We provide fortnightly Platform updates on all live loans. In these updates Lendy will comment on the borrower’s progress to achieving the exit strategy. We will also disclose adverse information we determine to be material, and which we consider might significantly impact upon an investor’s decision to purchase or sell loan parts of the relevant loan on the secondary market (Available Loans). In some situations, Lendy may deem it appropriate to give investors an ad-hoc Platform update outside of the fortnightly Platform update.
In line with our regulatory requirements, we will sometimes suspend secondary market (Available Loans) trading for loans which are in term or within the tolerance period when we receive, or become aware of, information which we consider to be material and which we think may significantly impact upon an investor’s decision to purchase relevant loan parts on the secondary market (Available Loans). Were this to occur we would give an ad-hoc update to investors outlining the situation. Trading of the loan on the Secondary Market would remain suspended until such time as our investigations convince us that the issue is immaterial or where a full disclosure could be made to investors without prejudicing any recovery action against the borrower or the security property.
Please note that in the event of a suspension of secondary market trading, those with loans for sale on the secondary market at the point of suspension will not receive or accrue interest in line with our usual policy. Investors may therefore wish to cancel the sale of suspended loans.
In some circumstances, we may be limited to the level of information we are able to disclose. This may be because we are under a regulatory duty or under a legal obligation to withhold the information, or because the information is commercially sensitive and its full disclosure might be harmful to the interests of investors.
Lendy has a period of up to seven days, following being notified or becoming aware of material information which may require disclosure, in which to investigate the matter(s) or any surrounding matter(s) before disclosing the material information to investors or suspending trading of a loan on the secondary market (Available Loans).
From 18 February 2018 we are launching enhanced update functionality on the platform which aims to provide updates that are as near to real time as possible.