ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,868
Likes: 11,097
|
Post by ilmoro on May 27, 2020 19:03:18 GMT
No change. Its been able to be sold for months, just hasn't. Is it on the market then? I couldn't see it advertised anywhere Yep, you've even commented and posted the website link in DDC
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Jul 3, 2020 18:28:40 GMT
Security going to auction on 16th July - further info in DDC for those with access. Edit: This would suggest to me that Lendy / the Administrators are comfortable that as far as the 'B-from-B' is concerned, that particular dog has had its' day and no further legal entanglements are anticipated.
|
|
|
Post by gaza77 on Jul 3, 2020 19:26:12 GMT
On the auction website the property HR has now been reduced to £4.75M from £6M! Nice!
|
|
agent69
Member of DD Central
Posts: 5,616
Likes: 4,190
Member is Online
|
Post by agent69 on Jul 3, 2020 20:42:32 GMT
On the auction website the property HR has now been reduced to £4.75M from £6M! Nice! Anyone care to take a punt regarding what it will go for?
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Jul 3, 2020 22:27:26 GMT
On the auction website the property HR has now been reduced to £4.75M from £6M! Nice! Anyone care to take a punt regarding what it will go for? Location is excellent, demolition and rebuild a nightmare for a contractor as its boxed in = higher rebuild costs. My punt, £4.25m.
|
|
quidco
Member of DD Central
Posts: 290
Likes: 361
|
Post by quidco on Jul 4, 2020 6:32:20 GMT
Anyone care to take a punt regarding what it will go for? Location is excellent, demolition and rebuild a nightmare for a contractor as its boxed in = higher rebuild costs. My punt, £4.25m. Yes it's a really good location, I used to work round there. Lots of wealthy middle easstern interest there was well.
|
|
sam i am
Member of DD Central
Posts: 697
Likes: 555
|
Post by sam i am on Jul 4, 2020 9:58:54 GMT
As well as the property, the Lendy portal regarding this loan also talks about the value of ancillary security and claims of £3m. Is anyone able to shed any light on this? Is there anything real behind it or is it just a vague notion connected to a personal guarantee?
|
|
ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 10,868
Likes: 11,097
|
Post by ilmoro on Jul 4, 2020 10:26:38 GMT
As well as the property, the Lendy portal regarding this loan also talks about the value of ancillary security and claims of £3m. Is anyone able to shed any light on this? Is there anything real behind it or is it just a vague notion connected to a personal guarantee?
The debentures over the three companies involved? Probably not then
|
|
|
Post by gaza77 on Jul 4, 2020 10:52:02 GMT
As well as the property, the Lendy portal regarding this loan also talks about the value of ancillary security and claims of £3m. Is anyone able to shed any light on this? Is there anything real behind it or is it just a vague notion connected to a personal guarantee?
I have asked the very same question years ago and got no reply! I suspect the £3M is worthless, especially if it is linked with personal guarantees etc. Selling property during lockdown and only months to go for brexit (sorry for mentioning the ‘b’ word), I would be surprised if it made more than £4M. As the original loan was for around £7.5M, we are already around the 50% retrieval mark. Does anyone know how much the litigation bill will costs us? My guess £0.5M? Then we have the waterfall to contend with! I also wonder how the recent revelations involving Li** B**** will impact us? —>Probably detrimentally! P2P - never again!
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on Jul 5, 2020 0:10:40 GMT
As well as the property, the Lendy portal regarding this loan also talks about the value of ancillary security and claims of £3m. Is anyone able to shed any light on this? Is there anything real behind it or is it just a vague notion connected to a personal guarantee?
I have asked the very same question years ago and got no reply! I suspect the £3M is worthless, especially if it is linked with personal guarantees etc. Selling property during lockdown and only months to go for brexit (sorry for mentioning the ‘b’ word), I would be surprised if it made more than £4M. As the original loan was for around £7.5M, we are already around the 50% retrieval mark. Does anyone know how much the litigation bill will costs us? My guess £0.5M? Then we have the waterfall to contend with! I also wonder how the recent revelations involving Li** B**** will impact us? —>Probably detrimentally! P2P - never again! What I heard so far is that residential property price are not going down... but instead keep going up. Even though there are less buyer, there are even less seller. And with interest rate so low, everyone can just sit on their ass and wait until crisis pass to sell. So I wouldn't be surprised if it sell a much more than guide price. Load of auction sold over guide price at the moment
|
|
|
Post by gaza77 on Jul 5, 2020 18:02:29 GMT
I have asked the very same question years ago and got no reply! I suspect the £3M is worthless, especially if it is linked with personal guarantees etc. Selling property during lockdown and only months to go for brexit (sorry for mentioning the ‘b’ word), I would be surprised if it made more than £4M. As the original loan was for around £7.5M, we are already around the 50% retrieval mark. Does anyone know how much the litigation bill will costs us? My guess £0.5M? Then we have the waterfall to contend with! I also wonder how the recent revelations involving Li** B**** will impact us? —>Probably detrimentally! P2P - never again! What I heard so far is that residential property price are not going down... but instead keep going up. Even though there are less buyer, there are even less seller. And with interest rate so low, everyone can just sit on their ass and wait until crisis pass to sell. So I wouldn't be surprised if it sell a much more than guide price. Load of auction sold over guide price at the moment I admire your optimism but don't forget it was originally (by this I mean a few months ago) put on the Market for £6M and didn't sell. We weren't given any indication if there were offers or not! Why are they so secretive? Maybe I am being too pessimistic but I can’t see anyone buying it for £4.75M. And don't forget we need £7.5M to break-even, before the waterfall and litigation costs of course. This is the worst mistake that I have ever made - by far!
|
|
Mucho P2P
Member of DD Central
Posts: 945
Likes: 1,632
|
Post by Mucho P2P on Jul 5, 2020 18:16:56 GMT
As well as the property, the Lendy portal regarding this loan also talks about the value of ancillary security and claims of £3m. Is anyone able to shed any light on this? Is there anything real behind it or is it just a vague notion connected to a personal guarantee?
The only possible extra amounts that I am aware about would be held in the Channel Islands, and BVI "holding" companies. How much, I do not know, but there will be some cash due to how these companies are set up and run. They always have some funds in the bank for the daily / yearly running expenses which are far higher than UK companies.
|
|
iRobot
Member of DD Central
Posts: 1,657
Likes: 2,450
|
Post by iRobot on Jul 5, 2020 19:03:16 GMT
What I heard so far is that residential property price are not going down... but instead keep going up. Even though there are less buyer, there are even less seller. And with interest rate so low, everyone can just sit on their ass and wait until crisis pass to sell. So I wouldn't be surprised if it sell a much more than guide price. Load of auction sold over guide price at the moment I admire your optimism but don't forget it was originally (by this I mean a few months ago) put on the Market for £6M and didn't sell. We weren't given any indication if there were offers or not! Why are they so secretive? Maybe I am being too pessimistic but I can’t see anyone buying it for £4.75M. And don't forget we need £7.5M to break-even, before the waterfall and litigation costs of course. This is the worst mistake that I have ever made - by far! cwah, I think comparisons to residential performances are a little misplaced. This is much, much closer to a development proposition than a viable residential property. gaza77, I wouldn't be at all surprised if the reserve is kept at £6m and a £4.75m guide price is there to help generate interest. * This is a very decent location, and the market is only just emerging from a period of near-stagnancy, so I think the administrators and their agents would be comfortable testing the market a couple of times over the next few months to gauge appetite before letting it go for under £6m. * - it's not something I've studied, but I seem to recall that some auctioneers state that a guide price will not be more than, say, 10% below the sellers reserve price (should one be set). Allsops don't take that approach but instead state: " Where a guide price (or range of prices) is given, that guide is the minimum price at which (or range of prices within which) the seller might be prepared to sell on the date on which the guide price (or range of prices) is published. The guide price will normally be at or above any reserve price." Of course, the inclusion of "normally" gives them plenty of wriggle room, as does the time-stamping clause: 'Well, there was lots of interest since that guide price was published, so the vendor upped the reserve'. Additionally, item 7 in the listing notes pretty much gives everyone free-reign to make it up as they go along: " 7. Whilst every effort is made to ensure that the advertised guide prices are up-to-date. it is possible that the reserve price set for any Lot may exceed the previously quoted guide price. This is because the seller may fix the final reserve price ju st before the Lot is offered for sale." (sic)
|
|
cwah
Member of DD Central
Posts: 949
Likes: 468
|
Post by cwah on Jul 6, 2020 2:35:21 GMT
What I heard so far is that residential property price are not going down... but instead keep going up. Even though there are less buyer, there are even less seller. And with interest rate so low, everyone can just sit on their ass and wait until crisis pass to sell. So I wouldn't be surprised if it sell a much more than guide price. Load of auction sold over guide price at the moment I admire your optimism but don't forget it was originally (by this I mean a few months ago) put on the Market for £6M and didn't sell. We weren't given any indication if there were offers or not! Why are they so secretive? Maybe I am being too pessimistic but I can’t see anyone buying it for £4.75M. And don't forget we need £7.5M to break-even, before the waterfall and litigation costs of course. This is the worst mistake that I have ever made - by far! I thought it was removed due to court issues still to be resolved. Now that there is green light it can be freely sold.
|
|
|
Post by gaza77 on Jul 6, 2020 12:10:02 GMT
I admire your optimism but don't forget it was originally (by this I mean a few months ago) put on the Market for £6M and didn't sell. We weren't given any indication if there were offers or not! Why are they so secretive? Maybe I am being too pessimistic but I can’t see anyone buying it for £4.75M. And don't forget we need £7.5M to break-even, before the waterfall and litigation costs of course. This is the worst mistake that I have ever made - by far! I thought it was removed due to court issues still to be resolved. Now that there is green light it can be freely sold. Sorry, what was removed? I think you mean Lendy effectively won the case, so there are no more litigation issues? And this is true - I think. However, because the borrower is not likely to stump up our litigation costs (I dont think the solicitors even applied to do so), we will have to stump up these costs ourselves, even though it was Lendy who was Defending itself! The current creditors/directors will insist. Not sure how much this will amount to....half a million maybe. So, if we get for argument sake £4M from the sale, then we will end up with £3.5M before the waterfall payments which according to LAG/MP, will get around 57% of the £3.5M or £2M. This would mean that we would get back (if we are lucky) around 2/7.5 = 27% of what we put in. There may be more deductions that I am not aware of and we may get more or less than £4M from the auction on the 16th July.
|
|