TitoPuente
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Post by TitoPuente on Nov 26, 2018 21:27:25 GMT
It's time the regulator forced Lendy into administration, and loan agreements transferred to investors, particularly with a potential property crash getting ever closer with several successive months of flat-lining and receding prices - Valuations aren't going to get much better than they currently are. I've submitted a 17 page fact file to BBC's Watchdog, anyone else of a similar mindset ought consider doing the same, it has a habit of making regulators and Ombudsman prick their ears up, and thousands of "investors" speak out, as well as condemnation by other successful platforms. Waiting for Lendy to work through £130m of ever increasing distressed loans is foolhardy, they have neither the skills, manpower or any sense of urgency, they can't even keep in regular communications anymore, and they can't fund any of the upcoming tranches either. As others have pointed out Lendy are still turning a profit while investors have been taken to the cleaners. This isn't a situation that will continue forever with no new investments, the pyramid will collapse and the time to act will have passed. Their recovery ability is limited to the one or two percent they make on loans, rather than the 12pc we're owed, to say nothing for capital itself. The regulator needs to be made aware that this situation is untenable in the long term, and is simply placing investor funds at even further risk by plodding along at a snail's pace while everyone is pointing the finger of blame but doing nothing about it other than complaining at each other. Sitting about on a little corner of the internet hoping Lendy will still be here next month and waiting for repayment emails which may never come isn't going to make this bad situation any less bad, it's inviting it to get worse. Action needs to be taken immediately, by all investors. FSA and Ombudsman complaints are the only way to get things moving before there's no Lendy left to move. I would urge every investor to follow Lendy's complaints procedure with detailed concerns in order to obtain a final response, and then immediately proceed to the Ombudsman. While you wait for a final response in the mean time I would suggest beginning to collate information detailing how and why you believe Lendy has arrived in it's current state, and why you might feel that their recovery action simply isn't producing results at a reasonable standard. The PR disaster means no new investors are coming on board, and that is no fault of investors. Lendy have absolutely no business launching a 2nd "Wealth" product with their current track record, it's trying to put out a fire with petrol. At the very least we may be able to walk away with new regulations to ensure this sub-prime lending debacle isn't allowed to trap innocent unsophisticated and retail investors in future. NO
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TitoPuente
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Post by TitoPuente on Nov 26, 2018 21:24:29 GMT
Any news on this loan Lendy Support ? The last update said refinance was very close to completion and providing formalities went to plan, it was expected to be repaid by the end of November. This loan is over £9 million and dare I say it, a full repayment with accrued interest may just go a long way in getting the tranches filled in the other loans. Refinance postponed until Feb 2019. Lets hope I'm wrong. Hi rs, it's always appreciated that if you are kind enough to share some genuine information in this forum, you provide a commentary on the source and context. Otherwise it may be considered troll activity which is not what this forum is about.
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TitoPuente
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Post by TitoPuente on Nov 26, 2018 21:09:23 GMT
Let's not forget that BDO was and is a second tier bean counter outfit. They are a collection of the most mediocre professionals in the industry. They hire whoever ring their bell and their staff turnover is the highest in the industry (i.e. as soon as someone gets a better job, they leave). I have personally dealt with them. I am not surprised that they have achieved nothing in 6 months. They are useless. Having said that, this is not their macabre opus. They are just passive rent seekers of a deeply corrupt system. That is how they operate and profiteering from the system is most of their business. Is there something that can be done to, at least, make their life a bit more difficult? There should be.
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TitoPuente
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Post by TitoPuente on Nov 19, 2018 21:31:55 GMT
There are now additional 34k offered at 5.2% discount or I'm wrong?
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TitoPuente
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Post by TitoPuente on Nov 19, 2018 21:10:58 GMT
It would be nice to be asked (or at least forewarned) of extensions. Looking at the history of MTAV714 we have in May "This loan was due to be repaid by the deposits on the pre-sold units. Since the sales have been slower than anticipated, the borrower does not hold sufficient cash on account to cover the redemption due at the end of this month." In August "This loan is due to expire on the 24th August where we were expecting a refinance to repay the facility. Given the size of the required facility (c£40m), the refinance is taking longer than expected... providing a further three month extension." In November "This loan is due to expire on the 24th of this month. Whilst two offers of refinance with development finance are progressing well, due diligence is still ongoing. We have agreed a further three-month extension." Now, I think MT deals with its lenders better than some of the other companies (Ly I'm looking at you). I know other lenders can think of investments where a string of delays and extensions supported by promises of forthcoming finance ended in the loan defaulting, or worse drifting into the Neverland of nothing happening. At the end of the day this is lenders money and it is annoying to have decisions made without consultation or sight of a final line beyond which MT will not go. Exactly. That's why many of us lenders are pulling out as fast as we can to go back into equities that start to look attractive again. P2P will feel the effect.
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TitoPuente
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Post by TitoPuente on Nov 6, 2018 7:52:06 GMT
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TitoPuente
Member of DD Central
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Likes: 655
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Post by TitoPuente on Nov 6, 2018 7:44:40 GMT
Can we have an update on this one? Why is the borrower not paying interests? The loan is within term and plan. Are the tenants still there and paying their rents? MoneyThingSophieThing
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TitoPuente
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Post by TitoPuente on Nov 3, 2018 10:01:53 GMT
If I understand correctly the latest update, Lendy is letting a new lender take a first charge in exchange of a refi loan that is lower than Lendy's current loan. ? If the value of the property is close to the stated £5m or at least a bit higher than the loan value of £3.49m, why not just sell and repay? The Duty of Care is being used as toilet paper.
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TitoPuente
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Post by TitoPuente on Nov 1, 2018 8:49:47 GMT
Mr CL may be referring more to old FC practice of lenders in a beggar thy neighbour 0.001 increments (still practiceable on HC). 0.5 steps cuts out all such shenanigans with a more efficient sifting of genuine sellers from silly buggers. Just my opinion (and ACs), I will ignore yours too. Plenty of room for differing opinions for sure I don't get though how some sellers are genuine and some not. They all seem like sellers to me. As I said - if someone can show me how ABL's much less restricted model doesn't work I'd be grateful. The rationale for discounting at finite steps (say, 0.5%) is to limit gaming the FIFO principle. The ability to apply trivial discounts (-1.000000001% vs. -1%) rewards the fellows with all the time in the world to be online undercutting the ones that don't.
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TitoPuente
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Posts: 624
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Post by TitoPuente on Oct 29, 2018 20:55:44 GMT
The case has been successful in court so far. The order is available on google I guess you have a reading comprehension issue, buddy. To say the least.
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TitoPuente
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Post by TitoPuente on Oct 29, 2018 20:52:24 GMT
This has all been taken out of proportion and the FT has totally turned yellow on this (and other) subjects lately. Respectable journalists are harder to find these days and clicks are king.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 24, 2018 20:08:02 GMT
Another no way José.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Oct 24, 2018 19:59:07 GMT
Post by TitoPuente on Oct 24, 2018 19:59:07 GMT
Perhaps this was already reported. It is very frustrating that the search function does not include the thread titles! This is crippling as many discussions are indexed by the loan number in the title. Can this issue be addressed?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 24, 2018 17:29:39 GMT
Agree, but patience works a lot better when there is information.
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TitoPuente
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Posts: 624
Likes: 655
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Post by TitoPuente on Oct 23, 2018 17:48:53 GMT
Interests more than a month late, and refinance seems unlikely.
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