Post by webwizard on Mar 2, 2018 12:43:25 GMT
GDV: £3,625,000
Loan: £505,871
LTV: 14%
Does anyone have an update on this property?
Loan was completed on 27th April 2017, after which an Independent Monitoring Surveying interim/drawdown report was due in May 2017 but the updates from Lendy have never confirmed that it was received.
July 2017, borrower advised that they were submitting a revised planning application for more bedrooms.
Sept 2017, Lendy questioned the planning implications and response was awaited but no information was provided in the updates.
Nov 2017, borrower advised that work had started on site funded by borrowers own funds. (?ever confirmed by anyone as the original IMS report was outstanding).
Dec 2017, borrower submits request for an extension to the loan.
1 Feb 2018, interest rate on the loan increased to 12%
16 Feb 2018, The formalities to extend the loan through to March 2019 have been completed and the remaining days have been amended accordingly on the platform. (now 390 days remaining)
However, on 7 Feb, it appears that a planning appeal went against the borrower. Companies house shows a charge registered against the same borrower for the house next door and their SPV company is dormant with no turnover since inception.
There is actually no confirmation of any building work ever started, whether planning for the development was actually granted, even if the original plans before increasing the bedroom numbers remains valid and therefore the concern for this property is that it has no real GDV. If that is the case, there has now been an agreed extension and increase in interest granted before knowing the outcome of the planning appeal.
Not sure where this loan goes from here, but there may be problems ahead and no clarity or real information in the updates fron Lendy. Interestingly there has been no thread on this loan on the boards before now (or did I miss it?)
Loan: £505,871
LTV: 14%
Does anyone have an update on this property?
Loan was completed on 27th April 2017, after which an Independent Monitoring Surveying interim/drawdown report was due in May 2017 but the updates from Lendy have never confirmed that it was received.
July 2017, borrower advised that they were submitting a revised planning application for more bedrooms.
Sept 2017, Lendy questioned the planning implications and response was awaited but no information was provided in the updates.
Nov 2017, borrower advised that work had started on site funded by borrowers own funds. (?ever confirmed by anyone as the original IMS report was outstanding).
Dec 2017, borrower submits request for an extension to the loan.
1 Feb 2018, interest rate on the loan increased to 12%
16 Feb 2018, The formalities to extend the loan through to March 2019 have been completed and the remaining days have been amended accordingly on the platform. (now 390 days remaining)
However, on 7 Feb, it appears that a planning appeal went against the borrower. Companies house shows a charge registered against the same borrower for the house next door and their SPV company is dormant with no turnover since inception.
There is actually no confirmation of any building work ever started, whether planning for the development was actually granted, even if the original plans before increasing the bedroom numbers remains valid and therefore the concern for this property is that it has no real GDV. If that is the case, there has now been an agreed extension and increase in interest granted before knowing the outcome of the planning appeal.
Not sure where this loan goes from here, but there may be problems ahead and no clarity or real information in the updates fron Lendy. Interestingly there has been no thread on this loan on the boards before now (or did I miss it?)