hazellend
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Post by hazellend on Oct 23, 2018 6:03:02 GMT
Why is that? Most of my money tied up in the bling which is all accountable for. I cant see any reason why i wont get the majority of it back minus a few quid for expenses fees ( BDO dependant ) and the odd sandwich. well bling making 70% on average on other p2p sites...less another 20% for fees and sarnies....reckon on 50% and you may be ok. Bling is very hard to sell. Much riskier than property in general. I hope the bling has been reasonably valued. I don’t hold any bling after experience of trying to sell some and realising it is not worth anywhere near its “value”
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hazellend
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Property Moose
SPV12
Oct 22, 2018 20:56:30 GMT
Post by hazellend on Oct 22, 2018 20:56:30 GMT
Finally some good news, communicated well
We now have some updated information regarding the ongoing discussions with the insurance company regarding this property.
The insurance company had originally made an offer of £15,000 to settle the claim which we felt was too low and not sufficient to accept. As a result, we went through various appeals processes (solely at our cost) and can report that we have managed to increase the pay-out to £58,000.
We applied to RICS to appoint an independent valuation firm and now have the report from the "Single Joint Expert" who have agreed on the loss in value for HMO use versus single dwelling use and have submitted a planning application for C3 residential use, via our planning experts.
If we do secure planning for C3 use, we have now confirmed an indemnity payment for the loss in market value of the property at £53,000. We also retain the offer for a further £5,000 to be paid on an ex-gratia basis, for use towards renovating the property for C3 use. On the basis C3 planning is achieved, the total payment of £58,000 will be in full and final settlement of the claim, including any costs associated with the current planning application.
Payment is usually within 5 days of planning being achieved and will be used in the calculation of the share value as part of the move to UK Diversified Property PLC so you will receive the full value of the payout.
This has been a long process and we thank you for your patience. As you can see, the time taken has been worthwhile as the insurance company have been pushed into meeting the claim rather than their original offer.
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hazellend
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Post by hazellend on Oct 21, 2018 8:25:18 GMT
There is definitely a perverse incentive for Lendy to not allow discounting as they collect the interest for loan parts listed for sale.
These days any platform that doesn’t have a bid/offer secondary market might as well not bother.
ABLrate have set the gold standard and I can’t understand why others don’t follow.
Even ugly loans will sell at massive discount (30% or more)
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hazellend
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Post by hazellend on Oct 20, 2018 14:13:56 GMT
Then they would have to unwind the whole portfolio and give investors back their money. How much are the assets worth and what's their debt situation? I doubt they would bother converting to a REIT if they were a basket case? The problem with these types of investments is the cost: they way they were structured before, it was too expensive to run. Maybe it will still be too expensive to run even now. It would be good to look at their balance sheets at some point. If they are not over-leveraged, I don't think they are a basket case. They are not going to unwind the whole portfolio, they already stated they can't sell the properties because of lack of demand.
They converted to a REIT to try and get out of jail IMO.
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hazellend
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Post by hazellend on Oct 20, 2018 12:37:28 GMT
Possibly. Nobody knows. When will the trading price be known though? Once it's listed, fund managers and pension funds will have access to this investment too so whatever the assets are worth, the market will find its price. Pension funds won't be interested in this. It's complete junk.
I doubt it will be listed on a stock exchange. It will most likely remain an unlisted, illquid REIT.
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hazellend
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Post by hazellend on Oct 20, 2018 11:35:08 GMT
When will it be listed in the stock exchange and when can we see the valuation? I think it was me who suggested they convert to a REIT. It’s much more tax efficient and should also be more liquid eventually. But I wonder what the discount is going to be. Discount will be unfathomable.
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hazellend
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Post by hazellend on Oct 19, 2018 20:23:04 GMT
The minutes and summary of the first Creditors Committee meeting were sent through via email earlier today - both of which are covered by the non-disclosure agreement. Regardless of this, you'll have to take my word for it when I say that the content is sensitive and it would certainly not be in the interests of investors if the information contained within was shared in the public domain. The administration is likely going to take some time and patience is going to be required. The next meeting will potentially be on December 3rd depending on the availability of the Committee Members. I shall keep you all posted. Thank you monetus. When you say it will take some time do you think before the end of 2019 is a realistic time frame?
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hazellend
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Post by hazellend on Oct 19, 2018 17:01:34 GMT
I’m happy with the update.
I really don’t understand why the borrower doesn’t bring the loan up to date in the meantime.
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hazellend
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Post by hazellend on Oct 19, 2018 11:02:13 GMT
🤪
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hazellend
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Post by hazellend on Oct 18, 2018 10:57:45 GMT
So is 49% GDV also now not enough to recover our capital? This was extended by the "new" all experienced Lendy team - same old outcomes for more salary! Bankers as ever. Well we don't know that and we should be informed what the new valuation is, however we shouldn't jump to conclusions. Lendy will keep it secret as usual
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hazellend
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Post by hazellend on Oct 18, 2018 7:53:47 GMT
I haven’t had a look yet but will probably sign up for the bonus.
Personally, I miss the early days and want P2P to be much simpler, which I’m not sure this will be
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hazellend
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Post by hazellend on Oct 17, 2018 20:24:58 GMT
What were we talking about again?
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hazellend
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Post by hazellend on Oct 17, 2018 17:10:07 GMT
Nail in the coffin for the sheds regarding any further funding.
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hazellend
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Post by hazellend on Oct 16, 2018 17:30:20 GMT
I am resigned to being parted from my cash for quite a long time and of course who knows if I will ever see any of it or how much of it again. In the circumstances I have had to make the difficult decision to apply to draw my occupational pension a year earlier than planned which means I am losing approx. 5% per annum on my work pension for early payment but the problem is that I was living on interest from my capital and now I have not only stopped getting much interest, I have also lost access to quite a lot of my capital so I am pretty stuffed at the moment and it was a choice between getting myself a temporary job in one of the local supermarkets as there is a lot going with Christmas coming up or taking my work pension early and I've gone for the pension early option because it just seems the simpler solution at the moment although in the long run it will cost me a lot of money when that annual actuarial reduction is compounded over the rest of my life. I did very well from LY because I was an early adopter in the days of boats when it was 12% for 3 years with almost no risk as long as you got your tactics right. I did quite well from MT. But all those gains have been blown out of the water and more by the COL situation which caught me completely off guard and left me massively over exposed to what I thought was the new, safer, younger platform that I could earn from for another year until taking my pension. Now I can only sit back powerless and imagine my hard earned savings being gobbled up at £720 an hour by London based , swanky officed, financial fat cats who somehow get appointed to deal with the winding down of a small company in the North West of England where fee rates are much lower. Yes I've been stitched up big time. But I have learnt a big lesson from this and never again will I risk any of my money. I didn't get where I am today by losing money on investments or gambling and sheer carefulness and prudence were my watchwords (people used to call me a tight wad) and at this point in my life after my early retirement I find I have let myself down badly. I am man enough to admit there have been sleepless nights when it all has been going through my head around and around and yes there have been tears and I have suffered some physical symptoms and flaring up of a stress related condition I have which has required my medication to be upped, but I am now just about coming to terms with it and there is no point worrying about what you cannot change and you can only learn from it and not make the same mistakes again. I wish everybody invested in COL the very best outcome whatever your circumstances. I hope that most of us live long enough to see it. If it makes you feel any better remember your pension is only reduced by. 5%. because you are taking an additional year early. By death you will receive the same amount. Also, I have 6 figs so share your pain but fortunately have plenty of high earning years ahead (hopefully)
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hazellend
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Post by hazellend on Oct 16, 2018 8:57:37 GMT
£570 max for tranche 2. More than I was expecting.
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