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Post by loftankerman on Mar 30, 2018 12:51:57 GMT
They have failed as they have lost the trust of the majority of investors. Therefore they cannot fund any new loans they put up unless they are heavily underwritten off platform. Most important they cannot fund existing development loans so they are what is known as toast - and frankly are now just an irritating liability to p2p in general and specifically to anyone who does any business with them as a lender, borrower or otherwise How do you know that they lost trust of the majority of investors? Just because there are some people complaining here? And complaining about what exactly? That there was a risk in investing via Lendy and the 12% interest weren´t just a free meal? That it is not guaranteed to exit any time via the secondary market because it relies on supply and demand? That some valuations of complex loans are too optimistic? That there are some delays with some loans/borrowers? Sorry but most complains here are just ridiculous because the issues are inherent in the system of property briding/development loans or p2p loans in general and if someone blames Lendy for it, it just shows how little they understood in what they invested... But your second point - the funding of existing development loans - is a real concern, especially if there is so much agitation against Lendy going on here. Lendy proved in the past that they can value property correctly and also that they can recover debts quite well. Furthermore, they have a very profitable business model and therefore I think there is still enough air in the interest spread to offer cashback etc. to attract lenders into existing development loans, if needed, until the sentiment about Lendy changes again. For someone who only appears to have made their first post around two hours ago, you seem to have been rushing around a lot supporting Lendy and criticising their detractors.
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Post by loftankerman on Mar 29, 2018 16:59:10 GMT
Meh! This Lendy voting nonsense sounds pretty much like the British government’s approach to having Ombudsmen. An Ombudsman can come to a fair and objective decision finding for a plaintiff or plaintiffs against the government, but the government can dismiss the findings if it doesn't like them. Just another feeble charade to deflect blame and delude people that they are living in a democracy.
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Post by loftankerman on Mar 29, 2018 12:06:00 GMT
I never wanted to be in this from the outset but having confirmed my pre funding was set to zero, I was allocated some anyway. I only paid for it because I really wanted to get something that was currently on the SM. Fortunately my lack of initial enthusiasm helped me become tired of the 'No Change' (We've got your money, nothing's happening) progress reports that made no mention of the earlier unresolved issues. I sold without difficulty in late August just before the September progress report informed us that the 'No Changes' were now an outstanding matter of urgency.
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Post by loftankerman on Mar 28, 2018 16:55:28 GMT
Dear all, A large part of what a number of members are calling for on the forum is happening already - day in day out - behind the scenes. Progress however can be very slow and very complicated with these types of projects. All we would ask is for some members to allow us time to work to achieve a satisfactory conclusion to a number of outstanding loans. Our prime aim is to protect 100% of investors' principal capital while paying a great rate of interest. We however can't always communicate our progress in writing, owing to potential loss of legal privilege etc. but that does not mean it is not happening. Like most other platforms, we have seen an increase in the percentage of defaulted loans as a proportion of the live loan book, which has been accentuated with origination slowing in the P2P sector. Our offer to speak with forum members on the phone is a genuine one and not motivated by anything other than to listen to their views, and to try and answer any questions that we can, without compromising legal privilege or members' confidentiality. While it's helpful to know who we are speaking to, as you know who we are, it is not of prime importance.
Kind regards Lendy Customer Services Lendy Support Ah! I hadn't realised Lendy Customer Services was a person's name. I thought it was just a faceless department at Lendy.
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Lendy (L) in Administration
phonecalls
Mar 27, 2018 22:59:23 GMT
Post by loftankerman on Mar 27, 2018 22:59:23 GMT
Couldn't agree more, it's also in breach of forum rule 7 "The Private Message function must not be used for commercial announcements or soliciting of business." It has been noted by forum staff now when Lendy don't communicate via the forum, they get slated for it. When the Do, they end up getting told off for breaching the rules. It's well known that the corporate arrogance of Lendy means you can no longer get through to them on the phone. Since they now want to talk, they should put up a public message via the platform saying 'our lines are open should you want to have a chat/provide feedback'. It sounds like the direct messaging, is not just about communicating, but the request for real names and phone contact details seeks to undermine the privacy that forums afford. If all they want is investor views, they don't need personal details. If they want to validate that forum members are registered with Lendy, they need to devise a means that does it without providing personal information. They seem to be able to devise new rules and procedures at the drop of a hat, so that should be no problem for them.
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Lendy (L) in Administration
phonecalls
Mar 27, 2018 18:46:47 GMT
Post by loftankerman on Mar 27, 2018 18:46:47 GMT
Through long standing savings arrangements with Equitable Life I had a ‘manager’ who was fairly ‘hands off’, mostly just being the signatory of status reports. When their situation started to look worrying, I found that I suddenly had new ‘manager’. He would call me with a sense of urgency offering great new opportunities, wanting me to ‘maybe just put £1000 in.’ and he always wanted to know if I had any friends who might be interested. I don’t remember that persisting for very long before they closed to new business and the next and darker phase was entered. It has been that pervading and now extended sense of déjà vu that I have been having for the past 12 months that has got my involvement with Ly down to under 4k in DFL004 and DFL005. I don’t await my phone call as we have Call Guardian on the land line, so cold calls never gets through. LMAO. I don't believe it! I have just had an email from Lendy: Dear *********,
It was great to speak with you today about any further support you may require with the platform. As we discussed I am writing to re-present certain development projects and to give you an opportunity to invest further. Lending for property development has boomed over recent years from both mainstream and alternative finance lenders, with the biggest increase coming from P2P companies like Lendy. Last year Lendy arranged over £48.9m in development loans alone.
Development lending is however at the riskier end of the property finance market, because of the wide range of problems that can arise with unbuilt schemes — from struggles with planning permission to failing to find tenants or unexpected increases in construction costs.
It is partly for this reason that Lendy is able to offer such high returns to investors, with our plans typically offering 12% pa plus bonuses, which we believe is particularly attractive in the current low-yield interest rate environment.
Indeed, with banks and other traditional lenders needing to hold more capital against this type of financing - making it less cost-efficient to lend on development schemes - it is falling on companies like Lendy and their community of investors to fill the funding gap, which could deteriorate as Britain’s housing crisis grows.
Our latest projects seeking funding include: • DFL019 – Tranche 20 (Pickering), which offers 12% pa plus a 2% cash back • DFL – Tranche 1 (H********** Quay), which offers 12% pa • DFL010 – Tranche 7 (Leisure Village), which offers 13% • PBL199 – (Suffolk House), which offers 12% plus 2% cash back As with all types of investment, capital is at risk, so we always recommend you take independent financial advice.
We are looking at developing some new products with a lower risk/reward ratio. Please advise if this type of investment would be of interest to you. Please contact us here if you are ready to invest in any of the above loans or are interested in future products. Kind regards The Lendy Team
They didn't speak to me today, my phone knew better than to put them through. Still at least I know I am on their gullible list. I suppose it could be because I have so little with them that they probably think could be good for a few bob more.
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Lendy (L) in Administration
phonecalls
Mar 27, 2018 16:51:34 GMT
ozboy likes this
Post by loftankerman on Mar 27, 2018 16:51:34 GMT
Through long standing savings arrangements with Equitable Life I had a ‘manager’ who was fairly ‘hands off’, mostly just being the signatory of status reports. When their situation started to look worrying, I found that I suddenly had new ‘manager’. He would call me with a sense of urgency offering great new opportunities, wanting me to ‘maybe just put £1000 in.’ and he always wanted to know if I had any friends who might be interested. I don’t remember that persisting for very long before they closed to new business and the next and darker phase was entered. It has been that pervading and now extended sense of déjà vu that I have been having for the past 12 months that has got my involvement with Ly down to under 4k in DFL004 and DFL005. I don’t await my phone call as we have Call Guardian on the land line, so cold calls never gets through.
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Post by loftankerman on Mar 24, 2018 15:15:55 GMT
Which makes me wonder why so many sign up in the first place I had to sign up for a number of platforms in order to get in and have a look at their offerings before deciding not to bother. One web site was so appalling I phoned them up to confirm they really were that bad. It turned out to be an estate agent who'd hit on the idea of getting into P2P. I couldn't talk to anyone because the only guy dealing with it was out of the office. So I declined to be called back and asked if they could delete me from their membership list. He said they couldn't because they were required to keep me on it for some period. I have forgotten what it was but he said after that period I'd be deleted from it if I hadn't followed up with any transactions. So just being inquisitive can ramp up the number of folk signed up. I worked in an office once where one of the girls had a sign by her desk saying "Before you meet the handsome prince, you get to kiss a lot of frogs!" I guess it is a similar thing with P2P platforms.
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Post by loftankerman on Mar 24, 2018 9:10:29 GMT
Why on earth would Lendy pay interest on loans on the SM? In the good days not only would you have been able to milk free interest with INPL, you could put loans straight onto the SM and be paid as you are offloading your risk... Can't blame Lendy for this rule to be honest! I can't argue with the logic of that, and having a rule preventing it would be essential for an equitable approach to T&C. I still think that the broad brush grab is perhaps a bit one sided. I don't think my position lacks objectivity as my remaining loans with Lendy aren't on the SM and I have 25 times as much on a platform with no SM and they are in until the end, whatever that may be.
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Post by loftankerman on Mar 20, 2018 15:24:28 GMT
Finally! Fair play to Lendy for eventually getting a capital repayment and interest paid on this loan. Like @magenta14 I have reinvested some money back into the platform but Lendy still have a long way to go to regain my trust to how it was over 12 months ago. But this is a start. The full amount of capital repayment would have been nicer, tbh. IF the borrower received £4M for the freehold, £2M was returned to lenders, c. £1M used to repay outstanding interest and extend the loan for 6 months, which suggests c. £1M was kept by the borrower for 'working capital'. Given this development has completed, I don't see how further capital was required on this loan, and to my way of thinking, it should have been returned to lenders. (I'm not usually this much of a nit-picker, but £1M gets you a lot of nits.) I assumed that the sudden rule change so that Lendy no longer had any need to ensure a loan was being used for the stated purposes, was to give a nudge nudge, wink wink and facilitate the working capital being set working busily at Stalag Luft Yorkshire.
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Post by loftankerman on Mar 20, 2018 13:45:47 GMT
£497.09 hastily withdrawn!
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Post by loftankerman on Mar 20, 2018 12:31:00 GMT
Tranche 20 now in prefunding with 2% Cashback....I also note from the e-mail a further further extension is now being added until April 2019.... "Following subsequent discussions with the borrower we have agreed to extend the loan term by a further eight months to April 2019" Last mention was 2 Feb update saying "we have agreed to extend the loan term by a further four months (making eight in total) to December 2018." Seems to be following the line of DFL005 extension after extension after extension. Makes me wonder if there'll be convoluted dealings and excuses to hang onto my DFL005 money until this one ends or goes belly up. They're part way there already.
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Post by loftankerman on Mar 18, 2018 19:20:26 GMT
I suspect that Lendy's position seems to be so weak at present that anyone owing them a large amount of money probably has the upper hand and can run them ragged. They won't admit it to lenders, so their chosen option is to bluster it out. I haven't posted a review on Trustpilot as I feel that anyone bothering to read those already there before pitching in will have had enough warnings spelt out for them. I can't bring myself to give them a good review even if much of the messing about we are getting isn't directly down to them.
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Post by loftankerman on Mar 18, 2018 13:39:14 GMT
somebody has just left a five star review, pretty much parroting the Lendy line about following the advice not to put all your eggs in one basket and reading the valuation reports carefully. It looks like someone may be doing a bit of trolling or Lendy staff are working from home over the weekend desperately fighting a rearguard action trying to hang onto their jobs.
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Post by loftankerman on Mar 18, 2018 9:28:56 GMT
I'd be surprised if Lendy make it to the end of the year. Clearly they've lost the confidence of investors and more importantly most of the big hitters left about 12 months ago. Looks to me there's not enough investors left to fund big loans and big tranches imo. They appear to be in a death spiral. Will be interesting to see how well the founders come out the other end. Their communication to investors is appalling, especially as these investors are merely trying to evaluate what is left of their 'investments'. Good luck anyone left in with a sizable chunk, you're going to need it I would guess. Yes, I'd say your 'death spiral' is consistent with my Circling the drain that I remarked on last year. They're a lot closer to the plug hole now. Businesses in that state can find that when the word is out, customers start dragging their heels paying bills, expecting it'll cost them less later. A moderate string of extensions could have the same effect in Lendy's case.
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