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Post by Deleted on Apr 23, 2018 11:12:10 GMT
This may fly in the face of the current situation where everyone wants to talk about forum closures, new forums and bans but ..... how about some old fashioned DD! My initial thoughts are it's a half built nursing home, who on earth is going to buy this monstrosity but on the flip side Lendy appear to be using the 180day sale MV and the LTV is 52% of this which if (big IF) the valuation is remotely realistic makes it potentially a more tempting proposition. I'd welcome thoughts from anyone more knowledgeable, who is still around (tongue in cheek)  |
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Mousey
Member of DD Central
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Post by Mousey on Apr 23, 2018 11:28:11 GMT
I'm not too keen on the "Whilst a 12 month term is agreed, with interest to be rolled up for the initial three month period and serviced for the remaining nine months." I'm not sure how the bowwower is going to derive income to service this.
I'm also very cautious that this will be rolled up into a DFL with no option for investers to exit.
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sl75
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Post by sl75 on Apr 23, 2018 16:05:34 GMT
This may fly in the face of the current situation where everyone wants to talk about forum closures, new forums and bans but ... I missed all the "excitement" of the "current situation" to which you refer. [Edit: moved request to "the correct thread"] Regarding this loan - seems we're back to the old system of loans going live within a day of first appearing on the platform, but based on how popular recent loans haven't been this probably doesn't mean a return to the old system of "pre-fund first, do DD later, and sell on the pieces you didn't want"... especially considering how I'm drastically short of funds due to the dearth of recent repayments... ... so I guess it's now "cancel pre-funding, and see how much is still available if/when I'm satisfied I want some and actually have some funds available"! Hopefully Lendy aren't expecting this to get fully funded before the next set of interest/cashback payments on the other loans and/or next full repayment of some other loan. Regarding possible conversion to a DFL... I'm pretty sure it was clarified in another case that a PBL can only be converted to a DFL if the lenders agreed to that possibility in the first place, and otherwise the DFL repays the older PBL. It would be good if Lendy could explicitly clarify this in the loan particulars though, as it could possibly increase confidence amongst those lenders who remain keen to invest in PBLs.
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adrianc
Member of DD Central
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Post by adrianc on Apr 23, 2018 18:19:31 GMT
I missed all the "excitement" of the "current situation" to which you refer. Anyone care to PM me a summary, so I don't inadvertently re-ignite it by mentioning the wrong name(s) or replying to older posts of now banned members? [Will edit this post to remove that request if/when received] This thread - p2pindependentforum.com/thread/12351 - is stickied in every forum.
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Mousey
Member of DD Central
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Post by Mousey on Apr 23, 2018 18:28:12 GMT
Regarding possible conversion to a DFL... I'm pretty sure it was clarified in another case that a PBL can only be converted to a DFL if the lenders agreed to that possibility in the first place, and otherwise the DFL repays the older PBL. It would be good if Lendy could explicitly clarify this in the loan particulars though, as it could possibly increase confidence amongst those lenders who remain keen to invest in PBLs. You never know with Lendy. I'm stuck in DFL005 which has turned from a DFL to a PBL (after sale of freehold). If they didn't think it would fill I'm sure they would roll everyone over. Perhaps @lendy could confirm either way?
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Post by mrclondon on Apr 23, 2018 18:43:39 GMT
It is possible the borrower is connected to the group behind PBL120 / DFL012 / AC #327 , some reasoning behind this statement is on DD Central for those with access.
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Post by mrclondon on Apr 23, 2018 19:43:37 GMT
Also I think its important to fully understand this statement on the loan details
"The Subject Property consists of the ground, first and second floors of a larger six-storey development. The upper floors comprise residential apartments which are also at varying stages of construction / completion and these properties DO NOT form part of the property security."
Intuitively it seems to me that there are risks that issues with the upper floors could impact on the security for this loan (the lower floors).
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Post by GSV3MIaC on Apr 24, 2018 10:12:39 GMT
That's crazy, even by Ly standards .. how can you accurately value the lower floors when you have no idea what/when/if might go on over your head?!
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Post by Lendy Support on Apr 24, 2018 11:55:11 GMT
Dear all, By way of clarification and confirmation – investors in this PBL will not be ‘rolled’ into a DFL, should Lendy decide to assist with the development of this site in due course. If a loan were to be agreed for this purpose, it would be launched as a new DFL on the platform and would be sufficient to fully repay this PBL (PBL200). At the present time Lendy has not been approached to fund the development of the site and the loan is being provided on the basis that it is to be repaid via a refinance with another lender. We hope that helps. Lendy Support |
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MONEY
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Post by MONEY on May 16, 2018 16:31:09 GMT
Target loan value reduced - no obvious explanation/update for the revision on site (as of yet):- 16th May 2018:  Original - 23rd/24th Apr 2018:  |
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sl75
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Post by sl75 on May 17, 2018 9:26:25 GMT
Target loan value reduced - no obvious explanation/update for the revision on site (as of yet):- My guess would be that it's now ready to draw down, and the rules now being applied to the platform mean they can't plug the unfunded gap themselves (e.g. remaining "available" amount now represents people who are trying to sell out already).
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adrianc
Member of DD Central
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Post by adrianc on Feb 9, 2021 15:45:12 GMT
Anybody any ideas what happened here?
Looks like the borrower was wound up in July last year.
No security at all...?
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ilmoro
Member of DD Central
'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 16:42:10 GMT
Anybody any ideas what happened here? Looks like the borrower was wound up in July last year. No security at all...? LAG FB believed sold post auction £450k. Company in liquidation under WUP but hasn't gone yet.
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