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Post by peterst on Jun 19, 2021 11:46:29 GMT
There is another flat in the same block that has been for sale for some nine months (£530k for 3 bedrooms) and is now being marketed by five different agents.
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mrsb
Posts: 196
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Post by mrsb on Jun 29, 2021 12:04:29 GMT
Well! Bugger-me!
I've received an HMLR alert this morning to say there's an application been made for a search in connection with a purchase [of the flat].
(I sign-up for alerts on all properties I'm exposed to).
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Post by uksoul on Jun 29, 2021 13:50:09 GMT
Well! Bugger-me! I've received an HMLR alert this morning to say there's an application been made for a search in connection with a purchase [of the flat]. (I sign-up for alerts on all properties I'm exposed to). That's a great idea signing up for those alerts....there has been no news to say the sale had failed so i assume it's progressing as per your update.
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sussexpeer
Member of DD Central
If you don't make a plan, you'll end up where you're headed.
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Post by sussexpeer on Jul 5, 2021 15:18:43 GMT
The sale of Waterloo has Completed.
The result is equivalent to a 100% return of Capital plus 0.5% per annum interest.
"The sale itself, net of the Receiver’s, agents’, and legal fees on the disposal, will return approximately 93% of your original loan part capital. These funds will be credited to your Lender Account today.
Relendex has worked very hard over the past 2 years to recover lenders’ capital. The capital repayment from the sale, when aggregated with the interest paid to your Lender Account during the first 12 months of the loan term, will see the full value of your original investment repaid and a surplus that equates to an annual return on your original investment of approximately 0.5% per annum."
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Post by uksoul on Jul 5, 2021 15:18:53 GMT
The Waterloo drama has ended .No loss on capital but 0.5% mmm
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sussexpeer
Member of DD Central
If you don't make a plan, you'll end up where you're headed.
Posts: 65
Likes: 53
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Post by sussexpeer on Jul 5, 2021 15:36:20 GMT
However, I bought into Waterloo just a few months before the deal went pear-shaped, so I got very little interest. My capital return plus modest interest received gives a Net return of just 96% of my original investment over the 2 years. The flat seems to have been ridiculously over-valued.
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mrsb
Posts: 196
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Post by mrsb on Jul 5, 2021 16:54:24 GMT
However, I bought into Waterloo just a few months before the deal went pear-shaped, so I got very little interest. My capital return plus modest interest received gives a Net return of just 96% of my original investment over the 2 years. The flat seems to have been ridiculously over-valued. Over-valued .... Hummmm - negligently, fraudulently, criminally. I'm sure nothing would come of any action. Will we see a statement of account that delivers the final figures? It'd be nice to see where our money went.
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Post by uksoul on Jul 5, 2021 17:18:04 GMT
However, I bought into Waterloo just a few months before the deal went pear-shaped, so I got very little interest. My capital return plus modest interest received gives a Net return of just 96% of my original investment over the 2 years. The flat seems to have been ridiculously over-valued. Over-valued .... Hummmm - negligently, fraudulently, criminally. I'm sure nothing would come of any action. Will we see a statement of account that delivers the final figures? It'd be nice to see where our money went. it went towards beefing up their profits.....
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mrsb
Posts: 196
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Post by mrsb on Jul 6, 2021 16:50:51 GMT
Looks like a good hard real capital loss has broken the R dashboard ... mine is adrift by the value of my capital loss ......
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tjtl
Posts: 232
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Post by tjtl on Jul 7, 2021 6:09:18 GMT
Looks like a good hard real capital loss has broken the R dashboard ... mine is adrift by the value of my capital loss ...... And they will have to do some fundamental restructuring of the dashboard to account for the loses coming in Evesham . Waterloo loss was bearable, and (I think) understandable. Evesham, despite their explanations, is still a shocker (and with the flats not selling the write off is only getting worse)
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Post by uksoul on Jul 7, 2021 8:47:51 GMT
Looks like a good hard real capital loss has broken the R dashboard ... mine is adrift by the value of my capital loss ...... And they will have to do some fundamental restructuring of the dashboard to account for the loses coming in Evesham . Waterloo loss was bearable, and (I think) understandable. Evesham, despite their explanations, is still a shocker (and with the flats not selling the write off is only getting worse) The site was meant to be upgraded months ago but looks like it is put on the back burner. I did not invest in Evesham but know it's a long standing default, hopefully the flats can be sold off. I just have North Molton left as a delinquent loan which looks like it will make a final ROI like Waterloo.
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mrsb
Posts: 196
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Post by mrsb on Jul 7, 2021 9:08:47 GMT
Waterloo valuation is/was not understandable. DYOR, but my understanding (I'm not starting this as fact) is that the whole charade from the start was simply the borrower offloading the flat (selling it to us!).
Telling us we've made 0.5% is a bit irritating, when of course the 7% loss is a capital one, and we have to carry it in our books (and loose the ability to earn from it) until we make a CG (in excess of annual allowance) elsewhere.
6/7 Evesham flats show as sale in hand (on RM). Lord knows what %age capital loss we'll end up with .... again, I'll be pressing R to promulgate the numbers at the end.
I'm content that it's my risk when investing, but not content with the way R present things (when they do) and their otherwise silence.
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tjtl
Posts: 232
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Post by tjtl on Jul 9, 2021 6:47:53 GMT
I admit to being influenced by my exposure to Evesham, which is easily my biggest investment . The saga has been painful and at times harder to follow than James' Joyce's Ulysses (and even less fun). I have written to R many times requesting that they provide a full update on all their loans on a monthly basis- in tough times there will be some losses (and the risk of loss is why we get the coupon we do) , so they should just be upfront about it. The approach of saying as little as possible, as infrequently as possible, in a way that is trying to put lipstick on a pig and making the best interpretation of the facts, is self-defeating. Most investors in Relendex are (I suggest) pretty bright and don't react well to the panglossian truth-denial approach! Their new investments look better than those that went before, but they still have some rubbish to sort before I would consider putting new cash in.
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Post by uksoul on Jul 9, 2021 8:02:15 GMT
I admit to being influenced by my exposure to Evesham, which is easily my biggest investment . The saga has been painful and at times harder to follow than James' Joyce's Ulysses (and even less fun). I have written to R many times requesting that they provide a full update on all their loans on a monthly basis- in tough times there will be some losses (and the risk of loss is why we get the coupon we do) , so they should just be upfront about it. The approach of saying as little as possible, as infrequently as possible, in a way that is trying to put lipstick on a pig and making the best interpretation of the facts, is self-defeating. Most investors in Relendex are (I suggest) pretty bright and don't react well to the panglossian truth-denial approach! Their new investments look better than those that went before, but they still have some rubbish to sort before I would consider putting new cash in. Have you tried contacting the CEO directly via email ? The customer service won't be very forthcoming.
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tjtl
Posts: 232
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Post by tjtl on Jul 9, 2021 9:24:19 GMT
I have had infrequent communication with Michael Lynn, and the Chairman Paul. They were so proud of the "no investor has ever made a loss" mantra that they couldn't deal with the "losses will be made" change of tack. Even with a five figure loss on Evesham , my net returns on Relendex have been pretty good- they need to grow up in how they communicate, explain that some losses are to be expected, but most importantly provide regular, timely, scheduled updates on how the loans are doing (rather than the months of silence that happens on problem loans) - I see they have two new loans going live today- but as I am still in Evesham, North Molton, Greater Manchester, I will resist from putting more cash in until I can see these sorted.
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