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Post by picanto on Apr 15, 2019 22:42:05 GMT
Do you have any money in PBL064? If you don't then you won't have access to it. I have access but no holding. Perhaps you need to have held it previously. Oh right, I have money in DFL012 but not in PBL064. I have access to DFL012 but not PBL064 so I just assumed you had to have funds in those loans to have access.
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brianlom1
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He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Apr 15, 2019 23:15:59 GMT
Do you have any money in PBL064? If you don't then you won't have access to it. I have access but no holding. Perhaps you need to have held it previously. That might explain why I have access to both portals even though I have no current holding in either loan - thanks for the suggested explanation
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adrianc
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Post by adrianc on Apr 16, 2019 7:02:42 GMT
Be nice if they'd emailed people with money in 12...
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invester
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Post by invester on Apr 16, 2019 8:04:57 GMT
Yeah I didn't get an email either, although to be honest we are not missing much.
I do have a feeling the haircut is going to be rather severe.
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Post by picanto on Apr 16, 2019 8:46:24 GMT
Yeah I didn't get an email either, although to be honest we are not missing much. I do have a feeling the haircut is going to be rather severe. I'm not so sure. From my understanding, the building is near completion and it did only have a loan to GDV of 60%. I'm not expecting a full capital repayment but I don't think it would be that far off, the administration fees may hit money coming back to lenders significantly though. We'll just have to wait and see, if I can break even taking into account the interest I've earned on DFL012 when it was IOA, I won't be too disappointed.
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Garage246
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Post by Garage246 on Apr 16, 2019 9:47:41 GMT
Obviously the mention of interim payment means that despite the 60% GDV we will be short. How much Lendy stiff us on fees remains to be seen plus administration fees. Of course it would be nice to see a breakdown of fees, but that would assume that Lendy were a quality outfit who recognise the important of their customers and the service provided....
I suppose we could get an idea of the amount agreed for the sale from the other party - as I understand it the residents. Lendy promised to disclose amounts in February, but true to form have not done so. Important to know the price for the development versus the price for the freehold as Lendy own the Freehold not us. Here the idea is to ensure that value is ascribed equitably between the two and the Freehold not overvalued at the expense of the development. We should be able to find out the relative split fairly easily.
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neal
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Post by neal on Apr 16, 2019 10:22:02 GMT
I have not recieved any emails either, have I missed any important information about how to get the at the 'pacific' infomation or is it just the usual Lendy fluff?
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iRobot
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Post by iRobot on Apr 16, 2019 12:18:23 GMT
Obviously the mention of interim payment means that despite the 60% GDV we will be short. How much Lendy stiff us on fees remains to be seen plus administration fees. Of course it would be nice to see a breakdown of fees, but that would assume that Lendy were a quality outfit who recognise the important of their customers and the service provided.... I suppose we could get an idea of the amount agreed for the sale from the other party - as I understand it the residents. Lendy promised to disclose amounts in February, but true to form have not done so. Important to know the price for the development versus the price for the freehold as Lendy own the Freehold not us. Here the idea is to ensure that value is ascribed equitably between the two and the Freehold not overvalued at the expense of the development. We should be able to find out the relative split fairly easily. Could you advise where Lendy made that promise, please? I have a feeling this is likely to require some 'discussion' with legal and regulatory parties and having documeted proofs to such material can only help.
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Monetus
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Post by Monetus on Apr 16, 2019 12:26:03 GMT
Obviously the mention of interim payment means that despite the 60% GDV we will be short. How much Lendy stiff us on fees remains to be seen plus administration fees. Of course it would be nice to see a breakdown of fees, but that would assume that Lendy were a quality outfit who recognise the important of their customers and the service provided.... I suppose we could get an idea of the amount agreed for the sale from the other party - as I understand it the residents. Lendy promised to disclose amounts in February, but true to form have not done so. Important to know the price for the development versus the price for the freehold as Lendy own the Freehold not us. Here the idea is to ensure that value is ascribed equitably between the two and the Freehold not overvalued at the expense of the development. We should be able to find out the relative split fairly easily. Could you advise where Lendy made that promise, please? I have a feeling this is likely to require some 'discussion' with legal and regulatory parties and having documeted proofs to such material can only help. I believe he is referring to the loan update posted by Lendy on 1st February:
"We have received an indicative offer for the asset. It is anticipated, that this offer will be formalised in the next 7 days. The detail of this offer will be communicated to investors at that time (should the offer be formalised)."
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invester
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Post by invester on Apr 16, 2019 12:45:17 GMT
I assume the money paid by the original off-plan purchasers is well gone now.
Some of the valuations of nearby new builds make me sceptical onto how much of a premium will be attached to this flat. The GDV clearly isn't going to be near what previous estimates were, and I think this underpins many of the difficulties in the money running out.
Not forgetting that there is still quite a lot of work to do on the building before it is finished.
In my view I would think a purchaser of this development would want a quite large margin of safety. The haircut might not be as large in percentage terms as the others, but I feel it will still be millions of quid, and no doubt all of the fees come first.
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Garage246
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Post by Garage246 on Apr 16, 2019 18:40:56 GMT
Obviously the mention of interim payment means that despite the 60% GDV we will be short. How much Lendy stiff us on fees remains to be seen plus administration fees. Of course it would be nice to see a breakdown of fees, but that would assume that Lendy were a quality outfit who recognise the important of their customers and the service provided.... I suppose we could get an idea of the amount agreed for the sale from the other party - as I understand it the residents. Lendy promised to disclose amounts in February, but true to form have not done so. Important to know the price for the development versus the price for the freehold as Lendy own the Freehold not us. Here the idea is to ensure that value is ascribed equitably between the two and the Freehold not overvalued at the expense of the development. We should be able to find out the relative split fairly easily. Could you advise where Lendy made that promise, please? I have a feeling this is likely to require some 'discussion' with legal and regulatory parties and having documeted proofs to such material can only help. Yes indeed as Monetus says - it was in the Lendy updates for this loan that they would share this information, which of course true to form they did not. TBH I don't know why they bother saying they will do something that they have no intention of doing. It is either deceitful or they are total incompetent - I know which one I think is true...
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SteveT
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Post by SteveT on Apr 18, 2019 6:16:12 GMT
We have one! For the benefit of those who aren't in The Loan In Question, so haven't had an email, it's accessible off the main loan page - there's a little extra line just above the page split, with a link straight to the "recovery portal" page. (Nothing terribly exciting, fwiw, but definitely positive - and accompanied by money for those unlucky enough to be in it for more than my solitary penny) Oddly, assuming you’re referring to the tin shed, the “Recovery Portal” link lets me read the update despite having nothing in the loan. Privacy controls appear to have been enhanced: the "Recovery Portal" link on PBL064 is no longer visible to me
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sl75
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Post by sl75 on Apr 18, 2019 9:50:46 GMT
Oddly, assuming you’re referring to the tin shed, the “Recovery Portal” link lets me read the update despite having nothing in the loan. Privacy controls appear to have been enhanced: the "Recovery Portal" link on PBL064 is no longer visible to me I'd wondered when I first read your message whether the privacy controls had been "enhanced" so much that the link wasn't visible to anyone... but I can still see it as expected.
Rather curiously, no links to the recovery portal for the "london loans" has been added yet, so that one still relies on people having bookmarked it or keeping old emails hanging around or similar.
I wonder whether, now that the immediate additional threat from the parties behind those loans seems to have passed, they'll create a new recovery portal for those loans with similar level of detail to the new recovery portals for the loans that have just gained one....
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jfh82
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Post by jfh82 on Apr 29, 2019 21:24:22 GMT
So Lendy have justified the continued pattern of meaningless cut and paste updates on the basis that a private portal is just around the corner. It's been just around the corner for a long time now - we were promised this month.
How does this company expect to regain lender trust when it continually feeds us such falsehoods.
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adrianc
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Post by adrianc on Apr 29, 2019 21:58:13 GMT
You know there's two live, right? Where mid-month updates have been posted, they've gone onto "portal" pages...
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