zccax77
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Post by zccax77 on Apr 3, 2019 14:17:50 GMT
I think by the time PBL199 was launched we had all wisened up to what Lendy were upto and hence a lot of us did not invest in anything new at that point.
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adrianc
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Post by adrianc on Apr 3, 2019 14:27:52 GMT
So lemme just get this straight... You looked at the valuation doc for PBL199, and you read through it... and you understood that the 90day vacant possession value of £8.75m referred to an absolute bare minimum floor value for 0.89acres of mud and rubble? Even though that was clearly shown to be a discount from the "site valuation" clearly back-calculated from the rental value of the finished units at a stated yield after build costs were deducted? Even though the loan particulars state for a fact that the £4m includes 100% of the purchase price of the site (after the site's value has "increased substantially" through the granting of planning permission), prior to development starting? No, and I don’t even understand what you’ve just written. I looked at the published LTV and LY’s assurances that there was no hope value attached. I didn’t invest much in this one anyway so no problem. However, is LY’s published LTV designed to be a trap for less knowledgeable investors who trusted an FCA approved platform. Did you actually read the valuation document at all? Or, if you didn't bother to click on the PDF, did you read the loan particulars?
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SteveT
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Post by SteveT on Apr 3, 2019 14:31:06 GMT
He’d rather avoid 10 minutes reading and understanding a VR but then spend endless hours bleating about his misfortune and worry for months afterwards. You really couldn’t make it up.
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TitoPuente
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Post by TitoPuente on Apr 3, 2019 20:58:51 GMT
What is not helpful is your last sentence. I see that you have unfortunately fallen prey of "the London loan". I wouldn't have touched that with a radiation suit, but I am not cocky enough to give you life lessons. Apologies if you felt that comment was patronising, it wasn't inteneded to be. More a reflection that I think many retail lenders (which I'm not) have been badly let down by the FCA's approach to regulating the sector. (Again that is not to prejudge your circumstances, simply a belief in general terms. Unfortunately on this forum I was pretty much alone in suggesting a few years ago that the typical self select loan was not appropriate for retail investors.) As far as the London Loans go, I am indeed in the larger one, a consious decision based on my analysis of the security and a belief that it was worth around 100% of the loan value OMV, and c. 80%* of the loan value as a distressed sale, which with marketing targeted at a very specific demographic, I believe is still the case. Obviously I was unaware of the borrower's history on other projects, and have learnt my lesson there - avoid offshore borrowers that are too costly to research. * An estimated 80% distressed sale value vs loan is my cut off below which I don't lend. No apology necessary. Specially from someone that provides invaluable input in DD central and elsewhere. In my case, I'm not a retail investor either, but real estate fooled me. I work in Project Finance deals (ports, airports, roads, power, water) where risks are allocated efficiently and there are legal mechanisms that protect all sides. Valuations are based on DCF. All cash management is regulated by collateral trusts agreements and all disbursements are tightly controlled by administrative agents (parts of big banks). In contrast, real estate is the Wild West full of cowboys and fortune hunters. I play the real estate market through REITs with good results (here and on the other side of the pond). P2P sounded good in theory as a way to somewhat avoid the mark to market issue with REITS and gain exposure to the debt side. Trusting "agents" like Lendy that "are very good at this". Big mistake by me even if it is a minor part of own portfolio.
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adrianc
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Post by adrianc on Feb 9, 2021 15:39:26 GMT
Anybody seen any update on these? No administrator's report at all filed for 199's borrower on CoHo.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 9, 2021 16:45:45 GMT
Anybody seen any update on these? No administrator's report at all filed for 199's borrower on CoHo. In receivership not admin so won't be any reports just income/expenditure statements. Under offer on AY site
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