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Post by si on Mar 28, 2019 16:07:24 GMT
Thank you for clarifying the situation Mucho. Always appreciate your clear and informative input in this mad mad world
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quidco
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Post by quidco on Mar 28, 2019 16:52:21 GMT
The borrower must owe a serious amount of interest on this loan by now or does that get suspended as well due to the "dispute". Not that we'll ever see it I assume. Best case is to get the deeds to the properties and sell them presumably at less than the valuations.
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Mucho P2P
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Post by Mucho P2P on Mar 28, 2019 17:22:34 GMT
The borrower must owe a serious amount of interest on this loan by now or does that get suspended as well due to the "dispute". Not that we'll ever see it I assume. Best case is to get the deeds to the properties and sell them presumably at less than the valuations. The interest is not suspended, nor are the fees payable to Lendy.
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Mousey
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Post by Mousey on Mar 28, 2019 17:39:19 GMT
Interest rates for the London purchase loan were at a rate of 0.75% monthly to lenders and 0.45% monthly to Lendy.
In addition to the interest for the term being funded by Lenders we also funded the arrangement fee which was £142,906
(Development loan details omitted)
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adrianc
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Post by adrianc on Mar 28, 2019 20:03:34 GMT
Interest rates for the London purchase loan were at a rate of 0.75% monthly to lenders and 0.45% monthly to Lendy.
In addition to the interest for the term being funded by Lenders we also funded the arrangement fee which was £142,906
(Development loan details omitted)
The smaller of the two loans (as presented to us) is 9%, the other is 11% - so 0.917%/mo. Just looking back through the updates to that larger loan, the very first contained this gem:
Well, I for one am so glad they took that time and effort. Who knows what mess we'd be in now otherwise?
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Mousey
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Post by Mousey on Mar 28, 2019 21:07:36 GMT
Interest rates for the London purchase loan were at a rate of 0.75% monthly to lenders and 0.45% monthly to Lendy. In addition to the interest for the term being funded by Lenders we also funded the arrangement fee which was £142,906 (Development loan details omitted)
The smaller of the two loans (as presented to us) is 9%, the other is 11% - so 0.917%/mo. Just looking back through the updates to that larger loan, the very first contained this gem: So that's interesting... The London Loan was split up into two parts: a purchase loan and also a development loan. The interest rates of these parts are detailed in paragraphs 44 and 45 respectively of Lendy's defence submitted to the court and it's from these submissions I take my figures.
It would appear therefore that Lendy were topping up somehow the Lenders element of the Purchase Loan interest rate to make it 11% which is incidentally the rate on the subsequent development loan which is detailed as 0.9167% to Lenders and 0.2833% to Lendy.
Hmmmm.
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adrianc
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Post by adrianc on Mar 28, 2019 21:12:20 GMT
I think we did establish back a few (dozen) pages that the distinction between "purchase" and "dev" loans between borrower and Ly was very much blurred by the time they were presented to lenders as the H**l*w and M**y*e***e loans.
I guess Ly knew damn well that while they might get a tiddler swallowed at 9%, there was no way the bigger of the two was coming fully off the shelf, so hoik that one up a bit...
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Mousey
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Post by Mousey on Mar 28, 2019 21:25:42 GMT
I'm talking specifically about the M**y*e***e loan which as presented to the borrower had different interest rates on the purchase loan and development loan.
The H**l*w loan: Had a Purchase loan rate of 0.75%/0.45% split between lender/Lendy And a dev loan rate of 0.75%/0.45% split between lender/Lendy
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sl75
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Post by sl75 on Mar 29, 2019 9:19:10 GMT
The borrower must owe a serious amount of interest on this loan by now or does that get suspended as well due to the "dispute". Not that we'll ever see it I assume. Best case is to get the deeds to the properties and sell them presumably at less than the valuations. The interest is not suspended, nor are the fees payable to Lendy. However, I'd guess the borrower isn't going to liquidate any offshore holdings that may exist in order to pay the relevant interest/fees without another big fight...?
It's one thing to legally add on interest and fees to a debt, but quite another to actually receive them; something that one would hope Lendy's legal team are already working on the groundwork for, unless they want the borrower to be seemingly running rings around them in the next stages of the relevant processes too!
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Post by Badly Drawn Stickman on Mar 29, 2019 10:02:54 GMT
The interest is not suspended, nor are the fees payable to Lendy. However, I'd guess the borrower isn't going to liquidate any offshore holdings that may exist in order to pay the relevant interest/fees without another big fight...?
It's one thing to legally add on interest and fees to a debt, but quite another to actually receive them; something that one would hope Lendy's legal team are already working on the groundwork for, unless they want the borrower to be seemingly running rings around them in the next stages of the relevant processes too!
I think we would all hope and indeed expect Lendy to have been working in the background ready to realise the assets we currently hold as soon as the situation allows, and distribute these funds to us. I suspect many including myself would wish for Lendy to pursue all other recovery avenues as far as is possible, even if the costs involved eroded any additional recovery.
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Post by GSV3MIaC on Mar 29, 2019 18:11:25 GMT
Clearly nobody managed to tie the bankrupt parent to the offshore assets, or they wouldn't be there (assuming they actually exist).
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Mucho P2P
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Post by Mucho P2P on Mar 29, 2019 19:46:17 GMT
Clearly nobody managed to tie the bankrupt parent to the offshore assets, or they wouldn't be there (assuming they actually exist). After months of investigations, a mostly complete organogram showing the corporate and tax set up of the Mum and daughter holdings (inc. UBO, + the change over of Trust company and numerous associated Nominee Directors) was sent to the QC for the defence team. It was not posted in DD (as was the initial intention), due to the info contained.
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Post by GSV3MIaC on Mar 29, 2019 20:34:05 GMT
Good work, but a bit late for the creditors of the bankrupt, one assumes?
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sydb
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Post by sydb on Mar 29, 2019 22:12:22 GMT
It was not posted in DD (as was the initial intention), due to the info contained. What was deemed sensitive? The names/personal details or the fact that publication might harm our case?
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Mucho P2P
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Post by Mucho P2P on Mar 29, 2019 22:45:54 GMT
Good work, but a bit late for the creditors of the bankrupt, one assumes? It was aimed at aiding the defence. I am more than happy assist with the recovery team and investigating further if given assistance, as all was done from my own finances and time so far.
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