iRobot
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Post by iRobot on Oct 25, 2019 11:04:59 GMT
Can somebody translate, just what does this mean for FS and lenders? Not much for FS I shouldn't think For Lendy / RSM and lenders, I suspect the refusals / dismissals have firmly halted any further action by the Borrower(s) and RSM can confidently proceed to disposal of the assets.
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boundah
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Post by boundah on Oct 25, 2019 13:41:33 GMT
7. The Fifth to Seventh Defendants shall serve this Order on the First Claimant and the Third and Fourth Defendants. Can someone explain this bit? The 3rd and 4th defendants are LY & SS.
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Mousey
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Post by Mousey on Oct 25, 2019 13:54:13 GMT
7. The Fifth to Seventh Defendants shall serve this Order on the First Claimant and the Third and Fourth Defendants. Can someone explain this bit? The 3rd and 4th defendants are LY & SS. So I understand that the Fifth to seventh Defendants are the Fixed Charge Receivers who work for A*****. They have a separate legal to team to Lendy. It would appear it was A*****'s legal team that wrote the order and sent it to the other parties which would include LY and SS.
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Post by steven on Oct 29, 2019 17:44:14 GMT
Does this mean the property can be sold now?
Has anybody got a reasonable estimate of how much it might go for?
Ta
Steve
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Mucho P2P
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Post by Mucho P2P on Oct 29, 2019 17:48:43 GMT
Does this mean the property can be sold now? Has anybody got a reasonable estimate of how much it might go for? Ta Steve "reasonable estimate" = less than the loan value, seems to be the norm at the moment.
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Post by steven on Oct 29, 2019 20:29:16 GMT
Sadly I agree with you that "less than the loan value" seems to be the norm.
I was wondering if there was anybody who had an educated view and could provide an informed estimate?
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Mucho P2P
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Post by Mucho P2P on Oct 29, 2019 23:12:58 GMT
Sadly I agree with you that "less than the loan value" seems to be the norm. I was wondering if there was anybody who had an educated view and could provide an informed estimate? An informed estimate is not possible at this time as I believe that the building is still occupied. There are still issues that need resolving before an estimate of value can be made.
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Post by mrclondon on Oct 29, 2019 23:33:25 GMT
Sadly I agree with you that "less than the loan value" seems to be the norm. I was wondering if there was anybody who had an educated view and could provide an informed estimate? Apart from the issues Mucho P2P refers to, this is not an easy one to value. Had I spent more time researching it (as an asset forgetting the borrower issues) and actually made the effort to visit it I would probably not have got involved when the loan launched. I'm generally bullish on London property as most of the time residual value valuations will stand up (due to good demand when sites are sold) but since then have realised that validating both a GDV and buyer demand for this site is a challenge. Its not sensible to go into the details as to why its a challenge on this public forum given we want to achieve the highest possible sale price.
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sydb
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Post by sydb on Oct 29, 2019 23:51:01 GMT
Well, that's gonna keep 'em digging 'til they reach the sewage!
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Post by mrclondon on Oct 30, 2019 0:20:19 GMT
Well, that's gonna keep 'em digging 'til they reach the sewage! But its not impossible that truffles rather than sewage would be unearthed, to follow your analogy.
This will come down to whether the "right" developer / backer is found; perhaps somone with a slightly expanded lateral vision .... might be a very attractive purchase for some sovereign wealth funds (or similiar investment funds).
But Joe Bloggs builders may not recognise a truffle for what it is.
Which is not a great recipe when you want frenzied bidding in an auction.
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Post by hobbitcz on Oct 30, 2019 23:00:11 GMT
Sadly I agree with you that "less than the loan value" seems to be the norm. I was wondering if there was anybody who had an educated view and could provide an informed estimate? When I was doing indicative valuations of the underlying securities for myself, I ended up with 45% for one 70% for the other (of loan value), one was already sold for slightly more than my guesstimate (54%). But there will be cuts for all the fees.
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Post by gaza77 on Nov 30, 2019 18:15:17 GMT
Anyone got any thoughts on the latest update from the Administrators on the 29 November. It all looks like bad news. The waterfall mechanism heavily favours Lendy, Lendy investors, Administrators etc before us. Lendy put in their money without our permission or knowledge which will be taken out first together with their accruing interest (presumably around 6% pcm) on our money! You couldn't make this up. I also assume that as the litigation costs are unlikely to be recovered from the borrower that these will be added to Lendy’s bill (again before us). Any idea what these costs will be, presumably over £1million? My own thoughts are Lendy should not be accruing interest on our money and should not be allowed to take out their wedge (£1.5million?) before we take our money. This all seems immoral to me. If the property sells for half of the loan value we will be lucky to get 10% back or does anyone think different?
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cwah
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Post by cwah on Nov 30, 2019 19:29:56 GMT
What's the point of the FCA and ringfenced funds if it ends up us all from THEIR negligence?
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iRobot
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Post by iRobot on Nov 30, 2019 20:53:54 GMT
What's the point of the FCA and ringfenced funds if it ends up us all from THEIR negligence? Why use 19 words when six will do?
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bulletbill
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Post by bulletbill on Dec 9, 2019 17:02:08 GMT
What's the point of the FCA and ringfenced funds if it ends up us all from THEIR negligence? Why use 19 words when six will do? Agree with this 100%. We’d all be a lot safer if the FCA was closed down. The irony that this bunch are supposed to protect the consumer is not wasted on me. I wouldn’t have consumed as much as I did were I not reassured that LY was regulated by a consumer protection organisation. It turns out that we actually need to be protected from this “protection” organisation.
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