69m
Member of DD Central
Posts: 122 
Likes: 215
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Post by 69m on Jan 10, 2019 19:36:31 GMT
Well, what a surprise: it turns out that the 'trusted developer' couldn't be trusted and their deal has fallen through.
Now the borrower has reverted to the dependable 'refinance' delaying tactic, which will allow them to remain in the property for another few months (at least) while a suitable lender is found and negotiations take place.
I think we're beyond the point where enough is enough with this loan. Lendy needs to stop messing about and take possession of the security, unless the borrower secures a firm offer of finance within a set (short) period.
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Post by charliebrown on Jan 16, 2019 10:24:59 GMT
I really don’t understand Lendy. 763 days in DEFAULT on a PBL and still kicking the can down the road. 763 days where investors have had money locked up earning zero interest whilst Lendy feed them one tall story after another. Sell the damn asset and put investors out of their misery. If you don’t want to admit it’s a loss then push the loan under claims underway with the other losses. What a complete and utter shambles Lendy are.
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69m
Member of DD Central
Posts: 122
Likes: 215
|
Post by 69m on Mar 1, 2019 11:35:17 GMT
Of course, the update on this loan which was due in early February never came. Now it transpires that the Lendy-appointed valuers can't even get access to the site.
Lendy should have acted immediately to take control of the security property when the possession order was granted in January 2018. Instead we have yet another situation where Lendy is being constantly outwitted by the borrower (admittedly not hard to do).
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