richox
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Post by richox on Apr 4, 2022 8:29:57 GMT
This project was satisfactorily completed years ago. Why has no capital been returned?
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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 Apr 4, 2022 11:38:05 GMT
This project was satisfactorily completed years ago. Why has no capital been returned? Still selling the flats by the looks of it. I think there have been significant construction delays during the pandemic & mezzanine financing required (CBILS loan). Very hard to find info as it's not in recovery.
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adrianc
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Post by adrianc on Apr 5, 2022 8:48:16 GMT
This project was satisfactorily completed years ago. Why has no capital been returned? Streetview from last June still shows builders signage up. The builder's website does say "complete", true. Rightmove shows 11 properties listed, 5 flagged as STC. Listing dates vary from last March to this March.
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Post by rooster on Apr 5, 2022 18:42:15 GMT
So was our loan repayment terms subject to the sale of some or as it appears all of the flat inventory as I don't remember that?
Also, if the loan never went into recovery, presumably it isn't subject to the delays of the legal case exploring the waterfall distribution.
I've only got £200 in this one but I thought it was one of my more successful ones!
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adrianc
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Post by adrianc on Apr 5, 2022 18:50:12 GMT
So was our loan repayment terms subject to the sale of some or as it appears all of the flat inventory as I don't remember that? From the loan description... "Exit strategy
The borrower plans to repay the loan from the sale of the completed units, either to owner occupiers or buy to let investors."Yup. EVERY loan is, since Lendy went south for the winter. Don't confuse whether individual loans are repaying or not with the situation with Lendy's entitlement. One thing's for sure, the developer are massively unlikely to pay the 1,020 day (and counting) overdue penalty interest (it was due in June 2019), so this one is never going to "repay in full", which means that there is inevitably going to be arguments about who gets what proportion of what is received...
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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 Apr 5, 2022 19:07:54 GMT
So was our loan repayment terms subject to the sale of some or as it appears all of the flat inventory as I don't remember that? Also, if the loan never went into recovery, presumably it isn't subject to the delays of the legal case exploring the waterfall distribution. I've only got £200 in this one but I thought it was one of my more successful ones! All remaining loans are subject to the waterfall delay as that relates to fees for managing the winddown of the loanbook not just default loans. It may well be one of the better ones as there wont be the costs associated with an IP recovery and wont have required significant work from RSM to manage.
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Post by rooster on Apr 5, 2022 19:13:37 GMT
Thanks adrianc & ilmoro , for replying so promptly and fully to both my questions :-) |
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mikes1531
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Post by mikes1531 on Apr 5, 2022 20:50:00 GMT
It may well be one of the better ones as there wont be the costs associated with an IP recovery and wont have required significant work from RSM to manage. Just because the loan shouldn't "have required significant work from RSM to manage" doesn't mean they won't have decided to keep a very close eye on it anyway -- so they could have justification for charging us their fees for doing that.
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Post by rooster on Apr 6, 2022 16:33:43 GMT
It may well be one of the better ones as there wont be the costs associated with an IP recovery and wont have required significant work from RSM to manage. Just because the loan shouldn't "have required significant work from RSM to manage" doesn't mean they won't have decided to keep a very close eye on it anyway -- so they could have justification for charging us their fees for doing that. Nah, if they'd decided to do that voluntarily and it was ultimately as expected unnecessary, I'm sure they'll cover it under their own costs 
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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 Apr 6, 2022 17:09:49 GMT
Regular alerts for searches in Land Registry for sales ... another today .. so unless they are all changing their minds should be reaching the end.
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Post by bata on Apr 12, 2022 11:09:44 GMT
I'm pleased units are still selling. I understand that Lendy Administrators accepted that the builders required a new loan to complete the build and agreed it should take precedence, 1st Charge over existing Lendy 1st Charge loans, such as, the £200 already mentioned and indeed my £21,000 in this one. These Lendy investments are now second in the repayment queue - 2nd Charge loans. None of them will be paid, in full or in part, until all the other non-Lendy 1st Charge loans are repaid.
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taffy
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Post by taffy on Apr 13, 2022 10:24:23 GMT
Unbelievable is it not. On the brighter side, any losses from now on will appear much smaller due to current raging inflation. It is now almost 3 years since Lendy entered administration (May 2019), but no doubt the FCA will be keeping a close eye on proceedings given they are the regulating body that authorised this company. Why would that not be the case?
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