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Post by base on May 24, 2019 22:07:10 GMT
Hi all Given the most recent events, where do us lenders stand? Have we lost any protection?
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adrianc
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Post by adrianc on May 25, 2019 7:09:07 GMT
Hi all Given the most recent events, where do us lenders stand? Have we lost any protection? Pretty much the same place, except that it's now the administrators in charge of recovery of monies, not Ly's management.
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Post by bl3nder on May 25, 2019 10:02:23 GMT
Hi all Given the most recent events, where do us lenders stand? Have we lost any protection? Pretty much the same place, except that it's now the administrators in charge of recovery of monies, not Ly's management. Presumably administrators will have higher recovery costs?
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Post by brightspark on May 25, 2019 15:14:22 GMT
Whichever way you look at it some sort of recovery looks a very long way away and with possibly or probably little to show for it. For some a very bitter pill to swallow.
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adrianc
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Post by adrianc on May 26, 2019 8:13:33 GMT
Pretty much the same place, except that it's now the administrators in charge of recovery of monies, not Ly's management. Presumably administrators will have higher recovery costs? Doesn't the pre-plan runoff put them into the hands of another manager, rather than "administrators"? The company is in administration, but the pre-plan deals with the loan book separately, IIRC.
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cwah
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Post by cwah on May 26, 2019 20:16:15 GMT
Doesn't the flat belongs to us now?
I mean we've paid £7 million together, but if we have first charge on it, it shouldn't be too hard to get planning permission and convert it into a lot of serviced appartments?
Instead of recovering 10% or next to nothing from the administrators fees, I'd largely prefer invest more and get it to a state it can either generate ££ or be sold?
Just renting the flat as is for guardianship can already generate £10k/month.
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Mucho P2P
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Post by Mucho P2P on May 26, 2019 21:04:21 GMT
Doesn't the flat belongs to us now?I mean we've paid £7 million together, but if we have first charge on it, it shouldn't be too hard to get planning permission and convert it into a lot of serviced appartments? Instead of recovering 10% or next to nothing from the administrators fees, I'd largely prefer invest more and get it to a state it can either generate ££ or be sold? Just renting the flat as is for guardianship can already generate £10k/month. No, unfortunately it does not, but we have a claim on the building being principal lenders.
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cwah
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Post by cwah on May 26, 2019 21:17:53 GMT
Can't we do something? It's super easy to rent out in london and just the fact that it's staying for so long gathering legal fees while it can generate cash from tenants is completely crazy
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Mucho P2P
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Post by Mucho P2P on May 26, 2019 21:22:02 GMT
Can't we do something? It's super easy to rent out in london and just the fact that it's staying for so long gathering legal fees while it can generate cash from tenants is completely crazy I am all for it, but I can not see getting RSM approval or getting all 4400 lenders together as being easy. If you wish to keep the property, I am all for it. PM with any ideas, and I will consider them and get back to you.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 26, 2019 21:37:53 GMT
Can't we do something? It's super easy to rent out in london and just the fact that it's staying for so long gathering legal fees while it can generate cash from tenants is completely crazy I am all for it, but I can not see getting RSM approval or getting all 4400 lenders together as being easy. If you wish to keep the property, I am all for it. PM with any ideas, and I will consider them and get back to you. Also the small matter of it already being in the hands of receivers. Presumably RSM could replace them but would have to pay accrued costs & possibly wouldnt want to due to conflict of interest issues
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cwah
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Post by cwah on May 26, 2019 22:19:16 GMT
Can't we do something? It's super easy to rent out in london and just the fact that it's staying for so long gathering legal fees while it can generate cash from tenants is completely crazy I am all for it, but I can not see getting RSM approval or getting all 4400 lenders together as being easy. If you wish to keep the property, I am all for it. PM with any ideas, and I will consider them and get back to you. I don't have specific idea apart that this flat can generate way more than 10% which I fear with the ongoing legal process.
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Post by gaza77 on Jul 15, 2019 18:04:54 GMT
Where has everybody gone? No more posts after 26 May! Help! Any ideas on the latest forms sent by RSM?
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Post by gaza77 on Jul 15, 2019 18:11:49 GMT
I am all for it, but I can not see getting RSM approval or getting all 4400 lenders together as being easy. If you wish to keep the property, I am all for it. PM with any ideas, and I will consider them and get back to you. I don't have specific idea apart that this flat can generate way more than 10% which I fear with the ongoing legal process. I thought we had a legal charge on this property and as such we can sell the property and retrieve some of our investment! If this is not the case what is the point of having a legal charge? If we are offered a shocking low value for this property (ie 10%), I would be willing to put some more money in to purchasing iit myself (with other Lendy comrades, of course) and sell it in a few years when the market picks up!
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ptr120
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Post by ptr120 on Jul 15, 2019 23:13:00 GMT
If we are offered a shocking low value for this property (ie 10%), I would be willing to put some more money in to purchasing iit myself (with other Lendy comrades, of course) and sell it in a few years when the market picks up! When the market picks up? Brexit and the Brexiteers mean that it'll be a long time before the market picks up. A significant part of the loan book is in places which will be harder hit than London and (as it looks to me today) administration costs will be spread across the whole loan book. The administration report indicates recoveries could be as low as 7p in the £ before fees
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Post by gaza77 on Jul 16, 2019 18:06:24 GMT
If we are offered a shocking low value for this property (ie 10%), I would be willing to put some more money in to purchasing iit myself (with other Lendy comrades, of course) and sell it in a few years when the market picks up! When the market picks up? Brexit and the Brexiteers mean that it'll be a long time before the market picks up. A significant part of the loan book is in places which will be harder hit than London and (as it looks to me today) administration costs will be spread across the whole loan book. The administration report indicates recoveries could be as low as 7p in the £ before fees Thanks for the reply: I agree with you about the Brexit issue, however when properties are sold as part of a bankruptcy or in our case the controlling company goes into administration, the properties are sold off quickly for a ridiculously low amount. I have invested in a property in London which should yield at least 70% to 80% of the loan value. If we were to purchase it at a ridiculously low value we could sell it in ‘slow time’ for a much better sale price. Do we still get the money back from the loans we are in (minus costs) or are all of the amounts divided across all of the loans?
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