sarahcount
Member of DD Central
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Post by sarahcount on Feb 2, 2018 16:47:44 GMT
The security property is three former pasture/arable fields for which planning consent has been obtained for the construction of a substantial new build mansion house.
Security Value
£4,000,000
Loan Value
£1,961,847
Loan to value
49%
Remaining Time
270 days
Annual Rate
12%
There is a CGI video to watch of how it might just look which is quite entertaining.
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Post by sirkillalot on Feb 2, 2018 16:57:53 GMT
Nice video -shame we are not being asked to lend our money based off that being reality. We have fields and a barn.
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Post by munchydave on Feb 2, 2018 17:05:32 GMT
Nice video -shame we are not being asked to lend our money based off that being reality. We have fields and a barn. So the security for a 2 million pound loan is a field. So the next big default is up and running, throw your money away before the others get in first! I may be wrong but if you see it my way vote with your money and refuse to fund this pie in the sky.
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GeorgeT
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Post by GeorgeT on Feb 2, 2018 17:30:29 GMT
Somebody used the expression 'sale by pawn' on this forum recently. "The valuer does have concerns about the desirability of the 37,000 sq ft and 57,000 sq ft variants of the proposed property, in the current market and economic climate and the market for this land/property is restricted to perhaps one or two prospective purchasers"
Hmmm. Market restricted to 1 or 2 ..... This will be an easy seller then  Borrower acquired it for £1.125m a few years ago. Now he's offloading it to LY investors for a bargain £1.96m so he can pay off his existing lender and make a bit on top. |
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voss
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Post by voss on Feb 2, 2018 17:32:23 GMT
Ah, but such realism in the video - there is even  (on the pond, at 45 sec). |
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Post by skint4achange on Feb 2, 2018 17:49:50 GMT
From the pipline "In the event that a sale is not achieved within the nine-month loan term, we are confident that the site could be auctioned at relatively short notice and achieve a minimum of £2.5m, to fully repay the loan."
OMG! Here we go again, IOW take 2!
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poppyland
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Post by poppyland on Feb 2, 2018 18:07:11 GMT
Somebody used the expression 'sale by pawn' on this forum recently. "The valuer does have concerns about the desirability of the 37,000 sq ft and 57,000 sq ft variants of the proposed property, in the current market and economic climate and the market for this land/property is restricted to perhaps one or two prospective purchasers"
Hmmm. Market restricted to 1 or 2 ..... This will be an easy seller then Borrower acquired it for £1.125m a few years ago. Now he's offloading it to LY investors for a bargain £1.96m so he can pay off his existing lender and make a bit on top. Sale by pawn it is. It's a pity that the pre-funding tab doesn't permit negative figures to be entered. I think it should be a requirement of P2P platforms that money lent doesn't exceed the sum originally paid by the borrower - otherwise there's too much temptation for them to make a killing, then run off and leave the poor P2P investors to sell the "asset". Putting ridiculous loans like this up (with an accompanying video of LaLaLand) doesn't do Lendy's credibility any good at all IMO.
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Post by skint4achange on Feb 2, 2018 18:09:13 GMT
Strangely enough, the cost of the land, the building of the barn and 9 months interest comes to......................................... About the same as the loan value, that a semi-retired (Until he gets this 2 million!) man who lives in Malta wants to borrow??
Nothing dodgy about this one, sign me up!!
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sirius
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Post by sirius on Feb 2, 2018 18:33:21 GMT
From the pipline "In the event that a sale is not achieved within the nine-month loan term, we are confident that the site could be auctioned at relatively short notice and achieve a minimum of £2.5m, to fully repay the loan."
OMG! Here we go again, IOW take 2! Since Lendy are so confident, perhaps they will guarantee the loan, plus interest, to the tune of £2.5m............if so I am in!
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guff
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Post by guff on Feb 2, 2018 18:48:20 GMT
… Market restricted to 1 or 2 ..... This will be an easy seller then… Especially if there is a bidding war between two super-rich people of consummate style and taste called L**m and T*m.
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hazellend
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Post by hazellend on Feb 2, 2018 18:48:37 GMT
Guy who sounds like he has very high net worth can’t afford 80k to start marketing without refinance.
That is the main thing putting me off. Forced sale price of 2.5 million, so let’s assume less so this is 100% LTV
Not interested in this one, maybe for 1 or 1.25 million I would be.
Also, could refinancing another loan mean unpaid interest or is it only the previous capital?
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Post by skint4achange on Feb 2, 2018 19:34:14 GMT
Do you know that the more you read this pipeline loan the more you find to laugh at?
Here's the latest gem that I found amusing:
"We will be closely monitoring progress of the sale and provide regular updates to investors via our bi-weekly platform updates."
 
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sarahcount
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Post by sarahcount on Feb 2, 2018 20:15:22 GMT
From the pipline "In the event that a sale is not achieved within the nine-month loan term, we are confident that the site could be auctioned at relatively short notice and achieve a minimum of £2.5m, to fully repay the loan."
OMG! Here we go again, IOW take 2! Since Lendy are so confident, perhaps they will guarantee the loan, plus interest, to the tune of £2.5m............if so I am in! A guarantee from Lendy? Nope still doesn't do it for me.
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GeorgeT
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Post by GeorgeT on Feb 2, 2018 20:29:46 GMT
It doesn't add up at all. Given the borrower does not want to develop the land and will be using the bridging loan period to sell it, if it is saleable in the short term for 2.5 million as we are told then surely the borrower would stick it in an auction straight away himself and not borrow all that money at a very high rate of interest over 9 months. I suspect the borrower knows he can't sell it and this is the best way to get his money back and a bit on top for a party.
Anyway why does he need 80k to start marketing. I thought agents fees were payable upon completion of a sale not upfront.
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poppyland
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Post by poppyland on Feb 2, 2018 20:47:16 GMT
It doesn't add up at all. Given the borrower does not want to develop the land and will be using the bridging loan period to sell it, if it is saleable in the short term for 2.5 million as we are told then surely the borrower would stick it in an auction straight away himself and not borrow all that money at a very high rate of interest over 9 months. I suspect the borrower knows he can't sell it and this is the best way to get his money back and a bit on top for a party. Anyway why does he need 80k to start marketing. I thought agents fees were payable upon completion of a sale not upfront. We were having a laugh about this loan over supper just now, and said exactly the same thing: if Lendy can flog off the property for 2.5million at short notice, why doesn't our pal in Malta just hire them to do it right away and save the bother of faffing around for 9 months with a P2P loan. Someone, somewhere, thinks the P2P lenders are very stupid and gullible.
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(on the pond, at 45 sec).
