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Post by grumpysculler on Jun 16, 2019 12:01:36 GMT
Yes, it took me a while to come to that realisation. It's why I started moving out of lendy in particular, for months now at least all I have is defaulted loans. I'm not expecting a lot back...
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Post by billy169 on Jun 16, 2019 12:16:05 GMT
I'm expecting 70% back !!.maybe I'm a fool..but in the long term, that's what I expect.
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travolta
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Post by travolta on Jun 16, 2019 12:52:51 GMT
PBL065....Building plot in Shropshire. FYI. woof.woof.
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sydb
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Post by sydb on Jun 16, 2019 13:02:25 GMT
PBL065....Building plot in Shropshire. FYI. woof.woof. Sorry, not in that one so this flew over my head.
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thedog
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Post by thedog on Jun 16, 2019 13:11:51 GMT
It's a help of course, but valuers would argue that even a willing seller seeking to sell quickly is better placed than a distressed seller. The arguement will be that the best price you can get in 90 days which you might still choose to reject isn't the same as the best price you can get when you have no choice but to sell. As I said, they should certainly be pursued and there will probably be some successes - just don't expect this to be a generalised silver-bullet. Such an argument assumes disclosure to the market has occurred regarding why the seller wants to sell..... That's very true but I'm afraid the market always knows who's struggling - part-finished projects as you mentioned, Administration / Enforcement action of course, commets on P2P websites, but mainly just good old industry gossip.
Completely agree about LT GDV - total waste of time.
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ilmoro
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Post by ilmoro on Jun 16, 2019 13:37:12 GMT
PBL065....Building plot in Shropshire. FYI. woof.woof. Sorry, not in that one so this flew over my head. Yeah, same here ... 30% loss not 50% which I suspect will turn out to be one of the better ones.
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izigor
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Post by izigor on Jun 16, 2019 16:33:48 GMT
How about if we got a share of all the assets remaining from Lendy and Borrowers (i.e. in asset form rather than liquidated) - of course based and calculated from the amount of money we are owed. I would have preferred that. Would anyone else? If, by miracle, 100% of lenders preferred that option, would this be something that could be discussed with the administrators? (sorry if these are stupid deliberations/questions)
I doubt anyone really wants 3 square inches of a building site, or 6 bricks in Wolverhampton. It's not like the assets are 9 tons of mars bars, or anything else easily divisible, assignable, or shipable. So sorry, but that is not a very workable idea.
I don't mean sharing it in this way; let me illustrate in this fictitious scenario: 1.Say, Property X, one acre of land, Loan was £40,000. Valued at £100,000. 2.There are 4 lenders [Dick, Tom, Harry and Charles]. Each lent £10,000. Highest offer for whole of property is now £10,000. Which means after fees are paid, each lender would only receive less than £2500 each. So my proposition in this (admittedly unrealistically simplistic) scenario, would be either all four signs to becoming owners of the land instead of receiving paltry sum. [Or perhaps Charles isn't interested and he sells his share for £3000 to the new owners Dick, Tom and Harry]. This way, Dick, Tom and Harry [and perhaps Charles too] has acquired an asset at a very good price, giving them a chance to develop it perhaps.
[I know there's a much bigger complexity with 1000's of lenders. But apart from that, is the above even a possibility or are there other challenges [in administration law or other for example?)
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adrianc
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Post by adrianc on Jun 16, 2019 17:40:10 GMT
PBL065....Building plot in Shropshire. FYI. woof.woof. Oh, that one - 70% repaid on sale, with PG and/or professional indemnity insurance still to go - and they only started last Feb. Only £210k capital shortfall, so has scope to pay out well. £500k on sale against £1m 90-day and £1.2m open-market valuation. Definite scope for a PI claim. Ah, the happy days of 31% allocations on go-live... p2pindependentforum.com/thread/3781/pbl065-development-site-shropshire-default
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ilmoro
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Post by ilmoro on Jun 20, 2019 12:01:30 GMT
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delboy
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Post by delboy on Jun 20, 2019 16:47:55 GMT
Errrr.... and the answer to the actual question asked is....?
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Post by Deleted on Jun 20, 2019 17:12:17 GMT
Errrr.... and the answer to the actual question asked is....? They weren't talking to you.
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travolta
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Post by travolta on Jun 20, 2019 17:51:45 GMT
Swivel eyes and sloping shoulders. Where's Guy Fawkes when you need him?
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garfield
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Post by garfield on Jun 20, 2019 20:28:55 GMT
Swivel eyes and sloping shoulders. Where's Guy Fawkes when you need him? Probably in the pub!!
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Post by Badly Drawn Stickman on Jun 20, 2019 20:53:45 GMT
Swivel eyes and sloping shoulders. Where's Guy Fawkes when you need him? Probably in the pub!! Indeed if he had not cheated his planned execution by jumping to his death, he could have been in four pubs and suitably 'legless' in two of them. he would however have been completely armless in the other pair.
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Greenwood2
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Post by Greenwood2 on Jun 21, 2019 7:15:54 GMT
I doubt anyone really wants 3 square inches of a building site, or 6 bricks in Wolverhampton. It's not like the assets are 9 tons of mars bars, or anything else easily divisible, assignable, or shipable. So sorry, but that is not a very workable idea.
I don't mean sharing it in this way; let me illustrate in this fictitious scenario: 1.Say, Property X, one acre of land, Loan was £40,000. Valued at £100,000. 2.There are 4 lenders [Dick, Tom, Harry and Charles]. Each lent £10,000. Highest offer for whole of property is now £10,000. Which means after fees are paid, each lender would only receive less than £2500 each. So my proposition in this (admittedly unrealistically simplistic) scenario, would be either all four signs to becoming owners of the land instead of receiving paltry sum. [Or perhaps Charles isn't interested and he sells his share for £3000 to the new owners Dick, Tom and Harry]. This way, Dick, Tom and Harry [and perhaps Charles too] has acquired an asset at a very good price, giving them a chance to develop it perhaps.
[I know there's a much bigger complexity with 1000's of lenders. But apart from that, is the above even a possibility or are there other challenges [in administration law or other for example?)Any group could approach the Administrators (or whoever is winding down Lendy) and offer to purchase a development in default, anecdotally it seems some borrowers are offering to buy their own developments at knock down prices. The group would then need sufficient funds and knowledge to complete the development and sell it to recoup their money (or not). It might be an attractive proposition to some BHs heavily invested in single developments.
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