. They were all ones that Lendy were exuding confidence in and have since gone sour. This was one of the three. However, in mid month I noticed that there had been a dip in the amount on the SM. Rather than hanging on, I went with the plan of selling, even though it seemed a bit pointless as it was about to repay. It seems to me that DL (Dumb Luck) counts for more than DD when it comes to Lendy.
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Post by loftankerman on May 30, 2018 10:41:54 GMT
Towards the end of last year I became of the impression that the refinance that would see our repayment was really a planned phase stage on the borrower's part rather than ultimate completion. I can't point to anything stating that but at the time when refinance negotiations were allegedly doing well, parts of the site were still looking near derelict. I can't imagine that the prospective lenders or their agents hadn't noticed that already and had it factored into their discussions. Prior to the new prospective lender pulling out I had seen a promo video on Youtube that had concerned me. I could not see it turning out to be an attractive place to live and wondered if they'd seen that video too. To me it would explain the across the board expressions of confidence up to the withdrawal.
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Post by loftankerman on May 29, 2018 22:08:16 GMT
Lendy should copy ABLrates bid/offer system. Those wanting out could offer 5-20% discount depending how quickly they want their money I can't see that someone having had a Lendy IA millstone round his neck for a few hundred days and deciding to offer it at any discount would flip me into a feeding frenzy. No doubt there are some fans out there squirming in anticipation though. I'm okay with that. They know their capital may be at risk, right?
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Post by loftankerman on May 29, 2018 15:34:23 GMT
I don't see any reason to expect a haircut. We should get a partial repayment now and the rest when it's finished. Just because we accept a lower amount now, it's no reason to write off the remaining amount. That's true but also dependent on someone on Lendy's side not accepting a fractional repayment as a final settlement to get it out of the way. Perhaps someone could organise a poll to vote on which guy on the web cast they'd like going out to bat for us on this one. I can't do it, I can't type and laugh at the same time.
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Post by loftankerman on May 26, 2018 10:31:42 GMT
I can’t say that I have much enthusiasm for the provision fund. It may help to sucker in a few prospective lenders who might find it enough to diminish their concerns about risk. Is it really much more than a marketing ploy, funded by an anticipated increase in lender uptake it hopes to generate?
The optional nature of its being brought into use makes it appear an arbitrary benefit in spite of allegedly first being pored over by committees and wizards. One would hope however that it would be used as reparation for the greater messes they get the lenders into. Obviously they can’t do it for all of them. Regrettably I imagine that anyone with an eye on the bottom line at Lendy might be more concerned to swing it into action with much flag waving when the cost of doing so is minimal.
In my imperfect World I’d rather the concept of ‘provision’ related to a less costly provision, not of funds, but of a part time team of gentlemen with good presentation skills who would sell the benefits of project management and paying up on time to errant borrowers. I mean, just how many horse’s heads do you have to find in your bed?
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Post by loftankerman on May 25, 2018 13:18:08 GMT
I checked in with TP to see if the recent repayment had sparked any comments of approval. I only found an amusing four star review that was relatively new. It gave four stars rather than five because the reviewer hasn't invested anything yet. It reminded me of a classic Argos review I once read. " Five stars. Still in the box, haven't tried it yet but looks great! "
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Post by loftankerman on May 24, 2018 22:12:23 GMT
Could it be the borrowers fault? It looks like he didn't know how long it will take to complete and how much it will cost. First law of engineering, which includes building, apparently: .. "It'll take longer and cost more". That's why you always stick in a contingency sum, and then, if you are smart, double it. So that is why everyone needs to borrow 70% of a 300% overvalued security!
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