hector
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Post by hector on Dec 7, 2020 13:31:35 GMT
I visited this site at the end of last week (3rd December). Site open, several workmen & vehicles on site, extensive underground pipework (civils) underway plus reinstatement of buildings & general finishes. Estate agents boards up & Show house available for viewing. The last Administrators Update 29th October 2019 I can find on this loan states 'The offer mentioned in previous updates continues to progress, we are hoping to conclude matters soon, subject to conditions.' I guess I've missed more recent updates?
I think I'll look in at DFL 002 this week (same developer I believe, again last Administrators Update dated & read as per DFL 101 above) & see if anything happening there.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 7, 2020 14:01:43 GMT
I visited this site at the end of last week (3rd December). Site open, several workmen & vehicles on site, extensive underground pipework (civils) underway plus reinstatement of buildings & general finishes. Estate agents boards up & Show house available for viewing. The last Administrators Update 29th October 2019 I can find on this loan states 'The offer mentioned in previous updates continues to progress, we are hoping to conclude matters soon, subject to conditions.' I guess I've missed more recent updates? I think I'll look in at DFL 002 this week (same developer I believe, again last Administrators Update dated & read as per DFL 101 above) & see if anything happening there. Both of these loans were probably settled by the borrower/son for a reduced sum. DFL002 redemption was advised by RSM in an update & charges settled. Nothing on DFL001 for certain & harder to get info as not a corporate borrower so no CH entries (3rd party debenture) Both M1 loans so into the general creditors pot.
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rrrupert
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Post by rrrupert on Dec 18, 2020 19:40:46 GMT
The latest update from RSM indicates DFL001 sold for 1.5m of which circa £1.27m after costs to be paid, of which £800k has been received so far. From memory DFL002 was sold a few months back. Both of these are model 1 loans so the money just goes to the Lendy company pot and holders will get their share after costs when the administration completes.
I dont hold out much hope on there being a lot left for unsecured creditors although I assume much will depend on the upcoming court case.
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cwah
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Post by cwah on Dec 18, 2020 21:58:54 GMT
I've looked at it and I am not clear..
The DFL001 loan was £6M and it sold for £1.5M, which is 25% of the loan.
Even looking at the valuation it says:
"£3,500,000 – Market Value with vacant possession.
£2,800,000 – 90 day sale with vacant possession.
£8,610,000 – Gross Development Value."
It was definitely NOT a 90 day sale. So it sold to 40% of valuer "market value".
Isn't there a case against the valuer? the difference in price is crazy
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Jeepers
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Post by Jeepers on Dec 18, 2020 22:42:07 GMT
If memory serves me right there was an access issue to the site, hence the borrower could put a low ball offer in.
Would expect this and other model 1 loans will be paid out in full with interest eventually.
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iRobot
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Post by iRobot on Dec 18, 2020 22:53:56 GMT
I've looked at it and I am not clear.. The DFL001 loan was £6M and it sold for £1.5M, which is 25% of the loan. Unfortunately, seems to me you got it pretty clearly. What date was the valuation you are looking at? What condition is the site in now? What is the valuation of the site now? All valuation are time-sensitive. Same way that a vehicles MOT from 10 months ago doesn't mean it's safe to drive today. Dev loan valuations doubly 10x so. Very, VERY unlikely. Time has moved on. The Developer could have adversely impacted the value of the site. The value of part-finished developments will bear little resemblance to figure given in a 5-year old valuation report. All the valuer would need to say is " Well if the developer had finished in a timely fashion and to a good standard, the the properties would have sold for XYZ" - and then produce plentiful figures of numerous properties which did sell very locally - " and you'll see m'Lud that my valuation was pretty much spot-on. Any reduction in value can be ascribed to the remedial costs in getting the site up to a viable position." Actually, have you tried doing that yourself? If you want someone to blame for the fact there has been a loss, look to the Borrower for failing as a developer and, especially look to Lendy in their failing to properly monitor progress (or lack thereof) throughout the initial duration of the loan.
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iRobot
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Post by iRobot on Dec 18, 2020 22:55:09 GMT
If memory serves me right there was an access issue to the site, hence the borrower could put a low ball offer in. Would expect this and other model 1 loans will be paid out in full with interest eventually. Indeed lenders lent money to Lendy, NOT the Borrower on this model 1 loan.
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cwah
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Post by cwah on Dec 18, 2020 22:59:54 GMT
If memory serves me right there was an access issue to the site, hence the borrower could put a low ball offer in. Would expect this and other model 1 loans will be paid out in full with interest eventually. Indeed lenders lent money to Lendy, NOT the Borrower on this model 1 loan. So the model 1 loans were the safest? Which ones are model 1? Is there a list somewhere?
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iRobot
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Post by iRobot on Dec 18, 2020 23:06:11 GMT
So the model 1 loans were the safest? Which ones are model 1? Is there a list somewhere? (according to ilmoro ) A bit outdated, but still has its uses. (The list, although I'm sure ilmoro does too  )
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cwah
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Post by cwah on Dec 18, 2020 23:44:03 GMT
Thank you
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TitoPuente
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Post by TitoPuente on Dec 19, 2020 10:19:01 GMT
Indeed lenders lent money to Lendy, NOT the Borrower on this model 1 loan. So the model 1 loans were the safest? Which ones are model 1? Is there a list somewhere? Not exactly. Look at Appendix B and do the math.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 19, 2020 12:23:12 GMT
So the model 1 loans were the safest? Which ones are model 1? Is there a list somewhere? Not exactly. Look at Appendix B and do the math. Then factor in the unclaimed fees due to RSM
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cwah
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Post by cwah on Dec 19, 2020 13:03:33 GMT
Not exactly. Look at Appendix B and do the math. Then factor in the unclaimed fees due to RSM From what I saw, with £1.2M back to investor out of £6M loan, there is in fact only 20% left already... Does it mean it can go even lower than that? I can't see much difference when it goes that low anyway... whether it gets 10 or 20%, its almost nothing back
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ilmoro
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Post by ilmoro on Dec 19, 2020 13:52:14 GMT
Then factor in the unclaimed fees due to RSM From what I saw, with £1.2M back to investor out of £6M loan, there is in fact only 20% left already... Does it mean it can go even lower than that? I can't see much difference when it goes that low anyway... whether it gets 10 or 20%, its almost nothing back You really dont want to know the answer to that. Lets just say outcomes for creditors incl M1 lenders currently range from 0-100p in the £. The definitive answer will be known in 2023 (or later if there is another extension) , though some indication may be possible around late summer 2021
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cwah
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Post by cwah on Dec 19, 2020 13:54:15 GMT
😭😭😭
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