zlb
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Post by zlb on Feb 14, 2018 20:08:04 GMT
Why can't L get projects like the other platforms, ie diversify across a range of sizes and types of property development. This project causes me to worry about the future of the entire platform unless they know something about this project that I don't.
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poppyland
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Post by poppyland on Feb 14, 2018 20:18:09 GMT
I love the way this property is being billed by Lendy as an "exciting new investment loan". What about providing us with a "secure and sensible investment loan" instead. Wake up Lendy - if we wanted excitement we'd go down to Ladbrokes.
Having said that, I guess tomorrow will be kind of exciting as the Welsh castle goes up for auction and we wait with baited breath to see just exactly how much of our capital is down the toilet. But on balance, I would forego all the nail-biting edge-of-seat excitement for a boring old repayment in full.
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mary
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Post by mary on Feb 14, 2018 20:50:23 GMT
I love the way this property is being billed by Lendy as an "exciting new investment loan". What about providing us with a "secure and sensible investment loan" instead. Wake up Lendy - if we wanted excitement we'd go down to Ladbrokes. Having said that, I guess tomorrow will be kind of exciting as the Welsh castle goes up for auction and we wait with baited breath to see just exactly how much of our capital is down the toilet. But on balance, I would forego all the nail-biting edge-of-seat excitement for a boring old repayment in full. I think that, based on what we're being offered, all the "secure and sensible" opportunities are being snapped up at lower rates elsewhere.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 14, 2018 23:50:42 GMT
I have no intention of investing at 12%, but shurely the borrower has invested significant time and about £2m in this project in order to get enhanced planning permission with a view to making a tasty profit by selling at £4m to £5m. The fire sale price of £2.5m is suggested by Lendy as a "guarantee" that lenders will get their money back. Fund your investment using a credit card and make sure you go above £100. As they used the word guarantee you are covered by s75 regulations are you not? Fill yer boots its a one way sure thing🤥
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Feb 15, 2018 0:01:21 GMT
I suspect if Lendy began paying some money back on their existing loans there might be some interest in this Of course the value is all aver the place, the property looks a poor mixture of British vernacular/mansion of the 1870, a Palladium mansion and something from the Loire. I hope he gets an architect in before they start building. Possible customers are actually pretty large, there are loads of people who could buy it, but I'd go for the quick sale. I'm going to guess this is built in Limestone, anything else would be crazy, anyone knows the leadtime for this much limestone (would have to be France as the place with the most quarries for this stuff), I'm guessing a year. Jeeves, the punt pole please! Maybe it could provide jobs in the Derbyshire quarries to source the stone cladding rather than rush to France. Think of the green kudos the builders could claim. Still not tempted? Me neither.
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Post by simert on Feb 16, 2018 8:19:23 GMT
This is now listed as going live 15/02/2018 on the pipeline page. Saying 16/02/2018 on the particulars page.
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invester
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Post by invester on Feb 16, 2018 9:10:50 GMT
In light of the auction yesterday I am sure they will be acutely aware about the possibility of this being another dogs dinner.
Been mentioned several times in the thread already, if the property was really worth as much as this, why not just sell it and save all these refinancing fees. No extra value appears to be added by taking out this loan.
ISTM that a potential purpose of the loan is just a method to achieve a hassle-free sale of the property, and in some cases (not here) get bonus cash for development finance for just erecting a few pieces of wood, the intention always being to default it and hand the property over.
Wouldn't be surprised if this ended up being pulled due to 'lack of interest'. Doesn't seem that the pre-funding has reached what they want, and while Lendy are happy to play fast and loose with other people's money, it'll be another matter when it comes to the possibility of them underwriting it.
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Post by simert on Feb 16, 2018 9:14:43 GMT
Here’s hoping Lendy have learnt their lesson.
Pre-funding set to zero.
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blata
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Post by blata on Feb 16, 2018 9:29:46 GMT
Rather throw money in the bin then Pre- Fund this loan.
Just wondering if there are any jobs with Lendy as Valuers.
Wouldn't have to leave home just guess, make a few pounds and let the investors take the hit.
I have part of my back garden for sale , you could put a shed on it, good deal only 5 Million.
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mj
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Post by mj on Feb 16, 2018 16:03:44 GMT
According to the latest update it will now be going live "next week". Hopefully that means the same thing.
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jcb208
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Post by jcb208 on Feb 16, 2018 16:12:32 GMT
Not going to touch this even for a short duration, can't see this being fully funded now considering the state of the loan book
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rocky1
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Post by rocky1 on Feb 16, 2018 19:47:21 GMT
Rather throw money in the bin then Pre- Fund this loan. Just wondering if there are any jobs with Lendy as Valuers. Wouldn't have to leave home just guess, make a few pounds and let the investors take the hit. I have part of my back garden for sale , you could put a shed on it, good deal only 5 Million. sounds like a loan lendy would offer us to fund. a desirable piece of land freehold we think and not to sure of size but comes with a gdv of £5m as valued by blata feb 16 please make sure your prefund is set accordingly going live soon.watch it fly
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fasty
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Post by fasty on Feb 19, 2018 20:19:34 GMT
Security offered would be nice for, say, cows, methinks.
I might give this one a miss.
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jonno
Member of DD Central
nil satis nisi optimum
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Post by jonno on Feb 20, 2018 10:23:37 GMT
Security offered would be nice for, say, cows, methinks. I might give this one a miss. Did you say cows or Cowes? 
Either way this is one huge dollop of dung.
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jcb208
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Post by jcb208 on Feb 20, 2018 19:04:02 GMT
Lets hope every body sets pre funding to zero, one way to stop the loan going live
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