bernard
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Post by bernard on Oct 17, 2022 9:05:08 GMT
Thanks ilmoro. I will try looking on the LAG FB for the others.
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bernard
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Post by bernard on Oct 12, 2022 11:59:06 GMT
How can I find out the companies house reference for loans in default such as these please? I have it for some of the others (Sunbeam, Crewe, etc) but I can't seem to find a reference to it in the Lendy administrators reports? Thankyou...
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bernard
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Post by bernard on Feb 7, 2020 13:35:07 GMT
If they have not properly managed the removal of the previous first charge holder whilst advancing all funds, or just lied, then this feels like fraud. It may not get investors money back, but the incumbent directors at the time should face charges. I guess we are all scratching our heads as to from where and how these charges are to be brought.
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bernard
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Post by bernard on Aug 5, 2018 9:33:19 GMT
This development does not stack up when looking at the costs versus current value of the property. As stated in the valuation report:
The analysis of development proposal and costs provided suggest that the
development into two flats does not present a viable proposition when compared with
value as a dwelling house. The Applicant estimates the Gross Development Value
(GDV) as £900,000. Substituting this value into the same analysis and assumptions,
the current value of the site as a development proposition is £322,000. Adding
projected developers profit of £135,000 still concludes that the development is not a
viable proposition for a developer when compared with value as a dwelling house.
So how do we make sense of this one??
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bernard
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Post by bernard on Jul 23, 2018 9:17:53 GMT
Notable that interest payment was only mentioned for PBL103, not this loan. But any repayment, even of just the capital, from Lendy these days is some sort of minor triumph. I have learnt not to wait even with baited breath for Lendy, in terms of failing to meet low expectations they really are a class act.
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bernard
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Post by bernard on Jul 23, 2018 9:12:44 GMT
I would just like to echo other investors on here that option (2) is the only feasible way for me. To allow the incumbent developer to renegotiate down would be a terrible precedent for other borrowers. The correct action is to enforce. Of course this may lead to some losses. But the original developer has to lose his skin in the game.
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bernard
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Post by bernard on May 24, 2018 9:53:55 GMT
Can someone explain to me the uplift in GDV from 1.3mm (Nov 16) to 1.7mm (March 18)? I see the original valuation report based up 9 X 2 beds and 3 X 1 beds. The March 18 valuation report seems to have 7 X 2 beds and 5 X 1 beds (same number of flats in total, but more smaller units on the face of it). So, certainly not a GDV uplift based upon increased GFA. Have flat valuations really moved that much in the 18 months inbetween?
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bernard
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Post by bernard on Jan 23, 2018 12:30:15 GMT
Also the inital caveat from the valuer was that end value needs to be reappraised at or near completion. Now would have seemed like a good time to do that, especially when there are decent 5 bed detached just around the corner on rightmove in the 600-700k bracket.
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bernard
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Post by bernard on Jan 11, 2018 12:36:58 GMT
Yes Lendy have known about it for a long while and have steadfastly done nothing to correct this bug. Shameful.
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bernard
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Post by bernard on Nov 10, 2017 10:00:59 GMT
Renewal info states that scheme has changed from supported living to townhouses, due to pp being refused for orginal scheme. So why are FS still relying on a valuation report of 2016 based on realistic expectation of original scheme pp being approved??
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bernard
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Post by bernard on Oct 31, 2017 7:53:01 GMT
Security enforced please. Lendy needs to make a strong statement of intent for other loans and borrowers on the platform. This may have a financial cost on these two loans (of which I am sadly in possession), but will considerably improve prospects on other current and future vexatious borrowers.
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bernard
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Post by bernard on Oct 17, 2017 21:08:41 GMT
The sort of scheme evisaged is well known to represent a huge uplift in property value, when looked at through an RV method assuming perfect execution onto a 30 year lease, historical tight cap rates, at the high rental rates asscoiated with this type of property for the moment. But it doesn't mean anyone would pay anywhere near the RV for that scheme as is. This loan could well by 100% LTV, when considering purchase price/OMV as of now. I do wonder why purchase prices are rarely disclosed in these situations ...
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bernard
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Post by bernard on Sept 6, 2017 8:27:33 GMT
Me too. I have loan parts which I sold several days ago which Lendy have still not credited me the funds for. As a trial I sold a loan part in one account and bought it in another. The buying account shows the purchase going through, the loan part credited, and the cash balance debited. The selling account debits the loan part, but gives no credit to the account for cash. Thus, Lendy has currently (and hopefully temporarily) "pocketed" the cash. The fact that this is several days and still not corrected (yes I have emailed the Lendy support) is an utter shambles. Time to start considering whether FCA etc interested in hearing how Lendy are unable to account for client funds. Hoping Paul64 can update but not expecting, given the complete incompetence shown by Lendy towards this issue for some time.
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bernard
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Post by bernard on Sept 4, 2017 17:09:33 GMT
There seems to be other problems with SM sales. I have sold several loan parts today. The loan part shows as sold but there is no money credited to the account. So, the loan part disappears from asset list. No corresponding increase in cash balance......... Paul64 can you confirm you are aware and this is part of the same platform IT problem??
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bernard
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Post by bernard on Aug 10, 2017 15:04:28 GMT
A further question on valuation: The initial valution report uses 1329k for build costs, of which 300k is added back as work already completed prior to the valuation. Ie, 1029k remaining build costs. Even after taking account of finance costs of 73k from the report, does anyone understand how this squares with the envisaged loan for the development portion of the loan (ie not the initial loan for site acquisition) of 1476k? The loan blurb states 'The purpose of the Land loan of £692,235, is to repay the existing lender and to reimburse costs already incurred on the site as previously detailed', which I read as the initial loan is against site acquisition and 300k worth of works (which squares with a 70% LTV against an initial valuation of 992k being 692k residual value plus 300k of works already complete). The only way I approximately square this is to assume the site value of 692k is being funded at 100% LTV and then the 300k is included in the remaining build costs. Relevance of this is I am trying to use dev costs incurred so far as a rule of thumb to get % of developement complete and proxy for current valuation (rather than the mostly irrelevant final GDV Lendy chooses to display on their site). I have of course asked Lendy to detail some things about this loan but they have been silent. Any views appreciated.
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