We noticed some strange inaccuracies on $Lenndy statistics page:

The cumulative invested amounts reduced by almost 10M EUR.
For example, previously for April the total invested amount was EUR 38636269, today for April it is displaying EUR 29444634. An archive screenshot from January also shows the decrease in cumulative volumes.

Comment from Lenndy: This is because our IT department have transferred all active claim rights with buyback guarantee to “active claims” section and changed the status of loans to “combined loans” regarding this they did not update the statistic so the numbers have increased as the same loans appeared twice in the “active investment” section and “active claims” section.. When we noticed the inaccuracies, our accounting department with the help of IT have updated the numbers to be up to this date.
I have forwarded your concerns to our IT department, to look into this, if the case if different to what I have mentioned above, we will let you know immediately.

Another P2P legal action group is being created. $Lenndy investors are welcome to contact #BulldogP2P to get involved in a law suit. You can reach him on Telegram: @Bulldog_p2p

Lenndy Telegram group: t.me/lenndyP2P

$Lenndy is processing withdrawals for P2P influencers like #BulldogP2P in less than a day: "I sold my portfolio's this morning at a loss. I received the funds this afternoon. Happy to leave and not have to bother any further"

At the same time other investors are waiting for weeks:

$Lenndy is offering investor to exit for 50% discount: "We have received a letter from operator First Finance, stating that they have a buyer, who is interested in buying your published sales in second market with 50% loss."

Note that the same people are behind $Lenndy platform and their Loan Originators, so this communication just like the offer is a joke. But as the team behind $Lenndy has stopped withdrawals and are causing a panic among investors, then getting back at least 50% is something many will consider.

$Lenndy has created payment schedules with following approach:

1. Interest will be calculated only until March 17th, 2021, but payments are planned until March 2024, so basically investors will provide capital for 3 years with no interest at all.
2. Previous agreements will be ignored - repayments won't be based on the loans that investors funded and their performance, but on overall cash-flow from each loan originator.
3. All payment schedules will make small monthly payments, and a very big payment at the end. Is that realistic? Or just another way how to kick the can down the road?
4. The payment schedules have wrong year at the end.. Does not leave a good impression.

First Finance payment schedule in attachment

According to Latvian company register from 02.05.2017 till 24.01.2019 Lenndy SIA was 100% owned by Donatas Šatkauskas, and from 24.01.2019 till today Lenndy SIA is 100% owned by Fintrust group UAB.

Who is behind Fintrust group UAB? Latvian company register says that there are 4 beneficial owners, which means that all of them control 25% of Fintrust group UAB:
2. Teresa Januteniene

In October 2020 Lenndy sent us following comment: "The decision has been made to establish a holding structure – Giantus Group – as a mother company. This means that from now on the shares of P2P lending marketplace Lenndy as well as loan operators First Finance and Daily Credit will be consolidated into Giantus Group."

$Lenndy platform is changing its business model and will no longer sell loans secured by the BuyBack guarantee to investors. Lenndy platform operators re-purchased all loans with „Buyback“ guarantee from Lenndy investors on March 17, 2021. All capital + accrued interest as of March 17, 2021 is redeemed.

* Priority is covering full capital first and after capital is returned in full, the accrued interest will be covered.
* Each loan operator covers liabilities for repurchased claim rights based on its cash-flow.
* Lenndy ensures that all funds, received from loan operators, are distributed to the investors in proportion to the size of their portfolio.
* Following the re-purchase of claims from investors, the loan operators became directly indebted to the investors as legal entities.
* Investors may sell their receivable claim rights which has been re-purchased by operators to other investors in Lenndy secondary market platform.
* Lenndy always monitors cash-flows of loan operators. In addition, Lenndy conducts financial audits of loan operators.
* Lenndy can provide each investor with a detailed list of re-purchased claim rights. Get in touch at hello@lenndy.com for detailed information, if required.
* Lenndy initiated all the processes and protects the interests of investors in consultation with the law firm TRINITI JUREX. triniti.eu

From their blog: lenndy.com/blog/67

$Lenndy investors are not happy, considering legal action. Another P2P Titanic?

Discussion about P2P marketplaces, collateral and buyback guarantees. Focus is on $Mintos, but the same applies to other marketplaces as well: $PeerBerry, $Bondster, $Viventor, $IUVO Group, $Lenndy etc.

Bertrand J: I met a Mintos loan originator who proposed me a note in 2017. He told me buyback guarantees are not much guarantees, and it’s more interesting for him to borrow a large amount (we didn’t discuss the amount) from me than to have to deal with Mintos and investors mainly interested in short term loans. I declined the offer but it exists if you are interested. As dumb unwealthy guy I wouldn’t do it, though. I don’t even invest on Mintos or other platforms anyway.

Peer Duck: Once again, claim rights to individuals, which investors consider to be holding, are nothing more than a fancy wrap. You are dealing with the business loan for the operational needs backed by a portfolio, and nothing else. So yes, the straight loan to a LO with the clear purpose would be actually much more beneficial for both sides, with no resources to waste on the plywood claim right purchase. so, at the end of the day, all your "diversification" is concentrated inside a non-banking lending industry, maybe some moderate international diversification, but zero cross-industry. While there is no sufficient data to build a correlation model between different LOs, no doubt it is higher than 0.5 and does not add any durability to portfolio

Kristaps Mors: In many cases even this part is not true: “backed by portfolio” 🙉 instead backed by hopes & promises

Peer Duck: I took a Mintos a model, they indeed put a pledge on loan originator assets.

Kristaps Mors: In all cases? Then hard to understand why recoveries are so slow and difficult

Peer Duck:
1) Can't comment, possibly some grey schemes for affiliated companies may took place
2) Overvalued portfolio (Aforti f.e)
3)"Controlled landing into terrain" by C-levels and other exit-strategies to leave a burden on the weakest (penny investor)
4) for most cases, recollection from default LO would never cover 100% of a principal, and I would never believe it was intended to (otherwise it is a claim for a riskless investment)

Me Myself And I:
5) even if you have a pledge on the whole portfolio, you need to be able to pull it off (legally and operationally) otherwise it will be pink elephants in the sky. Looking at my favorite examples Capital Services and Monego ... for CS even having a direct claim, but if you are not able to reroute the payments and negotiate yourself to dead until all money has been spend...not worth the paper the contracts were written on
For Mintos, if the other side doesn’t play ball and you don’t get them nailed legally with personal liabilities...🤷🏼‍♂️

Giannis Lever:
1 - is a complicated legal process that depends on agreements signed and a lot of details, like is it the only claim etc. Also on the legal procedure to be done. Bancruptcy - longer, mortgage - faster. Also depends on the other end, they can argue all the way, this will make it at least 3x longer.

Peer Duck: It also depends on the portfolio quality. It's quite easy to inflate a portfolio with low-quality loans prior to the meltdown

$Lenndy has disabled withdrawals, support explains following: "Hopefully the IT work is done and the transfers start to start by the end of next week."