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Post by loftankerman on Feb 23, 2018 16:27:48 GMT
"What we can say about DFL005, however, is we have had very positive and constructive meetings in person with the borrower this week, and believe we now have a viable solution, which will be implemented shortly."
Track records being what track records are, my money is on this 'viable solution' being another tranche and extension.
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Post by loftankerman on Feb 21, 2018 17:45:44 GMT
Yeah, mine has dropped too, which surprises me. I have been expecting it to disappear altogether. Still there's plenty of time for that to happen.
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Post by loftankerman on Feb 20, 2018 11:38:15 GMT
The only up-side I see here is that my expectations of DFL004 are significantly lower.
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Post by loftankerman on Feb 19, 2018 14:14:56 GMT
Well just looking back through the updates in true L style... 17/02/2017 Borrower is expecting to redeem by the end of the month 03/03/2017 We are expecting repayment imminently. A year on, no money and no clear sight of when this may happen. Currently 426 days over due I had money in this loan when those updates were released. I'm so pleased to have gone with my gut and got out at that time. This was something I got into briefly a while ago and it seemed like a reasonable proposition with a buyer lined up. Then the borrower was said to be delaying the sale in favour of a 'lucrative contract' to sell off some of the resources on site. I couldn't imagine having the site devalued in that way would impress the intending buyer. I wouldn't have been pleased. I gave it until the impending sale quietly disappeared and talk turned to a refinance. I wasn't too sure if the site minus removed resources would be that attractive as the eager enough buyer had backed out. I got out a week before the endless routine of 'Now you see it, now you don't.' imaginary repayments began.
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Post by loftankerman on Feb 17, 2018 11:33:48 GMT
So apparently, Lendy thought (wrongly) that yesterday was a good day to bury bad news?
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Post by loftankerman on Feb 17, 2018 11:06:33 GMT
I noticed this new update on the DFL005 page yesterday. I was surprised it didn't get a mention here as it does evidence progress on the project although not necessarily repayment, reports of which are still nebulous. "A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."To me this is a step back. When Lendy said that the money was ready and the only thing missing was the legal DD, I thought the sale was at a very advanced stage. From this update (basicaly just saying they are confident about the sale, with no timescale attached), the exchange date might be 3-4 months away or even uncertain.... It's only a step back for those who've believed the tales of impending sale we've been fed since the Autumn. In terms of it now being allegedly certified that there is something to sell, it could be regarded as a step forward. However, there is a vast difference between having something to sell and a Sold sign going up, as we all know.
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Post by loftankerman on Feb 17, 2018 10:09:22 GMT
I noticed this new update on the DFL005 page yesterday. I was surprised it didn't get a mention here as it does evidence progress on the project although not necessarily repayment, reports of which are still nebulous.
"A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."
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Post by loftankerman on Feb 16, 2018 17:10:25 GMT
In the latest update: "As one of just two companies in our sector that makes a profit " At what cost eh lendy? You make the millions whilst lenders lose millions! Why don't you deliver on your promise on this site and top the PF up from your profits? Lendy is a short term model, at who's expense? Still they claim no losses. Well I suppose that although many of the spinning plates are now apparently falling, the exact amount of damage is unknown and hence unquantifiable. It's a bit like that dude's cat in a box. Until we open ours and see shattered plates Lendy has both losses and no losses and would reasonably regard the latter to be the one to talk about.
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Post by loftankerman on Feb 15, 2018 23:41:42 GMT
Let us hope this isn't a repayment has fallen through but hey look at how good the security looks! Maybe their fingers slipped, and those pics were only intended to be released when they launch the next tranche to fund a further extension...? Yeah! Things look pretty finished off, making me wonder if the whole thing wasn't really completed on schedule last October and the out of the blue extension and tranche, added to the outstanding repayment had been funding a field of sheds elsewhere.
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Post by loftankerman on Feb 15, 2018 14:40:42 GMT
Presumably Lendy have shrugged and asked: "What didn't these people understand about "Your capital may be at risk" "
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Post by loftankerman on Feb 15, 2018 13:19:04 GMT
I anticipate that the buyer will now approach Lendy with a property valuation of around £3.5M and want to borrow a couple of million to do something or other with it.
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Post by loftankerman on Feb 11, 2018 16:14:24 GMT
I've been in this for the past 15 months. I found the progress reports a bit puzzling when they were read carefully rather than skimmed. Until about July last year they mostly consisted of 'they've got more of your money' with a couple of 'no changes'. In July it looked as though Lendy had started taking more of an interest in it but given that the many descriptions of progress and positive messages seemed somewhat repetitive, erratic and possibly conflicting, I wondered if they were reporting progress against different new plans as failing predecessors fell away. It could be that Lendy are just useless at reporting progress even when they have something to say. Regarding Bonus Interest, I never bothered to get my head round that one as I was down to my last two loans with no intention of taking on any more. It came as a surprise to me to find that I am supposed to be getting bonus interest on this.
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Post by loftankerman on Feb 11, 2018 9:13:42 GMT
I think there are already institutional lenders on the platform. I have seen some large investments made on loans that are invested in such a way that it makes me believe that they are being encompassed in a bond(And I don't mean James!)
I have seen the same user buy 10 x £10k in one loan and then buy 10 x £10k in another loan. If that was an individual, why not just buy it as a £100k lump and not mess around with different loan parts?
With all the money that will be heading into IFISA this year, there may be a fight to find a home for it all. However, we will see.
I must say that I have been wondering to what extent my favourite platform will be diminished from a returns point of view if they can source their funding more cheaply from their own planned IFISA and input from others.
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Post by loftankerman on Feb 10, 2018 10:48:48 GMT
Once again 9 of the loans indicate they were repaid on 10/2/2018 and seem to be incrementing daily. This is clearly an error but perhaps there could be other errors in the values themselves, or calculation of interest as this demonstrates the lack of care whilst coding the platform. A careful check and redesign is required. Ah! Coding, there’s a term describing a dead art, if ever there was one. These days coding seems to have been mostly discarded in favour of having someone allegedly capable of producing web pages from templates to make sites look nice and having the skills to hack in some misunderstood, unverified open source functions from the Internet. Why would you expect anything to work?
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Post by loftankerman on Feb 9, 2018 16:35:12 GMT
So stripping aside all the redundancy in the statement, it's mañana again. there's a relief, I was almost getting worried about how I should spend my money.
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