hector
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Post by hector on Feb 6, 2018 17:35:47 GMT
Some local knowledge-i lived a few miles away up to 8 years ago Its a fantastic location in the main shopping area of a busy market town. I had lunch in there a few years back, and it was ok, but i thought the place should be doing better than it was. So an experienced operator should be able to do something with this place. The last time i was in town there really was no decent competition. Price looks ok to me for the size and location. I share concerns about the timescale for refinance, but if it runs over a bit its our gain. A longer overrun is more concerning as at the interest rate they are paying it could eat up the equity, but at least i cant see a big loss on this one. A more recent update - It is the same today as when slumberingaccountant last visited. I have stayed at this hotel several times each year for many years and would continue to do so. The staff are lovely, food plentiful, its warm, beer good. The Property Overview of ...' has been extended and adapted on many occasions creating a myriad of structures and specification. Although the building is in poor condition'... is spot on. It has been crying out for a major refurb for years, and although often at full occupancy, at £58 for a double room inc full English breakfast and vat clearly just doesn't generate sufficient return to fund the required capital works which it desperately needs. It has no competition in the town or within many miles for business/working man/woman to stay, and also provides the focal point for local clubs, societies etc. Remember though, L********** and Cornwall (away from 'PadStein and the second homes coastal areas) is a poor area. For the long term, probably a very good investment for an experienced hotel operator. The question is though, are our proposed borrowers those people?
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sirius
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Post by sirius on Feb 6, 2018 17:48:03 GMT
Both the earlier statement concerning there being a second charge on another property, and the latest statement of it now being an equitable charge, fail to mention the amount of said equity. Now, is this a glaring oversight....twice.... or a deliberate omission?
Without this knowledge, to all intent and purposes we still have a c.100% LTV.
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GeorgeT
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Post by GeorgeT on Feb 6, 2018 22:00:17 GMT
I won't clutter up the forum by quoting any posts and because my reply isn't directed at anybody in particular. I meant only to impart my opinion that this looks like a 100% LTV loan to me and I would be avoiding this loan even if I was investing new money in LY. I take the point that I was shooting from the hip because it is true that I hadn't read all the particulars/details when I posted. Obviously people who have considered the details more than me are better informed than me.
It goes without saying that I want LY to succeed. After all, LY is a massive name in the P2P investment sector and if LY failed it would have a devastating knock on effect across the entire AltFi sector and affect even those people who don't invest through LY because of how it would destroy investor confidence.
All comments noted - Sorry, I'll try and choose my words more carefully in future.
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Post by pmac67 on Feb 6, 2018 23:32:21 GMT
There's been hardly any new loans issued in the last few months then 5 pipelines appear late on Monday followed by some big recoveries on Tuesday followed by Go Live notices on Wednesday... That's pipeline is it ? coming soon ! like in 48 hours right after you get some money back and its conveniently sat in your holding account and you've got less than 48 hours to do some due diligence ? ly you don't have much respect for your investors do you !
Just started my DD... Property inspected November 28 2017... Valuation produced 11 Dec 2017...
Sat on to release just in time for newly released funds <read somewhere about bonuses for new investors?> .... I can't be bothered doing any DD for this or other available loans... I've posted elsewhere I'm leaving Ly and that stands... Just hope they continue recovering on the enormous overdue debt...
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treeman
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Post by treeman on Feb 7, 2018 11:05:43 GMT
Just noticed the little green 'going live on 7/2/15' notices have disappeared on the pipelines page from the three announced yesterday.........
<EDIT> Tricksy! Just gone live.
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sarahcount
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Post by sarahcount on Feb 7, 2018 20:50:06 GMT
A small amount has just appeared on the SM for anyone who likes to be in every loan but didn't fancy putting up the £100 minimum.
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drgonzo
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Post by drgonzo on Feb 7, 2018 20:58:48 GMT
A small amount has just appeared on the SM for anyone who likes to be in every loan but didn't fancy putting up the £100 minimum. Thanks - got my £1 limit. 
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adrianc
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Post by adrianc on Feb 22, 2018 13:19:01 GMT
...and it's being withdrawn, due to a "material change" in the particulars. Investment plus interest from go-live to be returned, and the loan will return as a "quasi-development" loan soon.
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SteveT
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Post by SteveT on Feb 22, 2018 16:53:29 GMT
...and it's being withdrawn, due to a "material change" in the particulars. Investment plus interest from go-live to be returned, and the loan will return as a "quasi-development" loan soon. Is that different from the usual “queasy developments”? 😉
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star dust
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Post by star dust on Feb 22, 2018 19:41:57 GMT
Seems to have been repaid now - we await the 'queasy' development  |
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sarahcount
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Post by sarahcount on Apr 3, 2018 16:46:36 GMT
This is back in the pipeline.
The Lendy particulars say "The loan is to assist with the purchase of the hotel and with conversion/refurnishment works. The hotel is being marketed for £475,000 through Rightmove which is around 37% lower than the valuer's reported valuation of £750,000."
Valuers - don't you just love them.
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mary
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Post by mary on Apr 3, 2018 18:05:34 GMT
This is back in the pipeline.
The Lendy particulars say "The loan is to assist with the purchase of the hotel and with conversion/refurnishment works. The hotel is being marketed for £475,000 through Rightmove which is around 37% lower than the valuer's reported valuation of £750,000."
Valuers - don't you just love them.
I did have to check, sorry, but you are obviously completely correct. The loan is £481k, so greater than 100%. Think I'll pass. Not sure how Lendy think they can slip this one past everyone, will be interesting to see as it will give an indication of how many people have yet to find this forum and still have their Rosie-Eyed glasses on.
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zlb
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Post by zlb on Apr 4, 2018 17:49:28 GMT
Can the level of renovation required etc, be achieved in 8 months, in order to run as a hotel again?
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adrianc
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Post by adrianc on Apr 12, 2018 7:39:55 GMT
Anybody had a look at this one? £468k loan, against purchase of a hotel previously run by a Ltd in CVA, currently on market for £475k. The loan is 12% and 240 day duration.
Reviews are mixed, with most of the negativity coming from "needs updating", confirmed by the valuation - but that's the purchaser's intent. (More detail in the DD forum) |
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Post by skint4achange on Apr 12, 2018 8:14:18 GMT
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