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Lendy

Terms & Conditions

Lendy is an online crowd funded investment platform. Investment opportunities are made available through the Lendy Platform for investors to invest in loans made to borrowers who have satisfied Lendy Ltd that their security is creditworthy. (Lendy and Lendy are trading names of Lendy Ltd. who may be contacted at RSM RESTRUCTURING ADVISORY LLP, 9th Floor 25 Farringdon Street, London, EC4A 4AB)

  1. Introduction
    1. Lendy is an online crowd funded investment platform for asset backed secured loans. These terms and conditions regulate the relationship between Lendy and Lendy's Investors.
    2. Lendy permits investment (for a fixed return) into existing asset backed secure loans already in place. These loans are secured against assets which are held in our possession for the duration of the loan.
    3. Should the borrower fail to repay the loan, the asset will be sold to recover the existing loan plus any interest owed.
    4. In these terms and conditions "we", "us" and "our" mean Lendy (a trading name of Lendy Ltd) and "you" and "your" mean the Lendy Investors.
  2. Eligibility
    1. To register with us you must meet our Eligibility Criteria. This means that:
      1. you must be an individual, at least 18 years old, living in the EU; and
      2. you must have a bank account in your own name or your company's name.
    2. To be eligible as a Lendy Investor, you must also:
      1. only ever lend your own money; and
      2. not be a credit broker or lend money to other persons in the course of any business.
    3. If you meet our Eligibility Criteria, you can register with us as a Lendy Investor. As part of this process:
      1. we may make identity and fraud checks;
      2. you will specify a Lendy Username and Password.
    4. When these steps have been completed, we will register you as a Lendy Investor, give you Passwords and set up your Lendy account.
    5. If we are unable to complete any steps in clause 2.3, we will not register you.
    6. Lendy will carry out Anti-Money Laundering checks on its own behalf and on behalf of its Investors. We use a third party company to complete these checks to fulfil our AML obligations.
  3. Using Lendy
    1. To earn interest through our platform you must log on to Lendy. When you have transfered money into your Client Deposit Account you must then allocate money to existing loans to start earning your interest rate. Money left in your Client Deposit Account will not earn interest.
    2. When you enter Lendy we will check your identity by asking for Username and Password. As long as the correct Username and Passwords are entered, we will assume that you are the person giving instructions and making transactions and you will be liable for them. You must therefore keep your Passwords secret (as well as other codes that protect access to your Nominated Account) and make sure that they are not stored on your workstation in a way that enables others to impersonate you. In addition, for the avoidance of doubt, if you disclose your Passwords to any person or entity whom you employ or otherwise retain, appoint or authorise to access Lendy you are also responsible and liable for any access, use or misuse or disclosure of your Passwords by such persons or entity.
    3. We can refuse to act on any instruction that we believe:
      1. was unclear;
      2. was not given by you;
      3. might cause us to breach a legal or other duty; or
      4. if we think Lendy is being used for an illegal purpose.
    4. You must never tell anyone else your Passwords (nor other codes that protect access to your Nominated Account) or write them down without disguising them.
    5. You must tell us as soon as possible if you think that someone else knows your Passwords (or other codes that protect access to your Nominated Account) or can use Lendy by impersonating you. You can contact us by using the contact us form or by telephoning us on 08454 747 141. Until you tell us:
      1. you will be responsible for any instruction which we receive and act on, even if it was not given by you; and
      2. we will not be responsible for any unauthorised access to confidential information about you on Lendy.
    6. Your Lendy Account will show:
      1. the amount credited to your Lendy Client Deposit Account and the amount you have Invested;
      2. details, including visual images of any Assets Borrowers have pledged as security for Loan Agreements, redacted valuation reports, a short description of the Borrower's requirements;
      3. certain personal details; and
      4. information about our platform.
  4. Investing
    1. If you decide to make funds available to our platform, then in order to ensure funds are quickly available, you must first pay the total amount you wish to lend into your Lendy Client Deposit Account by bank transfer or direct debit from your Nominated Account. Please always quote your unique reference as a reference on any bank transfers. All payments you make with your username included will be displayed as a credit in Your Lendy Client Deposit Account. The Lendy Client Deposit Account is separate from the investment business of Lendy. Your funds remain secure but interest will only be paid when you have funded loan parts. Investors may fund either a single loan or multiple loans. The minimum amount you may fund in any single loan is £100. For the avoidance of doubt, if you fund more than one loan at any time, these Terms and Conditions shall apply to each separate funding you commit to.
    2. Lendy will make statements available to members electronically and reserve the right to charge an administration fee of £10 for each paper copy of such statements or for statements covering a non-standard time period for which Lendy would not normally provide a statement.
    3. Existing Active Loans which Investors may fund are viewed in the Loans page. Information contained in the Loans page include: the Loan Amount, the Security Value of the Asset, the Loan To Value Ratio (LTV), the description and photo of the asset, a redacted valuation report where available, and a short description of the Borrower's requirements.
    4. Lendy guarantees the enforceability of all its existing Loan Agreements.
    5. By funding a loan, you are agreeing to enter into a Loan Agreement with Lendy. Once you have Invested in a loan, the funds cannot be removed for the duration of that loan.
    6. The loan will remain in place until the borrower repays the loan, upon which time the funds plus interest earned will be made available to you for withdrawal or reinvestment.
    7. The period of the loan ("Loan Term") will be, in all cases, a fixed term of seven months, subject to renewal in accordance with clause 5.6.
    8. Borrowers may settle their Loan Agreement in full or in part at any time, although Borrowers will not be able to redeem Assets unless the applicable Loan Agreement is settled in full. Early settlement of a Loan Agreement may reduce the return available to Investors who earn interest on a daily basis.
  5. Repayments, defaults and renewals
    1. Borrowers may pay off their loans in full or in part at any time during the Loan Term. Interest and charges will be calculated on a daily basis up to the date the loan is repaid (which is the date that all repayments due under the Loan Agreement have been made to the Lendy Client Deposit Account) subject to a minimum of 30 days' worth of interest and charges accrual. The outstanding balance is updated daily on Your Lendy Account.
    2. If seven days have elapsed since the end of the Loan Term and we have had no response from the Borrower and the balance outstanding under the Loan Agreement has not been repaid, Lendy will, acting on behalf of the Investors, at its option, enforce the default procedures set out in the Loan Agreement, including:
      1. Lendy will send a letter to the Borrower explaining the process which it intends to follow in disposing of the Asset at auction at a specified date and location. The letter will be included with any statutory notice which we are required to serve under the CCA before exercising our rights to invoke the default provisions set out in the Loan Agreement.
      2. The auction date will be a minimum of 14 days from the date of such notice. The Borrower will have until the auction date to repay the balance outstanding under the Loan Agreement or renew the loan in accordance with clause 5.5. Interest will continue to be charged up until the point at which the Assets are sold by Lendy (either at auction or otherwise);
      3. Lendy provides no guarantee or warranty that the Market Value of any Asset will be realised at auction; and
      4. an additional administration fee of 5% of the loan value will be deducted from the net proceeds of sale of the Asset at auction (after deduction of selling expenses such as commissions). Net proceeds of sale of Assets shall be used to settle amounts due in the following order:
        1. principal amount of loan which was funded by, and is repayable to the Investors (allocated in proportion to the loan amounts funded);
        2. fees due to Lendy in accordance with Lendy Ltd's Terms and Conditions;
        3. interest due to the Investors (allocated in proportion to the loan amounts funded); and
        4. the balance (if any) will be returned to the Borrower to their Nominated Account.
      5. In the event that the asset turns out to be stolen or fake, Lendy will reimburse all invested funds to Investors.
    3. If the Asset is not sold at auction, Lendy will settle the Borrower's loan, at the reserve price, and legal title to the Asset will pass to Lendy, as agent for the Investors, in accordance with the terms of the Loan Agreement and the CCA. Lendy will then, at its discretion, seek to find a private buyer for the Asset or arrange a further auction. If Lendy sells an Asset privately or at a subsequent auction, the net proceeds of the sale shall be used to settle amounts in the following order:
      1. principal amount of loan which was funded by, and is repayable to the Investors (allocated in proportion to the loan amounts funded);
      2. fees due to Lendy up to the date of sale in accordance with clause 9;
      3. interest due to the Investors (allocated in proportion to the loan amounts funded) up to the date of sale; and
    4. Lendy does not guarantee the period of time taken to dispose of an Asset and realise proceeds for reimbursing the Investors.
    5. A Loan Agreement may be renewed at the end of the Loan Term by the Borrower.
    6. A loan will only be eligible for renewal if all interest and charges due under the Loan Agreement and/or these terms and conditions, have been repaid in full. If interest and charges have not been repaid within seven days after the end of the Loan Term, the default procedures set out in clause 5.3 shall apply.
    7. Once the renewed loan has been funded and the interest and repayments under the original loan have been repaid, a new Loan Agreement will be entered into in accordance with Lendy's Terms and Conditions.
    8. When a loan is renewed it will be offered to investors as if it was a new investment opportunity
      1. In the event of a loan renewal all interest owed and funding made in the initial loan, will be returned to the investor's client deposit account.
  6. Your Lendy account
    1. We will hold in the Lendy Client Deposit Account the amounts you wish to lend, including amounts you have committed to Invest. These will be recorded as a credit to the Investor's Account which you can see by logging on to Lendy.
    2. All funding by Investors will be made through the Lendy Client Deposit Account.
    3. As an Investor, you can only withdraw funds from your Client Deposit Account which are classified as "available to withdraw". Available funds include amounts not invested in active loans.
    4. Withdrawals will only be made to the account provided by the Investor during the withdrawal request.
    5. If your Client Deposit Account has funds in it and there has been no activity on the account for 18 months or more, at our discretion we may transfer those funds to your Nominated Account.
  7. Fees and charges
    1. Lendy pays all fees on behalf of its investors. Lendy does not make any charges or fees to its investors.
  8. Variations
    1. We may vary these terms and conditions from time to time to accommodate:
      1. Lendy Investors' feedback;
      2. changes required by third party service providers;
      3. improvements to our platform;
      4. changes in applicable law, rules, regulations or market practice;
      5. decisions or orders of any court, ombudsman, arbitrator, regulator or any undertakings given in one of these contexts.
    2. We will always try to give you reasonable notice (and, where practicable, at least 30 days' notice) by email before making the change. If you continue to use our platform after we have given you such notice you will have accepted these terms and conditions, as amended.
  9. Term and termination
    1. Once all your Loan Agreements are repaid, you may terminate your Lendy registration by contacting us via our contact form and you will no longer be able to access our platform. However, we will continue to maintain records to the extent that we are required by law to do so. Investors may terminate their account at any time provided that they have no funds Invested in loans at the time of termination.
    2. We may terminate your Lendy registration if you have provided us with materially false information, seriously or repeatedly breached these terms and conditions, die, become bankrupt or make a voluntary arrangement with anyone you owe money to.
    3. We may either terminate or suspend your registration immediately and without notice if we are aware or reasonably suspect that you are engaged in, or may be the victim of, any fraudulent activity. We will then notify you of any such termination or suspension as soon as is reasonably practicable, to the extent we are permitted to do so by applicable law.
    4. With the agreement of any investigative authority, when we terminate your registration, if you are an Investor, we will terminate any loan parts funded and we will send you the amount credited to your Client Deposit Account to your Nominated Account.
    5. In the event of catastrophic damage to the management of Lendy or forced liquidation of Lendy events will be handled by the appointed administrators who will wind the loan book down.
  10. Use of personal information
    1. Lendy will never send you unsolicited or spam emails. There are some emails ("Service Emails") that we will need to send you. These include information about your balance and account status if you are an Investor. The full list is:
      1. welcome emails with the information you need to get started;
      2. legal information about your borrowing and lending;
      3. alerts about your investments on Lendy;
      4. updates about the progress of your loan;
      5. advanced notification of due date of repayment of your funding.
    2. We, as data controller, may use your Personal Information for: statistical analysis; to develop and improve our products; to update your records; to identify which of our, or other carefully selected organisations', products might interest you; to assess lending risks; to identify, prevent, detect or tackle fraud, money laundering and other crime; to carry out regulatory checks; keeping you informed about your lending or borrowing and for market research. In addition, if false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies. Law enforcement agencies may access and use this information.
    3. We and other organisations may also access and use this information to prevent fraud and money laundering, for example, when checking details on loan applications and valuing Assets.
    4. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies.
    5. We will keep your Personal Information confidential and only give it to others for the purposes we explained when you applied to join us, and:
      1. to meet our obligations to any relevant regulatory authority or taxing authority; and
      2. if we have to by law, the law allows it, or it is in the public interest; and
      3. if our business and/or assets (or a substantial part of them) are acquired by a third party, we may transfer personal data we then hold to that party so that the acquirer can continue to operate our platform.
    6. We will check your details with a fraud prevention agency or agencies, and if you give us false or inaccurate information and we suspect fraud, we will record this. We and other organisations (including law enforcement agencies) may use, search and access these records from the UK and other countries (eg offshore operations of UK businesses) to check your identity to prevent money laundering, unless you furnish us with other satisfactory proof of identity.
    7. We may transfer your Personal Information abroad to countries whose data protection laws are less strict than in the UK. If so, we will ensure the information is held securely to standards as least as good as those in the UK and only used for the purposes set out herein.
    8. Under the Data Protection Act 1998, you have a right to access certain personal records we and fraud prevention agencies hold about you. This is called a "subject access request", which you can make by using our contact form. A fee may be payable, but we will not charge you until we have told you how much the fee is and what it is for, and you have told us you still want to proceed.
    9. We do not disclose your Personal Information to any other Lendy Members unless it is necessary to enforce any of your Loan Agreements to obtain repayment. If you receive such information, you are not permitted to use it directly, other than in communication with us about your Loan Agreements.
    10. You agree that, in the course of generating, managing and operating Lendy, our platform will need to send to Investors certain transactional data (for example, username, loan amount and repayment details) but not your full name, post code address or payment details. We will not be liable for any use or misuse of the transactional data by others, but you must inform us of any misuse of our platform of which you are aware.
    11. You represent, warrant and undertake that none of your Member Content will violate or infringe upon the rights of any third party, including copyright, trademark, privacy, publicity or other personal or proprietary rights; or contain libellous, defamatory or otherwise unlawful material. In addition, you undertake not to use our platform or any part of the Lendy web site to:
      1. harvest or collect email addresses or other financial, personal or contact information of Lendy Members or other users from our platform by electronic or other means for the purposes of sending unsolicited communications or inviting any person to lend or borrow outside our platform;
      2. use our platform in any unlawful manner or in any other manner that could damage, disable, overload or impair our platform or the servers on which it is hosted;
      3. use automated scripts to collect information from or otherwise interact with our platform;
      4. upload, post, publish, display, transmit, share, store or otherwise make available on our platform any content that we may deem:
        1. to be misleading, harmful, threatening, unlawful, libellous, defamatory, infringing of any intellectual property rights, abusive, inflammatory, harassing, vulgar, obscene, fraudulent, invasive of privacy or publicity rights, hateful, or racially, ethnically or otherwise objectionable;
        2. to contain software viruses or any other computer code, files or programs designed to interrupt, destroy or limit the functionality of any computer software or hardware or telecommunications equipment;
        3. to be an attempt to promote or market any goods or services for your own financial benefit;
      5. register at Lendy more than once or register at Lendy on behalf of an individual other than yourself, or register at Lendy on behalf of any entity without that entity's prior written authorisation;
      6. impersonate any person or entity, or falsely state or otherwise misrepresent yourself, your age, your financial employment or personal circumstances or your affiliation with any person or entity; use or attempt to use another's account, service or system without authorisation from us, or create a false identity on our platform.
      7. invite any person to lend or borrow money outside our platform or to transact on the basis of any change (other than a change agreed with Lendy) to these terms and conditions, the Loan Agreement or any other terms or conditions contained in our platform.
    12. You agree to indemnify and hold each other Lendy Member, us, our subsidiaries and affiliates, and each of Lendy's directors, officers, agents, contractors, partners and employees, harmless from and against any loss, liability, claim, demand, damages, costs and expenses, including reasonable attorney's fees, arising out of or in connection with any of , your use of our platform, your conduct in connection with our platform or with other users of our platform or of any law or the rights of any third party.
    13. Lendy uses cookies to improve the performance of our platform and give you a better experience.
    14. Please note that by deleting our cookies or disabling future cookies you may not be able to access certain areas or features of our web site or our platform.
    15. When a visitor requests any web page from our web site or our platform, our web servers automatically obtain that visitor's domain name and IP address. The domain name and IP address reveal nothing personal about you other than the IP address from which you have accessed our site. We use this information to examine our traffic in aggregate, to investigate abuse of our web site or our platform and its users, and/or to cooperate with law enforcement. We do not disseminate this information to third parties except in aggregate.
  11. Protecting Lendy information
    1. Lendy Information is owned by us. Any use of Lendy Information otherwise than in accordance with these terms and conditions entitles us to cancel your membership. You may:
      1. display Lendy Information on a computer screen or take a reasonable number of copies for your records or store the Lendy Information in electronic form on your computer, provided that such copies and any stored Lendy Information is only used for your own personal and non-commercial purposes;
      2. not reproduce, modify or in any other way commercially exploit any of the Lendy Information. In particular, but without limiting the generality of the previous sentence, you may not do any of the following without our prior written consent (which may be withheld for any reason):
      3. redistribute any of the Lendy Information;
      4. remove any copyright, trade mark or other notice included with the Lendy Information;
      5. create a database in electronic or structured manual form by systematically downloading and storing all or any such Lendy Information.
    2. The Lendy Information may include Asset descriptions and Asset Market Values. Such Lendy Information does not constitute any form of advice, recommendation or endorsement by us, and is not intended to be relied upon by you as the sole basis for making (or refraining from making) any specific decision.
    3. We will use reasonable skill and care in the supply of the Lendy Information to you. We cannot guarantee, warrant or represent that:
      1. the Lendy Information is complete, accurate, up-to-date or error-free;
      2. our platform or web site is virus free or that their operation will be continuous, uninterrupted or error-free.
    4. Our platform contains links to other Internet sites and telephone numbers for services provided by others. The availability of such third party sites, services or material does not constitute any form of recommendation, advice, endorsement or publication of any such third party sites, services or material and we are not responsible for their availability or content.
    5. None of the content on our platform, and in particular can be relied upon by you or any third party as a guarantee of any particular result, nor does any such content constitute any form of advice, recommendation or endorsement by us, and it is not intended to be relied upon by you as the basis for making (or refraining from making) any specific decision.
    6. You download the content on our platform at your own discretion and will be exclusively responsible for any damage to your computer or any lost data that results from you downloading any such content.
    7. You may not include a link to our platform in any other site, computer or network, apart from the external address www.Lendy without our prior written consent and licence.
  12. Limits on liability
    1. We agree to:
      1. act fairly, reasonably and responsibly in our dealings with you;
      2. not discriminate against any Lendy Investor because of their race, sex, disability, ethnic background or sexuality; and
      3. correct mistakes and handle complaints promptly in accordance with any agreed time periods.
    2. Except as otherwise expressly stated in these terms and conditions, we shall only be liable for foreseeable loss or damage arising directly out of our own breaches of these terms and conditions, negligence or wilful misconduct.
    3. Our liability to you on any basis whatsoever shall not exceed the total amount of revenue earned by Lendy in respect of transactions entered into by you through Lendy, save in relation to errors in the Market Value which can be shown, by reference to an appropriately qualified independent third party, were outside the Specified Tolerance at the time the valuation was made, in which case our liability to you shall not exceed the proportion of the principal amount of the loan which was funded by you.
    4. We shall not be liable for any loss or damage arising out of or in connection with:
      1. any error or inaccuracy in the data entered by you or any other Lendy Investor;
      2. errors in the Market Value which can be shown, by reference to an appropriately qualified independent third party, were within the Specified Tolerance at the time the valuation was made;
      3. changes in commodity prices;
      4. fraud on the part of the Borrower; or
      5. any negligence, breach of Agreement, misrepresentation or wilful misconduct in relation to the Loan Agreements or other uses of our platform (other than our own).
    5. We shall not be liable for any loss or damage arising out of or in connection with lost data, lost profits, damage to goodwill or business interruption, any delay or failure to perform our own obligations under these terms and conditions due to circumstances beyond our own reasonable control. +-
    6. Nothing in these terms and conditions shall exclude or limit the liability of either you or us for death or personal injury caused by our own negligent or fraudulent acts or omissions.
  13. General
    1. If any part of these terms and conditions that is not fundamental is found to be illegal or unenforceable, such finding will not affect the validity or enforceability of the remainder of these terms and conditions.
    2. You agree that all documents that we are entitled to send you electronically may be delivered to you via information furnished by you during registration with Lendy. You will also receive by email to your email address specified in Lendy from time to time a prompt to refer you to Lendy.
    3. The records kept in our platform shall be conclusive of the facts and matters they purport to record.
    4. "Lendy", and related design, are trademarks of Lendy.
    5. If we do not strictly apply our rights under these terms and conditions at any time, that will not prevent us from doing so later.
    6. These terms and conditions are in English and governed by English law which shall also apply to the establishment of our relationship with you. We will only write and communicate with you in English.
    7. If any taxes apply to you as a result of entering into this agreement you must account for them yourself.
  14. System complaints and dispute resolution
    1. If you want to make a complaint about Lendy you can email via our contact us form, with brief details of your complaint and your account number. Our customer service staff will acknowledge your complaint by email within one business day. They will then investigate and send you an initial response, having had access to an officer with the authority to settle the complaint (including, where appropriate, an offer of redress). Where appropriate, the member of staff investigating the complaint will not be any staff member who was directly involved in the subject matter of the complaint. This should take no longer than five business days, but most complaints may well be resolved by close of business on the business day after the complaint is received. If the complaint is not resolved by close of business on the business day after the complaint is received, we will send you a copy of this complaints handling procedure. If you are not satisfied by our response, you must contact the Customer Services Manager, who will respond by email within a further five business days.
    2. If you are not satisfied with the response from the Customer Services Manager, you can email us via our contact us form, enclosing the responses already given to you. Your email will then be referred to the Managing Director, who will respond by email within a final five business days.
    3. Within four weeks after receiving a complaint, we will send you either a final response or a response which explains why we are not in a position to resolve the complaint and indicate when we will make further contact. You may have a right to refer complaints that we cannot settle within eight weeks after the date of complaint to the Financial Ombudsman Service.
  15. Monitoring and compliance
    1. Our internal procedures make sure that we comply with comparable standards applicable in other regulated environments and we are subject to oversight by the Office of Fair Trading (oft.gov.uk) (or any successor regulatory authority including the Financial Conduct Authority) and the Financial Ombudsman Service (financial-ombudsman.org.uk).
  16. Our legal and regulatory status Lendy is a trading name of Lendy Ltd:
    1. a company incorporated in England & Wales under company registration number 8244913, having its registered office at RSM RESTRUCTURING ADVISORY LLP, 9th Floor 25 Farringdon Street, London, EC4A 4AB
    2. the holder of Consumer Credit Licence No. 743416;
    3. registered with the Office of the Information Commissioner (registration number Z3404040);
  17. Defined terms In these terms and conditions the following words have the following meanings:
    1. "Active Investments Window" means a portal on Lendy which displays Investor's shares in loans that are active in that the Borrower has received the loan and interest is accruing;
    2. "Assets" means property owned by the Borrower that is pledged by the Borrower and accepted by Lendy, at its sole discretion, as security for proposed loans;
    3. "Borrower" means a a member who has entered into an agreement with Lendy.Ltd and who borrows money under a Loan Agreement;
    4. "Borrowing Fee" means the fee charged by Lendy to the Borrower, as specified in the online calculator and subsequent Loan Agreement;
    5. "CCA" means the Consumer Credit Act 1974 and regulations made under it;
    6. "Default" means the Borrower is unable or unwilling to settle the full amount of the debt including interest and fees on the due date of the loan;
    7. "Eligibility Criteria" means conditions set out in clause 2 of these terms and conditions which you have to satisfy to be registered as a Lendy Member;
    8. "Lendy" means Lendy, whose details are provided in clause 16;
    9. "Lendy" means the lending platform operated by Lendy;
    10. "Lendy Information" means all information delivered to you by us during your use of our platform, including all copyright, database rights and all other intellectual property rights in such information;
    11. "Lendy Member" means an Investor or borrower (as the context so requires) who has completed the registration process in clause 2 and chosen his or her own Passwords, or entered into a loan agreement with Lendy;
    12. "Lendy Client Deposit Account" means any segregated bank account we maintain with Barclays Bank (or such other UK bank as we may choose from time to time) for the sole purpose of holding funds to which Lendy Members are beneficially entitled in accordance with these terms and conditions and/or any Loan Agreement;
    13. "Invest" means the irrevocable commitment by an Investor to fund a loan, or loans, in whole or in part and the subsequent transfer of funds from the Investor's Account to the Lendy Client Deposit Account and then allocated to a loan. "Investment" and "Investing" shall be construed accordingly;
    14. "Live Loans" means that part of Lendy which displays the loans that Borrowers have agreed to offer for Investment opportunities;
    15. "Loan Agreement" means the form of credit agreement agreed by the Borrower.
    16. "Loan Term" means the duration of the loan specified in the Loan Agreement;
    17. "Logistics Costs" means the cost of transporting your Assets to and from Lendy's premises and setting up secure arrangements;
    18. "LTV Ratio" means the ratio (in percentage form) of the amount of loan to the value of an Asset;
    19. "Market Value" means the price which we believe the Asset will sell for on the open market from time to time, as determined by the valuers acting on our behalf;
    20. "Nominated Account" means the current account you have with a United Kingdom bank from which you authorise us to collect payments under the direct debiting scheme, and to which we will make any payments due to you;
    21. "Passwords" means your password which you specify when you register as a Lendy Member;
    22. "Investor" means a Lendy Member who places money into their Client Deposit Account and subsequently against a loan;
    23. "Specified Tolerance" means the following specified percentages of the Market Value of the Asset at the time of valuation by or on behalf of Lendy:
      1. Vehicles: 50%;
      2. Boats: 50%; and
      3. Aircraft: 50%,
    24. or such other percentages as Lendy may from time to time notify to you;
      1. "Personal Information" means the information we obtain about you from you, from our enquiries and from other organisations, such as fraud prevention agencies. Examples of Personal Information include:
      2. information supplied during registration;
      3. your requests and instructions;
      4. "Investor's Account" means the proportion of funds held on your behalf at any time in the Lendy Client Deposit Account and displayed in Your Lendy Account; and
    25. "Your Lendy Account" means, in relation to each Lendy Member, the part of our website which can only be accessed using that Lendy Member's own Passwords.
  18. Interpretation In these terms and conditions (unless the context otherwise requires):
    1. the words "including" and "include" and words of similar effect shall not be deemed to limit the general effect of the words which precede them:
    2. reference to any agreement, contract, document or deed shall be construed as a reference to it as varied, supplemented or novated;
    3. references to persons shall include natural persons, bodies corporate, unincorporated associations and partnerships (whether or not any of them have separate legal personality) and vice versa;
    4. references to the singular shall include the plural and vice versa and references to any one gender shall include either or both other genders;
    5. construction of these terms and conditions shall ignore the headings (which are for reference only); and
    6. any reference to any legislative provision shall be deemed to include any subsequent re enactment or amending provision.