Lendy Live loans updates list, useful info, links
May 11, 2015 15:14:59 GMT
mrclondon, bugs4me, and 50 more like this
Post by ilmoro on May 11, 2015 15:14:59 GMT
WEEKLY STATUS CHANGES:
| *New Default Policy* | Lendy Support/FAQ pretty comprehensive now | Forum Index a coolingdude production | Lender T&Cs | Secondary Market availabilty a jonah production | Excel loan tracking spreadsheet a steveT production |
| Recent Status Changes | links to individual loan discussion pages | Applies to loans below first triple line | hourly snapshop of cumulative value of loans on SM | a useful spreadsheet Instructions | |
| Negative Term Monitor Discussion thread | How a loan is structured - fees, retained interest | Loan Stats | Old T&CS | *New Secondary Market* Funding Rules | Interest tracker spreadsheet a twoheads production |
| Lendy comment on extensions & updates | Rates, charges and profit 2016 Lendit Presentation www.lendit.com/europe/2016/videos/saving-stream-demo | some statistics | Variances between old & new structure (& here) Interest now accrues on defaulted loans | Pipeline Updates | spreadsheet to calculate interest |
List of live loans & updates
Key:
N - not drawndown
1/1/15 -extended OVERDUE - past its latest advised end date - not formally extended though borrower may be paying interest (see text) 1/1/16 -reduction in previous advertised term [1/1/15] - original stated term end date(All end dates are estimates only, recently it has become apparent that a number of loans have shorter terms than advertised so dates are provided on information avaliable - lenders are advised to contact Savingstream for a definitive answer)
juv- linked loans, ie same borrower or connected through common director etc
* -repeated update, original date left to illustrate time passed
[blah blah]- comment not made on site
# - SS internal loan number & direct link to updates page of loan
Status from 1/3/17 under New Default Policy:
- IOA (Interest On Account = borrower paying interest), 
+1% - IA (Interest Accruing) 
+1%- DEF (in default, interest accruing)Disclaimer: all the information below is unoffical, based on the facts available and an interpretation of them, no guarentee as to completeness or accuracy is made, and investment decisions should not be based on them. Lenders should contact Savingstream for the clarification of loan status & details support@savingstream.co.uk
* - the terms & conditions loans are operating is based on evidence avaliable but may not be correct
| # | Loan | Current estimated end date | Status | Last Update | Details | |
| Loans under old T&Cs - Lendy the borrower* | ||||||
| 100 | PBL027 | DEFAULT 15/6/17 OVERDUE 15/11/16 [18/3/16] | 24th November | Whilst we had intended on meeting with the borrower, due to a delay in it receiving relevant information in connection with the proposed exit strategy, our meeting has been delayed. Notwithstanding this, we are confident of holding a meeting with the borrower shortly to go over the details of how it intends to redeem the loan in full. In addition to this, we are also chasing our solicitors for the final advice requested. 10/10 We await our solicitor’s opinion on a specific aspect of the proposed exit strategy which is unfortunately taking time due to the complexities of the issues involved. We plan to meet with the borrower over the course of the next 5-10 days to review, in greater detail, the third-party interest in acquiring the borrower company. 26/10 The director of the borrower company is awaiting receipt of terms from the party interested in acquiring it. We are continuing to chase the borrower for the same and once received we will hold the sit-down meeting with them. We are also awaiting our solicitor's opinion on a specific aspect of our proposed exit strategy and will finalise this strategy once received. 12/10 The LPA Receiver has met with the director of the borrower company, who indicated that there is a third party interested in purchasing the company, following this with a loan to repay the outstanding balance owed. We intend to hold a sit-down meeting with the borrower to discuss this further and, in conjunction with this, are continuing discussions with our solicitors and LPA Receiver on the most appropriate exit strategy. 28/9 In light of the complex nature of this asset, and the potential legal ramifications with the various exit strategies, we are continuing discussions with our appointed solicitors and continue to obtain advice in relation to the same. Once this advice has been finalised, and a recommendation provided, we will revert back with a further update. In the meantime, the LPA Receiver has arranged to meet with the Borrower to discuss the Borrower\'s exit strategies. 15/9 Following receipt of the report from our agent we have been in detailed discussions with our advisors in regards to its content. The report has highlighted issues which could significantly adversely affect the value of the security. Discussions with our appointed solicitors are close to concluding following which we shall decide upon an appropriate course of action from one of the following; negotiating with the borrower, a build out option of the site, the marketing and sale of the security, various legal actions and negotiations with the landlord. Thereafter we will provide a further update. 1/9 We have received the agent\'s final report and continue to review the same with our appointed solicitors. 17/8 Following the review of the LPA receiver\'s report, we are in discussions with our appointed solicitors with regards to how best to implement the LPA receiver\'s recommendation. 4/8 LPA receiver\'s report has been received and is currently under review by Lendy\'s credit committee.LPA receiver’s report expected imminently. 7/7 LPA report due today. Potential purchasers in the background which we are pursuing. 23/6 Our agent has now received all required information and is now in the process of drafting their report. 10/6 Work continues by our Agent to prepare a plan and this is expected to be completed within next few weeks. 26/5 Our agent is preparing the plan but is relying on various 3rd parties for information and feedback. 12/5 Our agents have advised that the detailed plan should be available in the next 2 weeks. 28/4 As negotiations and discussions have become protracted with the Borrower we have engaged with an insolvency practitioner and requested a detailed plan to be provided in conjunction with industry specialists. 31/3 Discussions and negotiations ongoing. 17/3 We met with the Borrower on 14th March. The Borrower is in negotiations with a large fund which will release funds to repay the loan. In spite of this, we are carrying out an review with a professional firm so that we are fully aware of the options available to us to recover the debt. 3/3 Meeting arranged with Borrower on 14th March. 17/2 Our agents are conducting an options review, there are potential interested parties for the site and the business and we are intending to speak to them soon to discuss a strategy. The borrower continues to communicate with us. 4/2 We are meeting with the borrower soon to discuss options for restructuring. His investors are fully engaged and behind this project 23/12/16 Borrower is in discussions with a number of potential investors and has advised that more funds will be available in January to cover interest. The Borrower has also advised that one potential investor (who already operates in the renewable energy sector) has signed an agreement in principle to provide equity investment in January. 14/11 Receiving monthly interest. Client offering another property as further security which we will lend against to raise extension monies. TBC. 24/10 In discussion with the Green Investment Bank for significant equity and funding package. 13/10 We have received interest to cover a one month extension. 16/9 The Borrower has requested to extend for a further 6 months - they will pay interest and fees to cover this term. 18/8 Meeting with the borrower in early September to get a better understanding of their exit plan. 12/8 Interest received for another 2 x month extension. 25/7 They have received an equity investment in the project which is being used to pay our interest whilst they arrange further equity investment or refinance by mid September. All on track, will probably need another month extension from August to September. 8/7 Extended. JV Partner in legals 15/6 Received payment for two month extension whilst other JV partners goes through legals. {SS comment on significant recent event here} 12/4 Received payment for two month extension whilst new JV partner goes through legals. 23/3 We have offered to extend by 3 months whilst in legals with their new JV partner subject to receipt of interest and fees. Currently negotiating with client. 4/3 Agreeing terms with SSE to provide capital to develop the power station. Expected completion around June, will need a 3 month extension subject to receipt of interest and fees in April 1/2 Borrower has agreed a £10m investment to take us out and complete the build. 1/12 Borrower is considering floatation on Alternative Investment Market (AIM). Had a very beneficial meeting with this borrower this week; we are very confident that this loan will be repaid on time and progress is already underway on the building works. | ||
| 101 | PBL031 | DEFAULT 11/6/16 OVERDUE 13/12/16 [20/10/15] | 24th November | The borrower applied for the hearing of 13 November 2017 to be adjourned due to an urgent medical appointment. We are awaiting the adjourned hearing date from the Court and will seek to obtain vacant possession of the property at that time. Unfortunately, we are subject to a legal process and cannot expedite or accelerate matters any more than we are currently doing so. 10/11 Following further discussions with our advisors, we anticipate receiving final advice on the recovery options shortly. Whilst it is believed that a possession order will be made at the forthcoming hearing of 13 November 2017, we do not expect to obtain vacant possession of the property until early 2018. 26/10 We have been advised that the hearing date to obtain vacant possession of the property is to be heard by the Court on 13 November 2017 and our solicitors are confident a possession order will be made at that hearing. In the meantime, our advisors are continuing to review the recovery options and we are liaising with them closely for their final proposal. 12/11 Lendys solicitors continue to work on the legal proceedings and we await a hearing date from the Court when the claim to obtain vacant possession of the property will be heard. Our advisors continue to review the recovery options and we expect to hear back from them shortly. 28/9 The possession proceedings are in line with the previous update. We continue to work on the legal proceedings which unfortunately take time. In the meantime, we are waiting for out advisors to revert back to us on the additional recovery options. 15/9 We continue to work on the legal proceedings, which unfortunately takes some time, to obtain vacant possession of the property and we are also looking at other possible legal avenues we can take to recover the debt. 30/8 Legal proceedings to obtain vacant possession of the property continue. 17/8 Our appointed solicitors are continuing with obtaining vacant possession of the property upon receipt of which we shall market and sell the property. 4/8 We are still in the process of obtaining vacant possession of the property so that we then can dispose of the asset and recoup our debt.We continue to work with our receivers who are pushing for a speedy resolution. 21/7 We are in the process of getting vacant possession to allow us to then sell the property. 7/7 We have requested our receivers to place this property in the earliest auction. 23/6 Our receivers have given us some updates and outlined their plan for redeeming the loan. We are pushing a quick turn around. 26/5 Our receivers are working hard to ensure that this loan is redeemed. 12/5 Our receiver has made contact and is looking to push this through to repayment. 28/4 We have engaged our receivers to assist with the repayment of this loan. 14/4 We are currently negotiating a way forward with the borrower and are hoping to get to a resolution that leads to the redemption of our loan. 31/3 The borrower is taking too long to settle this loan and has stopped working with us constructively. We are going to introduce our enforcement agent next week unless they pay interest and come up with a positive plan to settle this loan. 3/3 We are still working with the introducer and borrower on the repayment of this loan. 17/2 We are still in discussions with the borrower who are still working on the repayment of this loan. 4/2 We have had an offer from the borrower to settle the outstanding debt which we have accepted. Progressing to legals next week. 23/12/16 We are expecting payment for the interest to date and a further one month extension. 25/11 Interest being received on a monthly basis. 24/10 Agreed repayment for 2 months extension, one month term now remaining. Awaiting for planning permission. 16/9 The Borrower is servicing the interest; it is in legals to formally extend for three months whilst they amend the planning permission before longer term finance becomes available. 5/9 Customer is servicing this loan whilst they organise refinance. 18/8 Extended until the 13th September, funds received. This is to allow further time for refinance. 25/7 The borrower has paid us the interest and fees for a short 2 month extension whilst they wait for planning to be granted. 8/7 The borrower is seeking refinance. Offers received. Going to legals next week [Appears to have been extended by a further 3 months] 18/12 The borrower has renewed this loan – all interest and fees have been paid for a further 6 months. 15/11 The borrower has found an investor to pay interest and fees for a further six months and it is in legals 23/10 The borrower has provided us with another £1.5m of security to lend against to fund their 6 month loan extension. In legals. Will update the platform accordingly. 13/10 Due soon, working with the borrower to refinance. Drawndown late April | ||
| 107 | PBL056g PBL056R1 | DEFAULT [8/9/16] | CAPITAL OUTSTANDING INTEREST OUTSTANDING BONUS OUTSTANDING 2.96% | 24th November | Recovered capital following the sale of the property has now been returned to investors. We have been liaising with our solicitors and taking advice in respect of all recovery options for the outstanding capital, accrued interest and bonus accrual. That advice has now been finalised and the relevant claims will be issued shortly. 10/11 Completion of the sale of the property has taken place and the recovered capital will be returned to investors shortly. We have engaged our advisors to pursue all recovery options in regards the outstanding capital, accrued interest and bonus accrual. 26/10 Exchange of contracts for the sale of the security property has now taken place and completion was scheduled to take place earlier this week. However, as a result of the buyer not being in sufficient funds, completion has been delayed and a Notice to Complete has been served upon him. However, it is anticipated that the buyer will be in funds for completion to take place shortly. 12/10 We understand from our agents that the sale documentation has been signed by the relevant parties and our solicitors are awaiting confirmation that the purchaser is in funds to exchange. The sale of the property will not be sufficient to repay all capital, interest and bonus accrual to investors and we are reviewing all available options to recover the balance owed. To that end, we will be meeting with the borrower shortly to discuss repayment of the anticipated shortfall. 28/9 With the agricultural lease issue due to be resolved in October, contracts are due to be exchanged shortly and it is intended that completion will take place by the end of next month 15/9 The agricultural lease issue is expected to be resolved shortly and we continue to work with the proposed purchaser in regards completing on the sale of the property. 1/9 Completion is still expected to take place in September following the agricultural lease issue being resolved. 17/8 Whilst exchange continues to be delayed, we are hopeful of completion still taking place in September. LPA receiver is concurrently working on a potential consensual settlement with the borrower. 4/8 The exchange has been delayed. However, completion is still expected to take place in September following the agricultural lease issue being resolved. 21/7 We are still looking to exchange this month with completion due to take place in September due to an agricultural lease issue. 7/7 Looking to exchange within the month. 23/6 Sales particulars being prepared and property will be advertised over next week. 10/6 Legals are continuing but we are expecting a conclusion of the legal due diligence process in the next couple of weeks, which should enable contracts to be exchanged. 26/5 The purchaser is still in legals; we have indicated that they need to move quicker or we will consider other options. Expecting a conclusion soon. 12/5 Still in legals. 28/4 Sale continuing through legals. 14/4 We have accepted an offer on this property. Now going to legals for, hopefully, a short completion period. 17/3 We are now waiting on an auction date and will dispose of this at the earliest opportunity. Offers have been received and we are considering. 3/3 Interested parties considering offers. 17/2 Still in legals 4/2 The sale of the property continues through legals, albeit slowly. 20/1 Sales particulars being prepared and property will be advertised over next week. 23/12/16 The Borrower has changed tack and is deciding to raise funds against the whole of its business. We have made it clear to the Borrower that we are expecting repayment without undue delay so if additional due diligence is necessary, we will force a sale of the property, which the Borrower understands. 25/11 In legals. Offers received that will sufficiently repay the loan. 30/9 We have instructed our receiver to act to control the sale of this property on our behalf. We felt this was required due to the borrower taking too long. Lendy will cover the interest for the next 2-3 months and recover these payments from the sale proceeds. We don\'t feel it necessary to formally default this loan as we believe there is a viable exit strategy in place. 16/9 Borrower is putting this property into auction. We will receive repayment once sold. 5/9 The borrower is meeting with our representative this week to discuss his repayment options. He is considering putting it into auction soon. 26/7 Refinance with Barclays still underway. Borrower advised next week hopefully, depending on the lenders legals 17/6 New lender in legals 27/5 Advised that repayment expected early next month. 11/5 Repayment expected before the end of May. 29/4 Expecting repayment imminently 12/4 Expected repayment by the end of the month. Drawndown 10/9 | |
| 166 | DFL001e | SUSPENDED 25/9/17 OVERDUE 17/6/17 9/3/17 | 24th November | In addition to the offer from the borrower, we have also now received a further offer to acquire the property from a third party which is undergoing its due diligence presently. Having reviewed the matter with our professional advisors, the offers on the table represent the best route to recovery and so the LPA Receiver will be exploring both to maximize returns. 10/11 The LPA Receiver met with a prospective purchaser of the property on site last week, but they do not wish to pursue the matter any further. The borrower has made an offer of settlement which is not sufficient to repay all capital, accrued interest and bonus accrual and we are therefore reviewing with the LPA Receiver the best way to proceed to maximize the return to investors. 26/10 The LPA Receiver is continuing to engage with all relevant parties in order to work on a strategy to exit this loan. Once the legal issues surrounding the site have been determined the LPA Receiver will implement the exit strategy which will be either a sale, build out of the site or a combination of both. We have also been engaging with the borrower directly who has made an offer which is not acceptable to Lendy at present. 12/10 The LPA receiver is continuing to work on this matter and has met with numerous related parties over the last few weeks. In addition to this, Lendy has met with the Borrower and following those meetings an offer on the property has been received. As soon as the LPA Receiver has reviewed all prospective recovery and build out options, and the cost implications of the same, it will provide its final report and make a recommendation on the best way to proceed with the matter. In the interim, the property remains on the open market for sale. 27/9 After the loan expired, Lendy reverted back to the Borrower to request additional information and to seek assurances in regards the project moving forward, without which it would have no alternative but to proceed with enforcement action. Despite giving the Borrower several opportunities to provide the requested information/documentation, the Borrower failed to deliver. LPA receivers have now been appointed and they are speaking with third party agents and valuers in order to determine the best exit strategy; be it disposing of the development, proceeding with a build out of the site or by entering into an agreement with numerous confirmed interested parties. Given the current condition of the development, and the difficulties had with the Borrower previously, this process will take some time to complete. However, once an appropriate exit strategy has been identified and agreed, Lendy will pursue it as a matter of urgency. We note from a recent online P2P forum post by the developer that they have made reference to main access to the site being controlled by his son. Whilst this point is being investigated further by Lendy, we are speaking with other parties to ensure that this issue does not impact upon the preferred exit strategy. Notwithstanding this, however, Lendy will pursue every recovery option available to it in the event that there are issues with any of the information provided to it prior to the drawdown of the loan. As a result of the above along with recently obtained information and in line with our regulatory requirements, Lendy have taken the decision to suspend the trading of this loan on the secondary market in light of the changing risk profile. 15/9 LPA receivers have now been appointed in respect of the site following the borrower failing to comply with conditions provided to him. They are currently reviewing the relevant documentation, speaking to third parties and will revert back shortly with its recommended exit strategy. 1/9 The Borrower is working hard to repay the debt and following receipt of a build out proposal from him, we have reverted back with our conditions to any such agreement. Discussions with our professional advisors continue and LPA receivers will be appointed to sell the property in its current condition unless the Borrower agrees to the conditions provided to him. 18/8 We have been sent an offer of settlement by the Borrower in connection with the Borrower’s new funding and sales and a settlement is not something we wish to entertain; we have been robust and told the Borrower that we want full repayment of the loan. The Borrower’s avenues to explore additional funding was not as certain as we would have liked. The Borrower is working hard to repay the debt but we have formally demanded repayment of the loan and had preliminary discussions with our professional advisors to ensure that if the Borrower is unable to repay the loan in short order, receivers will be appointed to sell the property in its current condition with a view to recouping the debt. 4/8 The borrower has advised that he is in discussions with alternative funders in order to try to refinance the existing loan and obtain enough funds to complete the first 4 units. We have advised Borrower that recovery proceedings will commence if documentary evidence is not received within the next few days. 21/7 Discussions continue with Borrower regarding additional security in order to consider an extension and further funding. The priority now is to finish the first 4 units, which are almost complete and are being actively marketed. The sale prices have recently been reduced in order to try to achieve a quicker sale. 7/7 Draft valuation figures do not provide any increase on the existing figures held and as such we are in discussions with Borrower to provide additional security in order to consider an extension to the facility, which is now overdue. 23/6 Draft valuation now received which will be reviewed over next few days, with further consideration then given to an extension of the facility. 10/6 New valuation being finalised and is expected within next few days at which point an extension to the existing facility will be considered. 26/5 New valuation expected next week at which point an extension to the existing facility will be considered. 12/5 Latest Independent Monitoring Surveying Report received and next development drawdown due this week. Plots 1-4 are progressing well. However, an extension to term will be required in order to finish the remaining units. Updated valuation instructed in order to consider the request further. 28/4 The borrower is now concentrating on finishing Plots 1 to 4, with Plot 1 being the Show Home, and these plots should be finished by mid-May. The borrower is hopeful of early sales on these plots. An extension is likely to be required on the loan, which is now being discussed. 14/4 Latest development tranche drawn on Friday 7th April. 31/3 Development works ongoing and Borrower looking to complete first 4 units as quickly as possible. Interest has already been received for the purchase of some of these units. 17/3 Development work continues. [Further small tranche released through SM 25/1] 25/1 Next development tranche drawn this week. 25/11 Build progressing and further development tranche drawn this week. 24/10 4th tranche £385,342 being released, updated valuation [Term being extended with each drawdown] Build progressing on schedule. 16/9 This build is progressing well. We visited the site recently and work is well underway. 3rd tranche £442,604 24/8 2nd £500 tranche released 18/8 Next tranche is to be made available shortly. 8/7 Build progressing on schedule. 17/6 Completion today, first tranche sent to borrower. Completed. Borrower progressing satisfactorily. Drawndown 16/6 1/6 Completion today, first tranche sent to borrower 29/4 Very close to completion, all warranties in place and contracts signed. Original investors will be rolled into this new loan. Launched 9/3 This loan is a continuation of PBL4a/b and will be drawndown in £500k tranches. Initial tranche £3,188,000 (PBL004a/b history 4/3 Legals nearly completed; probably go live next week. 1/2 Legals agreed and expected to be signed next week. We will relaunch as a new loan. 16/1 We have agreed terms with this borrower to provide him with development finance. This loan will be repaid and relaunched on the platform under the new T & Cs. 18/12 The borrower is still negotiating with the new lender. We expect to meet with the borrower on Monday, December 21, to discuss. We are considering offering him development finance on the project if the other lender fails to come up with the funds in a timely fashion. This will then be launched as a new loan. 15/11 We have confirmation from a new lender that they will be repaying our loan and providing the borrower with development finance for the scheme. This will likely take two months to get through legals. The borrower is covering the interest in the meantime. 23/10 Development finance has been agreed by other lender. They think end of November for refinance but we are planning for end of December. Borrower paying interest until then. 13/10 Still on track Interest paid for 1 more month. 21/9 Development finance has been agreed. End of September/mid Oct. 4/9 Development finance has been agreed, End of September. 18/8 We have asked the borrower to refinance to another lender as we have decided not to offer development finance at this stage.) | ||
| 172 | DFL002e | SUSPENDED 25/9/17 OVERDUE 31/7/17 9/3/17 | 24th November | Recievers appointed over one borrower entity by SSSH We have now received two offers to acquire the property, one from the borrower and the other from another interested party. The prospective purchaser is therefore undergoing its due diligence currently and we are hopeful that the deal will proceed to shortly. 10/11 The LPA Receiver has been in dialogue with a prospective purchaser of the property who visited the site last week. In conjunction with the LPA Receiver, we will be reverting back to the prospective purchaser to negotiate the indicative terms provided by it to date. In the event that a deal cannot be finalised, we shall review the best way to proceed moving forward. 26/10 The LPA Receiver is continuing to engage with third parties in order to work on its strategy to maximise the capital return from a sale of the security property. It has engaged marketing agents to market the residential units and two of the commercial units. An offer has been received, and accepted, on one of the commercial units in the sum of £1m. 12/10 The LPA receiver is continuing to work on this matter and has met with numerous related parties over the last few weeks. In addition to this, Lendy has met with the Borrower and following those meetings an offer for part of the property has been received. As soon as the LPA Receiver has reviewed all prospective recovery and build out options, and the cost implications of the same, it will provide its final report and make a recommendation on the best way to proceed with the matter. In the interim, the property remains on the open market for sale. 27/9 Following the Borrower’s failure to properly engage with Lendy after the loan had become due, Lendy gave the Borrower one final opportunity before proceeding with enforcement action to deal with, and respond to, the concerns raised by it. However the Borrower subsequently failed to deal with any of the points raised by Lendy, which meant it had no alternative but to appoint LPA Receivers in respect of the Property. In a recent online P2P forum post by the developer they made reference to an offer of re-finance, which would have been sufficient to repay all investors. This offer would not have been sufficient to fully repay Lendy and, in any event, no supporting documentation was ever provided to substantiate this alleged offer of re-finance, despite Lendy’s repeated requests for the same. The LPA receivers are efficiently and diligently working with Lendy and we have spoken with them at length in regards to the potential exit strategy with the Property on numerous occasions. Whilst disposal of two of the three commercial units is progressing well, the Borrower has installed occupants in the residential apartments without Lendy’s knowledge and/or consent in a deliberate attempt to adversely affect the Property’s value and to restrict Lendy’s ability to sell it. We are therefore working closely with the LPA receiver, and third party agents, in order to identify and pursue the best course of action to ensure the maximum return to our investors. Please be rest assured however that in the event of any discrepancies in relation to any and all information provided to Lendy prior to the inception of this Loan, Lendy will exhaust every avenue available to it to recover all sums due and owing under the loan. As a result of the above along with recently obtained information and in line with our regulatory requirements, Lendy have taken the decision to suspend the trading of this loan on the secondary market in light of the changing risk profile. 15/9 LPA receivers have now been appointed in respect of this site and are currently reviewing the relevant documentation, speaking to third parties and will revert back shortly with its recommended exit strategy. Following the appointment, the Borrower’s Solicitors have requested a redemption statement. 1/9 Formal demands have been issued to the relevant parties and we are continuing our discussions with professional advisors with a view to appointing an LPA receiver to sell the property to recoup the outstanding balance owed. The Borrower is continuing to work hard to settle the debt and negotiations continue in regards the sale of one of the commercial units. 18/8 We have been sent an offer of settlement by the Borrower in connection with the Borrower’s new funding and sales and a settlement is not something we wish to entertain; we have been robust and told the Borrower that we want full repayment of the loan. The Borrower is working hard to repay the debt (the sale of one of the commercial units £1m is almost agreed, we are simply awaiting plans of the exact area of the unit) but we have, in the meantime, formally demanded repayment of the loan and had preliminary discussions with our professional advisors to ensure that if the Borrower is unable to repay the loan in short order, receivers will be appointed to sell the property with a view to recouping the debt. 4/8 Repayment/ refinance has not yet completed as suggested by the Borrower. However, the sale of one of the commercial units is proceeding through legals at a sale price of circa £1m. 21/7 The borrower has yet to provide proof of refinancing, but Solicitors have requested redemption figure and Borrower is fully aware that full repayment is expected by the end of July. 7/7 Borrower has advised that sale of the commercial unit is now moving forward and that he has received an offer for funding on all the residential units which will fully repay the remaining debt after the sale of the commercial unit. We have requested proof of offer of finance which should be provided shortly. 23/6 Documentation was finally completed with Solicitors. The facility has now been formally extended until the end of July. The number of days remaining will be updated accordingly. In order to fund the extension and complete the final snagging list for the development Lendy have provided a separate/ additional loan, which ranks behind the Investors loan. This should enable the completion of the build within the next few weeks together with the sale of the commercial unit and maybe 1 or 2 residential units. 10/6 Solicitors have now finalised matters so everything should be concluded in next few days. 26/5 Solicitors are still finalising matters but it is hoped everything will be concluded shortly. 12/5 Solicitors have advised that the last remaining point regarding the new leases has now been resolved, which should enable completion of the ground floor lease and onward sale later this month. 28/4 Borrower's Solicitors have been dealing with the creation of new leases in readiness for sales of units and the Borrower is progressing a sale of the ground floor unit (based on the investment value), which they are hopeful of completing in May. 17/3 Development work is almost finished! The units on site are being marketed for sale. A short extension to this facility may be required to allow the Borrower time to get the development completed and then to sell the units. We are in discussion with the Borrower about this. 3/3 Borrower has advised that Practical Completion of property is due later this month. [Small additional tranche drawndown 1/3] One of the ground floor commercial units is currently being fitted out by the proposed tenant and there is interest in another commercial unit. Borrower has advised that there is a cash buyer for one of the residential units, and further interest in 3 or 4 other units, with Practical Completion and sales of some of the residential units expected before the end of March. 25/11/16 Build nearing completion and further development tranche drawn this week. 14/11 5th tranche being released £242,313. Build progressing on schedule. Commercial tenant is ready to sign the lease and begin work on the fit out. [Term being extended with each drawdown] 24/10 Build progressing on schedule. Commercial tenant has signed the lease and begins work on the fit out next week. 16/9 This build is progressing well. We visited the site recently and work is well underway. 4th tranche £271,180 24/8 3rd tranche released £500k 18/8 Next tranche is to be made available shortly. 26/7 We have received new visualisations for the apartments which look great; the build is ahead of schedule again. They will be made available asap. 17/6 The build is progressing ahead of schedule 17/5 QS report recieved and further £500k released via SM Loan now £1.8m. 29/4 Almost ready for second tranche of build costs, subject to QS report. Drawndown 22/3 This loan is a continuation of PBL50 and further drawndowns will be in £500k tranches. Initial tranche £1,370,366 PBL050 history Most of the legals are in place, we will be going live with this loan next week. We will roll existing investors into this loan 16/1 We have agreed to lend this borrower funds to complete the development of 7 flats and a large commercial space on the ground floor. A lease has been signed with a well known restaurant brand which will significantly increase the value of the asset. Relaunch as DFL2 1/12 A tenant has been found for the commercial element and they have signed a 15 year lease Drawndown 4/9 Planning permission has been granted | ||
| LOANS BELOW THIS POINT ARE UNDER NEW T&CS* | ||||||
| 116 117 118 | PBL037d PBL038d PBL039d | DEFAULT 14/3/17 15/9/16 [15/6/15] | 21st July | Lawyers have completed the legal documentation and we are awaiting confirmation of funds. LPA is also reviewing/investigating an alternative offer. 7/7 LPA is confident of a refinance, timescales uncertain but we are being advised \'shortly\'. Lawyers are engaged and are preparing the legal documentation. 23/6 Our receivers have given us some updates and outlined their plan for redeeming the loan. We are pushing a quick turn around. 10/6 The Borrower has had extensive meetings with an offshore funder with a view to repaying the debt and we are waiting to see an offer of refinance and details of timings of the refinance before reporting any further. 26/5 We should have news next week with regards timing of the expected repayment. 12/5 Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months. We are working very closely with the borrower and are confident of a satisfactory conclusion. 28/4 No solid offers as yet but there is interest and we expect to receive tangible offers shortly. 14/4 Nothing to report further since last update- interest is strong and we expect an offer soon. 31/3 Our receiver continues with the disposal of these properties. There is plenty of interest in the properties and we expect offers to be received shortly. 17/3 These loans have moved into official Default as they are now over 180 days overdue. Whilst we are working very closely with the borrower, the marketing and/or refinance continues to progress slowly. There is an ongoing claim against the properties from some previously non-secured investors. However we have received very strong and confident advice from a senior QC that our security is robust therefore we can dispose of the assets lawfully. 3/3 Customer still trying to refinance and marketing still ongoing. 17/2 Marketing of the property continues. The borrower is also racing to refinance to make good his offer to us. 4/2 The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective. 20/1 Sales particulars are being prepared and will be issued widely next week. Estates Gazette advert has been booked. Subject to legal issues focusing on accelerated sale. 23/12/16 The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind. 25/11 Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. 11/11 Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. 24./10 Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings. 16/9 Repayment by the 22nd September advised. 5/9 Expected repayment imminently. 18/8 Hoping to see investment cash starting to trickle through next week. We will repay a property at a time as it arrives. 8/7 Full repayment expected over the next couple of weeks. [c24/6 Appears to have been extended for 3 months unannounced] 11/5 Repayment expected shortly 29/4 Expecting repayment within the next month. Part sale of business site agreed with enough to clear our finance. Converted to new terms 8/12 Drawndown 19/6 | ||
| 141 | PBL064g D | DEFAULT 25/4/17 OVERDUE [20/10/16] | 7th July | Lawyers have completed the legal documentation and we are awaiting confirmation of funds. LPA is also reviewing/investigating an alternative offer. 7/7 LPA advises purchase agreed subject to vacant possession. Possession hearing set for 25th August. Letters issued to personal guarantor; statutory demands will be issued shortly. 23/6 Sales particulars being prepared and property will be advertised over next week. 10/6 We continue to receive bids and we are liaising with specialist commercial agents with a view to maximising the sale price. 26/5 We have received multiple offers for this property which we are considering. Our agent advises waiting until numerous issues with tenants are resolved to maximise value. 12/5 Our agents have been liaising with one of the tenants to work out how to make the tenancy agreement more attractive to prospective investors. There is an asset management angle which is quite attractive but subject to various things happening in the background. A new tenant is being sought for the other half which was once occupied by the borrower who we are seeking to evict. 28/4 The property is being marketed and we anticipate offers within the next month. 14/4 The property continues to be marketed. We have not received any offers yet but there are interested parties. 31/3 Property is being marketed with interest shown at or around our outstanding debt levels. New lease with IBM should be agreed imminently. 17/3 We are re-gearing the lease with tenant which will add significant value and provide a lump sum to go towards outstanding interest already paid. Borrower who is one of the tenants is being evicted and pursued personally for non payment of rent. Property is being marketed with interest shown at or around our outstanding debt levels. 3/3 Interested parties considering offers. 17/2 Marketing of the properties continue. 4/2 Our agents continue to work closely wth the borrower and the tenants in the building. We are trying to re negotiate the tenancy agreement with the major tenant but are now actively marketing the property. Significant interest has been generated. 20/1 Sales particulars being prepared and property will be advertised over next week. 23/12/16 The Borrower has changed tack and is deciding to raise funds against the whole of its business. We have made it clear to the Borrower that we are expecting repayment without undue delay so if additional due diligence is necessary, we will force a sale of the property, which the Borrower understands. 25/11 The borrower is repaying the loan in full (advised by his solicitors). Currently in legals with other lender. 24th October Had an offer to refinance in full from the borrower, also received offers to purchase from our agents. We are talking with the borrower and working to a deadline. 16/9 The Borrower is continuing to discuss with us and we expect full repayment within the expected term [SS statements relating to adverse coverage of this loan/borrower here & here] 26/7 We have regular contact with the borrower, he is going to sell the property in order to repay our loan. He is a finance broker so has good lender contacts if repayment is needed through refinance as well. Drawndown 12/11 | ||
| 149 | PBL065 | OVERDUE 27/02/17 [19/11/16] | 21st July | Purchase agreed subject to vacant possession. Possession hearing set for 25th August. Statutory demand issued and looking to proceed with bankruptcy against PG. 7/7 We have been in contact with our receiver who is preparing proposals for the best course of action to redeem our loan. 23/6 We continue to work with the borrower and are reviewing our options to get the best outcome for all parties. 26/5 We are working closely with the borrower to get the loan repaid. 12/5 The borrower is continuing to market our security and we are looking to assist where we can. 28/4 We are reviewing options to get the best outcome for this loan. 14/4 We are continuing to work with the borrower to make sure the loan is redeemed. 31/3 We are now starting to work with the borrower to achieve a sale of the security. 17/3 In regular communication with the borrower who is still looking for a purchaser. 3/3 The borrower is currently working on the sale of the asset, and is looking to pay for a further months extension. 4/2 We are expecting a further one month extension to be paid. The borrower has reduced his sale price for the asset and is looking to exit the loan as soon as possible. 4/2 A further one month extension has been received. [Extended 23/1] 20/1 The borrower is currently working on the sale of the property, they may extend 1 further month. 23/12/16 Interest received for a further months interest. Our borrower is currently negotiating with a purchaser. 14/11 Interest payment received for 1 month extension. We are looking at providing the development finance. 24/10 Our agent visited the site last week. Progress is slow so as our borrower has been amending planning permissions to increase value; we are considering the development finance package. 29/4 Works progressing on site. 4/3 Site cleared; building underway Drawndown ~25/11 | ||
| 144 | PBL066k | CAPITAL REPAID 25/7/17 DEFAULT 4/4/17 OVERDUE 23/8/16 [23/11/16]* | INTEREST 1/3-25/7/17 OUTSTANDING BONUS OUTSTANDING 2.96% | 25th July | 25/7 Capital repaid. Outstanding interest and bonus will be paid only if sufficient funds recovered following action against borrower/valuer in pursuit of the shortfall 21/7 Exchange and completion expected imminently. We are consulting solicitors in regards the recovery of the expected shortfall. 7/7 Receiver is continuing discussions with potential purchasers with exchange and completion expected with one of the proposed purchaser at the earliest opportunity. 23/6 The receiver is continuing discussions with the proposed purchaser, but this is taking longer than expected. However, in the meantime, the receiver has received another offer which is currently being substantiated. 10/6 Legal process moving forward with proposed sale and exchange of contracts is hoped to be completed shortly. 26/5 Offer accepted and is now in legals. 12/5 The receiver has advised that potential sale proceeding with completion anticipated by mid-June. 28/4 Negotiations over potential sale continue. 14/4 Heads of Terms being discussed over potential sale of property. 31/3 Recovery proceedings continue. 17/3 Negotiations over the purchase price continue with an interested party. In the meantime, we are pursuing the Borrower for the unpaid debt as a parallel recovery strategy. 3/3 Receiver has an interested party in buying the site and discussions are ongoing. 4/2 Property is now being marketed for sale and Receiver has advised that there is interest in the property 20/1 Awaiting offers. 23/12/16 Receivers have now appointed sales agents to commence marketing of the site with a view to finding a buyer. A number of interested parties are considering making offers. 25/11 Receivers have now been appointed to push Borrower to repay/ refinance. Offers to purchase have been received. 24/10 In discussions with borrower to refinance exit. 16/9 The Borrower is hoping to receive an uplift in planning permission on the sites which will significantly increase the value. We have asked him to refinance elsewhere and expect this loan to be repaid around the expected repayment date. 5/9 Our representative will be visiting the site this week to discuss repayment with the borrower. We will feedback to investors once the report is received. 18/8 Client in process of refinancing. 26/7 Borrower expected to repay on time via refinance 27/5 Still negotiating with client 11/5 We have made an offer of development finance. Negotiating with client. 29/4 We are undertaking construction due diligence and are considering a development loan. Will provide further details 4/3 Borrower has progressed the site to a stage where a development lender could provide follow on finance. We are considering it and will update investors when we have more detail Drawndown early Jan 9 month loan [This appears to be a 9 month loan not the 12 months as originally stated] *original end date | |
| 145 | PBL067k | DEFAULT 4/4/17 OVERDUE 23/8/16 [23/11/16] | INTEREST 1/3-25/7/17 OUTSTANDING BONUS OUTSTANDING 2.96% | 25th July | 25/7 Capital repaid. Outstanding interest and bonus will be paid only if sufficient funds recovered following action against borrower/valuer in pursuit of the shortfall 21/7 Exchange and completion expected imminently. We are consulting solicitors in regards the recovery of the expected shortfall. 7/7 Receiver is continuing discussions with potential purchasers with exchange and completion expected with one of the proposed purchaser at the earliest opportunity. 23/6 The receiver is continuing discussions with the proposed purchaser, but this is taking longer than expected. However, in the meantime, the receiver has received another offer which is currently being substantiated. 10/6 Legal process moving forward with proposed sale and exchange of contracts is hoped to be completed shortly. 26/5 Offer accepted and is now in legals. 12/5 The receiver has advised that potential sale proceeding with completion anticipated by mid-June. 28/4 Negotiations over potential sale continue. 14/4 Heads of Terms being discussed over potential sale of property. 31/3 Recovery proceedings continue. 17/3 Negotiations over the purchase price continue with an interested party. In the meantime, we are pursuing the Borrower for the unpaid debt as a parallel recovery strategy. 3/3 Receiver has an interested party in buying the site and discussions are ongoing. 4/2 Property is now being marketed for sale and Receiver has advised that there is interest in the property 20/1 Awaiting offers 23/12/16 Receivers have now appointed sales agents to commence marketing of the site with a view to finding a buyer. A number of interested parties are considering making offers. 25/11 Receivers have now been appointed to push Borrower to repay/ refinance. Offers to purchase have been received. 24/10 New planning permission has been granted for a larger scheme which should add value to the site. We have asked the borrower to refinance with another company or sell. He is in the process now. 16/9 The Borrower is hoping to receive an uplift in planning permission on the sites which will significantly increase the value. We have asked him to refinance elsewhere and expect this loan to be repaid around the expected repayment date. 5/9 Our representative will be visiting the site this week to discuss repayment with the borrower. We will feedback to investors once the report is received. 18/8 Client in process of refinancing. 26/7 Borrower expected to repay on time via refinance 27/5 Still negotiating with client 11/5 We have made an offer of development finance. Negotiating with client. 29/4 We are undertaking construction due diligence and are considering a development loan. Will provide further details. 4/3 Borrower has progressed the site to a stage where a development lender could provide follow on finance. We are considering it and will update investors when we have more detail Drawndown early Jan 9 month loan *original end date | |
| 148 | PBL068 | DEFAULT 1/6/17 OVERDUE 1/12/16 | 21st July | LPA continuing with eviction and possession process which is estimated by appointed solicitors to take 6-12 months to complete. 7/7 Eviction and possession process has started; we were expecting to see evidence of over £400,000 of equity being made available which has not materialised. 23/6 The borrower has arranged a bank loan to repay us, we are waiting for confirmation that a large additional amount of equity cash is available. Currently with the lawyers, we expect a conclusion within a month. 10/6 The Borrower\'s solicitor has advised that there is an issue regarding the Borrower's refinancing. They are seeking to resolve this in short order and we will continue to apply pressure to ensure this happens and repayment occurs as a matter of urgency. If the refinance does not happen in the coming weeks, we will progress with legal action against the Borrower to obtain vacant possession and sell the property. 26/5 Expecting repayment next week. 12/5 Still in legals with the new lender but still anticipate an imminent repayment. 28/4 Solicitors are in funds for a proportion of the outstanding debt, we expect full repayment mid May. 14/4 We have received an offer from the borrower to repay a significant sum to pay off some of the outstanding capital. Waiting on details. 17/3 We are seeking a vacant possession order before we sell the property at auction. The borrower refuses to engage leaving us with little option at this point. 3/3 We have received an offer of refinance from the another lender which will clear outstanding debt. 17/2 We are continuing to work towards a full and final settlement. We have also made it very clear to the borrower that if full repayment is not received shortly we will instruct our agents to review options for an auction listing. 4/2 The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective. 20/1 Customer has recently instructed a valuation for his new lender, and is in legals for a refinance. 23/12/16 The Borrower's new lender is conducting their due diligence on the security property. This can take a while and is driven by solicitors so we are monitoring the refinancing closely and if we feel that the refinance is not moving as swiftly as we would like, we will appoint receivers to focus their attention, or force a sale of the property via auction early in the new year. 24/10 In discussion with broker to refinance away. Supposedly a number of offers on the table, monitoring closely. 16/9 The Borrower is talking to us and expects to be able to refinance away on time or shortly after. Drawndown 7/12 | ||
| 153 154 155 | PBL069d PBL070d PBL071d | DEFAULT 13/3/17 9/9/16 [8/12/16] | 21st July | Lawyers have completed the legal documentation and we are awaiting confirmation of funds. LPA is also reviewing/investigating an alternative offer. 7/7 LPA is confident of a refinance, timescales uncertain but we are being advised \'shortly\'. Lawyers are engaged and are preparing the legal documentation. 23/6 The property continues to be marketed, offers have received. We are waiting for confirmation of availability of funds from the proposed purchasers. 10/6 The Borrower has had extensive meetings with an offshore funder with a view to repaying the debt and we are waiting to see an offer of refinance and details of timings of the refinance before reporting any further. 26/5 We should have news next week with regards timing of the expected repayment. 12/5 Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months. We are working very closely with the borrower and are confident of a satisfactory conclusion. 28/4 No solid offers as yet but there is interest and we expect to receive tangible offers shortly. 14/4 Nothing to report further since last update- interest is strong and we expect an offer soon. 31/3 Our receiver continues with the disposal of these properties. There is plenty of interest in the properties and we expect offers to be received shortly. 17/3 These loans have moved into official Default as they are now over 180 days overdue. Whilst we are working very closely with the borrower, the marketing and/or refinance continues to progress slowly. There is an ongoing claim against the properties from some previously non-secured investors. However we have received very strong and confident advice from a senior QC that our security is robust therefore we can dispose of the assets lawfully. 3/3 Customer still trying to refinance and marketing still ongoing 17/2 Marketing of the property continues. The borrower is also racing to refinance to make good his offer to us. 4/2 The borrower has made us an offer to settle the outstanding debt and we are now working towards this objective. 20/1 The Borrower is finding refinancing rather challenging so has no choice but to market the property for sale. Marketing will commence in early 2017 with supervision from our receivers to focus the Borrower's mind. 25/11 Borrower refinancing shortly (advised by the broker). We have seen the finance offer and are reasonably confident of a satisfactory resolution within an acceptable timeframe. 11/11 Investment funds still expected soon; however we have encouraged the borrower to market the property for sale on an accelerated basis. 24/10 Due to delays with the purchaser, we have asked the borrower to seek bridging finance elsewhere. The broker estimates mid November, otherwise we have at least 2 buyers ready in the wings. 16/9 Expected repayment 22nd of September. 5/9 Expecting repayment imminently. 18/8 Hoping to see investment cash starting to trickle through next week. We will repay a property at a time as it arrives .26/7 Broker advises a couple of weeks still to repay 8/7 Full repayment expected over the next couple of weeks. [c24/6 Appears term has been reduced by 3 months unannounced] 11/5 Repayment expected shortly. 29/4 Expecting repayment within the next month. Part sale of business site agreed with enough to clear our finance. Drawndown 14/12 | ||
| 181 | PBL081 PBL081R1 | DEFAULT 23/8/16 | BONUS 2.96% R1 2.96% | 21st July | Our Agents continue to actively market the property and have now reduced the price in order to try to achieve a quicker sale. 7/7 Our Agents are continuing to actively market the property in order to try to achieve a sale as soon as possible. 23/6 The security property is not an average house, it is a very high value asset and therefore, in order to achieve the highest sale price for the security asset in the shortest possible time, we have to source a specialist agent to sell the site. The site will need to be marketed far and wide, including to high net worth individuals, and those who live overseas. In the meantime the site is in the hands of our receivers, who have control of the property. 10/6 We continue to work with specialist estate agents in supervising the Borrower\'s sale of the security property 26/5 Discussions progressing with Estate Agents. 12/5 Most of the building work has been completed to put this house back within the planning permissions. The agent is planning to visit the site this week and has advised a price over £4m is very achievable. 28/4 Independent Monitoring Surveyor has now visited site. Given the length of time to get to this point, there are some cosmetic repairs required to the paintwork, which will be completed over next few weeks. 14/4 Independent Monitoring Surveyor visiting site on 21st April for final inspection. 31/3 Remediation works are almost finished and final Independent Monitoring Surveying report due shortly. 17/3 Remediation works remain ongoing, as per our last update. 3/3 This loan is now 6 months overdue and as such, the loan is "in default" - in line with our new default policy - however, we are working with the Borrower (and lending Company funds) to rectify the issues with the property. These remediation works are being closely monitored by our Independent Monitoring Surveyor and works are now well advanced with the 6th IMS report received this week confirming that good progress continues on site. The next £50,000 payment (6th tranche) has been sent to Borrower\'s Solicitors. Works should be completed within the next 4 weeks. The property continues to be marketed and there have been a number of interested parties but no formal offers as yet. 17/2 5th IMS report received last week confirming that good progress continues on site. Next £50k payment (5th tranche) sent to Borrower\'s Solicitor last week. 4/2 Fourth £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor is due to visit again during February. The building works are progressing at an acceptable pace and to a sufficient standard. 23/12/16 Third £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor is due to visit again early in January. The build is progressing to plan and on time, we are in close communication with the borrower. 25/11 Second £50k tranche of our own capital has been released to the Borrower and our Independent Monitoring Surveyor has undertaken his second inspection since the funds were advanced to certify works.Work has been completed to a satisfactory standard and progressing to schedule. 24/10 We are lending the client the funds to fix the unauthorised building works out of our own capital. Our QS/Monitoring Surveyor is visiting the site weekly, we will release funds upon receipt of his positive report. Expected 3 months work. 16/9 Our QS has priced up the work to put the property back within the planning permissions. We are negotiating with the client over the process and next steps. 5/9 Our representatives are visiting the site this week - planning consultant and QS who will be able to tell us exactly what needs to be done, how much it will cost and how long it will take. We will report back when the report is received and we have worked out a plan. [Retrospective planning granted 25/8, some demolition/amendments required] 18/8 Potential issue - the borrower has undertaken work not in compliance with the planning permission and is now seeking retrospective permission from the local authority. We are sending our planning expert up next week to review the situation and will report back as soon as we know anything further. 26/7 We are expecting repayment within the next week or 2 8/7 Repayment expected shortly. Drawndown 26/2 6 month loan | |
| 182 | PBL084c | 4/10/17 [2/3/17] | 21st July | The borrower has continued with the new lender. We should have a clearer idea on the refinance timings shortly, once the lender has undergone their own due diligence. 7/7 The borrower continues to negotiate the terms of refinancing with the possibility of redeeming our loan early. 23/6 The borrower has advised they are in advanced discussions for a refinance of our facility, with possible refinance early. 26/5 Expecting signed off accounts next week which will allow the borrower to seek commercial bank funding. Our agents are working very closely with the borrower to make sure that all conditions of this loan are met on time. 12/5 The accountants have all the information required and are formulating the necessary documents for a term lender. We expect these in a few weeks time. 28/4 We are working with the borrower to produce accounts and other requirements for a term lender to provide long term finance. 14/4 This loan has been extended until 7/10/2017 [Extended 7/4] 31/3 PBL166 - is now live and will effectively be extending this loan for a further 6 months. 17/3 We are currently negotiating a 6 month extension so that the borrower can offer a full years trading accounts to potential term lenders. 3/3 We are considering a 6 month extension while the borrow files the years accounts and strengthens their position for refinance 17/2 The borrower has requested an extension while they negotiate term finance with another lender. We are considering the extension and awaiting further proof of exit. 4/2 We will probably offer a refinance of this loan for a further period in order to give the borrower some room to manoeuvre. The end of year accounts for the business that operates the assets need to be completed and submitted to Companies House before a bank will lend. 20/1 Borrower hopes to receive an offer of long term finance next week. 23/12/16 [Charge has now been registered against SSSH instead of Lendy so loan probably on new T&Cs] The borrower is in advance talks with a high street lender to refinance come the end of the loan term. 25/11 We are looking at slightly increasing the loan in order for the borrower to purchase an additional property. Will be in the pipeline soon. 14/11 We are making a further advance shortly subject to new valuation and legals. 24/10 | ||
| 203 | PBL094 PBL094R1 PBL094R2 | DEFAULT 25/5/17 OVERDUE [27/10/16] | BONUS 2.96%R1 2.96%R2 2.96% | 21st July | The Borrower continues to try to sell the property himself and we are monitoring any offers he receives as this might be the quickest method of repayment. In the meantime, our receivers are marketing the property to interested parties. The LPA final report will be provided to us shortly to assess the best way forward to realise the property and pursue the borrower. 7/7 The Borrower continues to try to sell the property himself and we are monitoring any offers he receives as this might be the quickest method of repayment. In the meantime, our receivers are marketing the property to interested parties. There appears to be a system error which has automatically assumed the loan was being made to a company, due to the name \"Group” being included in the Borrower\'s name on the Platform. The Borrower is an individual and T** W**** G**** is the trading name of the Borrower’s family business. The security package is a first charge over the security property and because the Borrower is an individual, there is no requirement for any personal guarantees (as he is personally liable for the loan) and there are no companies to secure any guarantees as the Borrower does not trade within a company group structure. The platform particulars have been rectified accordingly. 23/6 The borrower has found a potential purchaser and our agents are waiting for further details. We are waiting for further details from our solicitors and are in correspondence with all parties. 10/6 Our receivers continue to apply pressure on the Borrower to refinance to enable repayment to be made in the quickest possible timeframe. The Borrower has made another offer which we have declined and it is now for the Borrower to either make payment or we will take control of the site with a view to sale, or developing it with another party. 26/5 We have received an offer from the borrower which we have declined. The agents are working closely with them to increase it to an acceptable level. We are also working with a potential purchaser on a development option. 12/5 We are expecting an offer from the borrower by the end of the week. 28/4 We are expecting an offer of refinance within 7 days. We met with the borrower and interested parties yesterday. 14/4 We have put this loan into receivership as of Wednesday this week. The borrower proved incapable of refinancing or repayment. We are discussing options and opportunities with various interested parties to buy part or all of the site. 31/3 Nothing to report at the moment but a decision will be made next week as to the best way forward. 17/3 There are various factors that need to come together before we can make a decision. We should have a cogent plan soon as we are discussing multiple options with many stakeholders. 3/3 A buyer for the site has been found. Currently in discussions but looking likely at a refinance within a couple of months. 17/2 We are reviewing the barristers opinion. Feedback to follow. 4/2 We are waiting on a barristers opinion on a certain aspect of the planning permission. Indications are proving very positive and we should be able to restructure the loan very soon while a sale goes through. 20/1 We are considering funding the development of this site. In credit for assessment. 23/12/16 The Borrower continues to be in discussions with a new lender and has provided us with copies of detailed correspondence with their new prospective lenders. The Borrower is considering their options as to the best way to structure the new debt. 25/11 Borrower in discussions with new lender. Failing refinance we may provide development finance to build the scheme. We have seen offers to purchase the site and also to refinance. Borrower is considering best options. 14/11 Borrower in discussions with new lender. Failing refinance we may provide development finance to build the scheme as it is quite attractive. 24/10 Borrower visited our office last week for an interview. Offers to purchase have been received. We might offer to build the scheme out in conjunction with the adjacent chargeholder. We are reviewing. 5/9 Offers have been received. In discussions with various interested 3rd parties. 26/7 We are expecting indicative offers from buyers by the end of the month 17/6 Being marketed for sale. There are a number of interested parties. Price is £6,000,000. Potential sealed bids within 1 month. Drawndown 25/5 Launched 27/4 6 month loan | |
| 209 | PBL095y | DEFAULT OVERDUE 14/12/16 [14/11/16] | 21st July | We are liaising with the borrower regarding refinance of this loan. We are consulting our solicitors regarding the legal proceedings. 7/7 A few issues concerning the new financier\'s internal lending criteria have delayed the redemption of the loan although advanced discussions have commenced with the new funders concerning the refinance and we are hopeful of a swift resolution to this. We are expecting full redemption of all interest and initial investment within the next week or we will instruct administrators to take control of the Borrower company. 23/6 The new funder is almost finished with their due diligence and have asked for a redemption statement to enable the loan to be repaid in the next week. 10/6 The new funder is working through the legal Due Diligence with the expectation of completing in the very near future. 26/5 The re-valuation of the site has been completed and the new funder is looking to complete their legal due diligence. 12/5 New lender expects the valuation in by mid next week. If happy with the report they will look to refinance our loan. 28/4 New lender is waiting on a valuation report as part of their due diligence before redeeming us. 14/4 The new lender is waiting on a valuation report to continue with refinance. 31/3 New lender has confirmed they are waiting on a valuation to finish all of their DD and refinance our loan. 17/3 Solicitors are working towards redemption. 3/3 We are expecting repayment imminently. 17/2 Borrower is expecting to redeem by the end of the month. 4/2 The borrowers solicitors advise a refinance in February. 20/1 Borrower is hoping to redeem in the coming weeks via refinance. 25/11/16 The borrower has paid the 1 month loan extension. We are on track for repayment in 1 months time. 14/11 1 month extension to be paid early next week. They have received a lucrative contract (Lendy have seen) to take the aggregates from the site which they want to take advantage of before the sale goes through. 24/10 Buyer found, in legals. Borrower advises debt will be cleared on time or shortly after. 16/9 We are expecting repayment reasonably soon. In legals. 18/8 A number of offers have been received. Borrower considering... 26/7 Waiting on an update from the broker. Drawndown 17/5 Launched 14/5 6 month loan | ||
| 221 | PBL101s | OVERDUE 27/03/17 [30/11/16] | 21st July | We are looking to take control of the property to allow us then to dispose of it to recoup our debt. Legal work on this is still progressing. 7/7 We are progressing with legal proceedings and looking to take control of the property so we can sell the asset to recoup the debt. 10/6 Insolvency proceedings have commenced against the borrower. 26/5 We are still working with our legal team to enable full redemption of this loan. 12/5 Our legal team are liaising with the borrower to ensure repayment of this loan. 28/4 We are continuing to work with our lawyers to expedite repayment. [2 month backdated extension 19/4] 14/4 We are in discussions with our legal team in regards to us assisting with the sale of the asset. 31/3 We are currently working with the borrower to get a clear route for the exit of this loan. 17/3 Working with the borrower to get the loan repaid. 3/3 Currently reviewing a further extension from the borrower. 17/2 We are considering a further 1 month extension as the borrower is working on the sale of a property. 4/2 The extension has been agreed and is now in legals. 20/1 A further one month extension has been received. The borrower is now working with their broker to get this loan financed elsewhere. 23/12/16 The borrower is looking to extend for a further one month. Our credit team is currently processing this request. 25/11 Expecting to receive one month interest to extend while the sale of another asset goes through. Drawndown 1/6 Launched 30/5 6 month loan | ||
| 224 | PBL102s | OVERDUE 27/03/17 [30/11/16] | 21st July | We are looking to take control of the property to allow us then to dispose of it to recoup our debt. Legal work on this is still progressing. 7/7 We are progressing with legal proceedings and looking to take control of the property so we can sell the asset to recoup the debt. 10/6 Insolvency proceedings have commenced against the borrower. 26/5 This loan has been given to our agents to seek repayment. 12/5 We are continuing to work with our lawyers to expedite repayment. [2 month backdated extension 19/4] 14/4 We are in discussions with our legal team in regards to us assisting with the sale of the asset. 17/3 Working with the borrower to get the loan repaid. 3/3 Currently reviewing a further extension from the borrower. 17/2 We are considering a further 1 month extension as the borrower is working on the sale of a property. 4/2 The extension has been agreed and is now in legals. [See PBL101 for previous updates] Drawndown 1/6 Launched 30/5 6 month loan | ||
| 210 | PBL103 | OVERDUE 10/7/17 11/6/17 | 21st July | Borrower has advised that they now have a Joint Venture partner who will be injecting cash in the short-term to fully repay the loan. Funds expected within next few weeks and documentary evidence requested. [One month extension 18/7] 7/7 Funds received (albeit late) to cover one month\'s interest. Valuation still awaited and discussions ongoing regarding potential development facility. Decision to be made on way forward within next 2 weeks. 23/6 Discussions have been ongoing with the borrower and they have advised that funds have been sent to cover interest, although funds not yet received but should hopefully be received tomorrow.Initial Independent Monitoring Surveying Report has now been received, but valuation report still awaited. Decision on way forward to be made within next few days. 10/6 Valuation and Monitoring Surveying reports are still awaited but expected within next few days. In view of delays Borrower to provide funds to cover 1 months interest (as mentioned in the last update) to allow time for reports to be received and reviewed. 26/5 Valuation and Monitoring Surveying reports due next week. Given that expiry less than a month away Borrower to provide funds to cover 1 months interest. 12/5 Valuation and Initial Monitoring Surveying Reports are progressing and expected shortly. As soon as reports are received we will be considering a new development facility to build out the site. 28/4 Further discussions with both Valuer and Monitoring Surveyor this week in order to progress reports which should now be received over next few weeks. 14/4 New valuation and monitoring surveying reports not yet received but both have been chased and are due in soon. 31/3 New valuation and monitoring surveying reports expected next week. 17/3 We are chasing for the new valuation and Monitoring Surveying Reports to be produced. 3/3 New valuation and Monitoring Surveying Reports instructed. 17/2 Further information on development/ construction documentation awaited. 4/2 Discussions have commenced about us providing development funding for site. Drawndown 10/6 Launched 3/6 | ||
| 236 | PBL106y | DEFAULT 11/6/17 OVERDUE [16/12/16] | 21st July | We are liaising with the borrower regarding refinance of this loan. We are consulting our solicitors regarding the legal proceedings. 7/7 We have successfully submitted a planning application to protect the investors’ position in this loan. We are liaising with the borrower regarding refinance but unless they confirm that they have a clear exit route, we will likely instruct administrators to manage the sale of the security asset and the repayment of this loan. 23/6 The planning meeting did not proceed on the option of the borrower, so in light of this we have applied for our own planning to protect investor\'s position. 10/6 The planning meeting will go ahead next week with a likely response soon after. 26/5 The planning meeting still expected to proceed in June. 12/5 New valuation being instructed. The borrower has an offer of finance, which has been confirmed with new funder direct, subject to valuation and planning meeting in June. 28/4 The new lender is still awaiting the valuation report. Planning extension is being submitted to extend the current planning on the site. 14/4 The new lender is waiting on a valuation report to continue with refinance. 31/3 Borrower has a new lender carrying out their DD in order to refinance our loan. 17/3 Solicitors are working towards redemption. 3/3 Borrower negotiating refinance 17/2 Borrower is still in negotiations for refinance with another lender 4/2 Waiting on a sale of another property before the borrower can restructure this loan with another lender. We expect/have been advised by his solicitor to expect movement in Feb potentially early March. 20/1 Borrower in negotiations for refinance with another lender. 23/12/16 We are looking at potentially extending the loan for 2 months. 18/7 There were some travellers on the site who have now moved on. On site security has been improved. Drawndown 17/6 Launched 16/6 6 month loan | ||
| 185 | DFL003t | 2/9/18 14/7/17 | 8th June | The tenth tranche of development funding was added to the platform and went live this week. The borrower advises all internal room partitioning has been erected, whilst the boarding, tape and jointing of the partitioning walls have been completed to all floors. Second fix joinery and kitchens are now being installed from level 10 and down, alongside level 4 and down, with significant work executed on all levels. Decorations are progressing well, as 90% of the work to the rooms of level 10 has been completed. All floors have now had their first mechanical and electrical fix, and the second fix is 75% complete, including showers and ancillary works. As 80% of the lift shafts have been erected, the lifts are now in transit to be delivered this month (May 2018). Installation of windows has completed across the majority of the building, except where there is an interface with the temporary ties to the remainder of the scaffolding that is currently being dismantled. Externally, the lower stone floors have now been fully fitted. 25/5 & 11/5 As previously reported, the loan has been extended through to September 2018 to give the borrower time to complete the scheme and complete the refinance or sale of the development, to fully repay the loan. 27/4 The ninth and final tranche of development funding was added to the platform this week. The borrower has been pursuing several repayment options, however these negotiations are not expected to be concluded before the loan matures in July 2018 and we have therefore agreed to extend the loan by two months, through to September 2018. The borrower expects to be in a position to fully repay the loan on or before the extended loan maturity date, through either the sale or refinance of the scheme. We have had sight of two of the repayment offers and are satisfied that the total loan funding will be less than 40% of the Gross Development Value of the scheme at the time that full repayment is achieved. The borrower has also advised that construction work on site is starting to focus on the interior as the studio apartments take shape. Following the completion of the external cladding in March 2018, the on-site construction team are continuing with the installation of the metal partitioning across all floors (99% complete) and with the boarding, tape and jointing works, which are now complete on all of the lower floors. The installation of the boarding will now continue on the rest of the building from the top down, with partitions on the 10th floor now fully complete, with 90% and 80% of the boards installed on the 9th and 8th floors respectively. With the studio apartments now formed, joinery works have now commenced and kitchens have been delivered to site ready to be fitted in the appropriate rooms. Door frames, skirting boards and architraves are also progressing, taking place in studios once the partitioning works are sufficiently advanced to allow for the works. While the lift shaft remains under construction, the lifts that will service the building continue to be manufactured off-site. On the exterior of the building, stone walling is now 60% complete following the conclusion of works on the inner skin in March. Finally, the scaffolding that has surrounded the exterior of Crane Court will now be removed with external works on the upper floors reaching their conclusion. 13/4 The Independent Monitoring Surveyor should be visiting the site and providing a report on the scheme over the course of the next few weeks. 29/3 The seventh tranche of development funding was added to the platform and went live last week. The Independent Monitoring Surveyor has confirmed that works have progressed well since their last report, with the superstructure nearing completion and that monies have been spent as evidenced through works completed and materials on site. 16/3 The Independent Monitoring Surveyor visited the site on Monday 26th February 2018 and a report is expected next week. 1/3 The Independent Monitoring Surveyor visited the site on Monday 26th February 2018 and a report is expected next week 16/2 The sixth tranche of development funding went live this week. The next Independent Monitoring Surveyor (IMS) visit/report is expected later this month. 2/2 The next Independent Monitoring Surveyor (IMS) visit/ report is expected later this month. 19/1 The fifth tranche of development funding went live this week following receipt of the Independent Monitoring Surveyor’s (IMS) report. 5/1/18 The fifth tranche of development funding was added to the Platform this week. Independent Monitoring Surveyor (IMS) has undertaken site visit and confirmed monies have been spent as evidenced through works completed and materials on site. The borrower has also advised that there is scaffolding now surrounding 100% of the building, following the completion of the temporary loading bay and goods hoist in November. Roof purlins, as well as the external secondary steel which will take the roofing panels and external cladding panels, are both completed. The gable adjoining Kingfisher House now has some 70% of its cladding erected, whilst the cladding panels for the canal side elevation are on site and ready for installation. Construction of the timber framed inner skin to the external stone walling has commenced on the lower four floors of the building. Off-site manufacturing of the lifts and windows has begun, with the pod surrounds to the windows delivered and in storage. Internally, the permanent steel framework decking has been completed to the whole building, with suspended concrete floors with a power float finish installed to four floors. The first fix mechanical and electrical works are prepared and ready to start. Lastly, the tarmac base court has been laid on the ramp and along Kingfisher House, providing access to an adjoining storage area for Crane Court materials. 21/12 Another Independent Monitoring Surveyors report is awaited, which we expect to receive in early January 7/12 The fourth tranche of development funding was added to the Platform, and went live, this week following receipt of the Independent Monitoring Surveyors (IMS) report. The IMS has advised that progress of works at the time of their site visit were: Foundations complete • Steel frame erection complete. Metal decking for intermediate floors on site. Below ground drainage complete Scaffolding erection in progress The borrower has also advised that following the completion of the steel frame erection and installation of the steel staircases in October, the staircases have now been concreted to provide safe access to following trades. With the scaffolding of the building now in progress and completed up to level 9, the temporary loading bay and goods hoist are now installed, serving all floors. As the decking and stud welding has been completed on five suspended floors, the casting of the floor is now ready to commence in the second week of November, with mesh and bar reinforcement being delivered progressively. Orders have been placed for the internal partitions, mechanical & electrical works, dry lining, lifts and windows. With the cladding design fully finalised, the delivery of the panels is progressing and the installation of the cladding has started on the gable elevation. 24/11 The Independent Monitoring Surveyor is just awaiting a few pieces of information before issuing their report. This is expected in the next few days. 10/11 The Independent Monitoring Surveyor has now visited site and a report is expected next week. 27/10 The Independent Monitoring Surveyor is due to visit the site again this week. A more detailed update is expected thereafter which will be reported to investors. 12/10 Block B is one of three student accommodation blocks, one of which has been completed (Block C) and two that remain under construction (Blocks A & B). The Borrower has advised that: Work to erect the steel frame is progressing well; The stairs for the core have been fabricated and are currently held off site, awaiting installation. With the excavation of the existing ramp completed, which will give access to the footprint of the building, the tarmac base course has been laid on the ramp, providing access to the adjoining storage area where the material is being held. Contracts are now in place for the insitu reinforced concrete floors, ahead of delivery to site. 6,500m2 of the metal decking has been delivered to site and is being lifted on to the steel frame as work progress, with the balance being held with the suppliers. Orders for the groundworks, lifts, windows, internal partitioning and for the mechanical and electrical services have been agreed subject to contract, and are set to conclude within the next few weeks. As previously advised on another Update the site was revalued in July 2017 (the Gross Development Value has increased from £15,575k to £17,200k) and the revised valuation added to the Platform, however the GDV figure was not updated on the Platform so this has just been done. 28/9 Loan facility documents have now been sent to the borrower to formalise the terms of the agreed 12 month extension 15/9 Both the Head of Development and Head of Credit visited Borrower this week. Works on site are progressing well and Borrower is confident that the site will now be completed within the extended term. 31/8 Block B is one of three student accommodation blocks under construction. Works only recently commenced on Block B due to the logistics in constructing the three blocks; specifically the access requirements for Blocks A & C. We have recently agreed a twelve month extension to the existing loan to enable the borrower to complete the build and sell the property. The Independent Monitoring Surveyor visited the site on 26th July 2017 and confirms £2.7m has been spent on construction to date and the remaining cost to complete the build is c.£5.1m. The site has recently been revalued and the GDV has increased from £15,575,000 to £17,200,000. 17/8 We are finalising the documentation for the extension to this loan. 4/8 Extension negotiations are progressing and these should be completed within the next 7-10 days. 21/7 Met Borrower on 19th July. Valuation has now been received and Borrower has now requested a 12 month extension to the facility. Although the original facility agreed was for up to 70% of GDV (circa £11m) this level of funding will not be required now as the Borrower will be funding the majority of costs going forward. 7/7 Telephone conversation with valuer within last few days confirming report to be received early next week. 23/6 Valuer visited site earlier this week and report due next week. 26/5 Discussions regarding an extension have commenced and new valuation to be arranged. 12/5 Works on Block B are progressing. However, the borrower is concentrating on the adjoining Block A, so the extension to the Block B facility is now being discussed. 31/3 Repayment of Block C, Huddersfield, completed today so works can now be focussed on Blocks A & B. 17/3 We met with the Borrower last week. Works have commenced on site. 17/2 Recent meeting with Borrower and Block B is on hold until Block C is finalised/ remortgaged/ sold. 15/7 We have completed on this loan Drawndown 15/7 Launched 11/7 Initial drawdown £4.381m PBL25 Waiting on borrowers solicitor to complete construction due diligence. 27/5 Construction due diligence still ongoing. Drawdown expected within a week. 11/5 Drawdown imminent 29/4 Construction due diligence completed. Very close to go live, circa 1 week. 12/4 Legals ongoing, expected to convert to DFL within one month. 23/3 Currently in legals to convert to development loan with Lendy 4/3 Still in legals 24/2 We have offered to provide development finance. Going through legals now. 1/2 We have declined to provide development finance. The borrower is refinancing the site with another lender. 6/7 A service access road has been created and building work is now ongoing. Drawndown early March. | ||
| 252 | DFL004 | 13/11/17 16/7/17 | 21st July | [4 month extension 31/7] Valuation now received and shows an increase in value. Further discussions now being held with Borrower regarding period of extension to enable Practical Completion and refinance of site. 7/7 Unfortunately, the updated valuation is still not received but should now be received early next week. 23/6 Updated valuation expected next week and once received we can consider Borrower\'s request for an extension. 26/5 Development drawdown made on 22nd May. Discussions are ongoing regarding an extension for circa 3 months and updated valuation has been instructed. 12/5 Latest Independent Monitoring Surveying Report received and next development drawdown will be made next week. 28/4 Lendy's Development Director visited the site on 21st April. Works are progressing well, albeit a bit behind programme so facility may need to be extended by up to 3 months to allow for Practical Completion and refinance of the facility. The borrower has now obtained/ provided indicative terms from a Private Rented Sector (PRS) Guarantee Scheme, which he has been in discussion with for several months as previously advised. The borrower is also considering other options to ensure the smooth refinance prior to expiry. 17/3 A further tranche of the development funding has been sent to the Borrower. Build works continue at good speed under the supervision of our monitoring surveyor. 3/3 IMS visited site again on Wednesday so report and next drawdown due later next week. 4/2 Latest development tranche drawn last week. £742,153 25/11/16 Next development tranche just about to draw. Monthly rental being received. Update due from PRS Scheme facilitator within next few days. [4th tranche £844,446 22/11] 24/10 Written confirmation seen from PRS Scheme facilitator to advise that they had to delay their visit/ offer until the end of October/ November due to their own increased workloads [3rd tranche £752,248 15/10] [2nd tranche £828,472 24/8] 19/8 New tranche being released next week via pipeline. 26/7 We have completed on this loan and the borrower is progressing with the build Initial drawdown £7,252,816 Drawndown 15/7 Launched 13/7 PBL61 8/7 We are amalgamating PBL60 and PBL61 into a new loan and providing them with development finance to complete the build. This gives us a more robust exit strategy. 17/6 We are looking at offering development finance on this, currently going through due diligence 11/5 Expecting repayment from an investment fund soon. 24/2 [Additional tranche drawndown 24/2] Increased value, increased loan (see new val), maintaining LTV. 16/1 The borrower has progressed the completion of at least 30 units very quickly and to a very high standard. He will be looking to raise a further advance against these completed units soon to facilitate the completion of the next batch. Request expected next week for a further drawdown. 18/12 Building work has progressed to the second fix and the borrower will be looking for an additional sum in the near future, secured against the completed assets. Drawndown 13/10 Cashback paid PBL60 We are amalgamating PBL60 and PBL61 into a new loan and providing them with development finance to complete the build. This gives us a more robust exit strategy. 27/5 We are looking at offering development finance on this, currently going through due diligence 11/5 Expecting repayment from an investment fund soon. 12/4 Value has increased by c£800,000 we are providing another £200,000 tranche, expecting payment of this loan within 1-2 months. [Further additional tranche will be released through SM] Extending by 3 months, increased assets to 29 units, increased loan (see new val), maintaining LTV [Additional tranche drawndown 24/2] Drawndown 13/10 Cashback paid | ||
| 256 | PBL123 | OVERDUE 5/2/17 | 21st July | The property was placed into an auction on 20/07/17 however, It did not reach its reserve price. We will be following up with the interested parties to see if we can negotiate a potential sale. We will continue to pursue a sale on the open market and will have a backstop date of another auction in September. 7/7 We have requested our receivers place this property in the earliest auction which is near the end of July. 23/6 Our receivers are working to support the sale of this asset. We are hoping to expedite the sale of the asset to get the loan redeemed as soon as possible. 10/6 Our receivers are looking to achieve the sale of this property as soon as possible. 26/5 We are continuing to try and pursue the redemption of this loan and our receivers are monitoring the Borrower's progress of the sale of the asset. 12/5 We are liaising with our receivers to start monitoring this loan while we await the sale of the asset. 28/4 We are still working with the borrower in regards to the sale of the property. 14/4 The borrower informs us that sale of this asset is moving forward. 31/3 The borrower is still in the process of selling the property and giving us regular updates. 17/3 The borrower is currently keeping regular contact with us and we are hoping to receive repayment shortly. 3/3 The borrower is currently working on the sale of the asset and we are expecting repayment in the near future 17/2 The borrower is currently in the process of working on a sale of the property. The borrower has requested a 2 month extension which is under review. 4/2 Borrower is currently working on the sale of the asset. 20/1 Working with the introducer who is working on refinancing this deal elsewhere. 23/12/16 The Borrower is currently expecting to repay on time and we are liaising with their broker. 14/11 Borrower is in discussions with a number of lenders to refinance onto a term loan. Drawndown 5/8 26/7 Expected to complete 27/7 Launched 26/7 6 month loan | ||
| 270 | DFL005p DFL005R1 | 6/9/17 | 21st July | Independent Monitoring Surveyor reports that progress has been good, although site constraints mean there may be a four week delay to completion. Borrower remains confident that the site will be completed well before the expiry date. Heads of Terms have now been provided by the Borrower regarding the sale of the freehold for £4m, which is planned to complete once the site is complete. We have also been provided with further documentation regarding the potential refinancing of the long leasehold, which will enable the simultaneous completion and full repayment of our debt at the same time as the sale of the freehold. 7/7 As per latest development tranche commentary: The IMS report dated 19 June 2017 confirms that site progress is generally good, and that since their last report timber frames have been installed with roofs erected and windows and doors installed on all units, bar one exception which has been omitted to allow crane access; first fix Mechanical & Electrical completed to all southern units and progressing at an advanced pace on the northern units; and works to the sewage treatment plant have completed, however site constraints mean that work to the leisure building has been delayed, and an overall delay of four weeks is considered possible. The total build cost budget is not expected to change. The Borrower has advised that an agreement has now been made for the sale of the freehold title to an investor for in excess of £4m and this will shortly be going into legals. The Borrower will create a new long leasehold title at the same time as the freehold sale and has also advised that he has obtained an agreement for funding from another lender to refinance the remaining debt after the sale of the freehold. Documentary evidence is to be provided over the next two weeks to confirm and the Borrower is confident that the debt will be repaid prior to expiry. On this basis, it is unlikely that the facility will be fully drawn. 23/6 Latest Independent Monitoring Report received today and will be reviewed over next few days. 10/6 Development tranche drawdown made 2nd June. 26/5 Development tranche drawdown made 12th May. 12/5 Latest Independent Monitoring Surveying Report received and next development drawdown due this week. 28/4 Development tranche was drawn this week. 31/3 Latest development drawdown made this week. 17/3 Development work continuing. 17/2 Further development tranche drawn this week. 4/2 Further development tranche drawn this week. 23/12/16 Next development tranche being drawn this week. 7/12 Further tranche drawndown £619,762 25/11 First development draw made earlier this month and development now progressing. 14/11 Build progressing on schedule. 2/11 2nd tranche launched Drawndown 7/9 First tranche £616,873 Launched 7/9 | ||
| 293 | DFL006t | OVERDUE 22/10/17 [22/9/17] | 21st July | [Month extension 27/10]Enhanced planning application proceeding and 28 day public consultation period has commenced. The borrower is now hopeful that planning will be approved prior to November. 23/6 The borrower has advised that there have been a few recent meetings with the local Council and that they are keen to move forward with a revised planning application to increase the number of units on the site. It has already been discussed that the Borrower will need to build a boxing club for the Community as part of the Section 106 agreement. Drawings for a revised scheme have been drawn up and a formal planning application is to be submitted in July with planning expected to be approved by November. If the planning application is approved the value of the site should increase significantly. Whilst the planning application is in progress no development works will be undertaken on site and no further funds released. 12/5 The borrower has advised that Council has approached them to increase the number of units on the site. Confirmation received from Architect. Matters are progressing. 17/3 We met with the Borrower last week who advised us that he was considering submitting a revised scheme for planning permission to increase the number of units on the site from 250 to 400 units. The Borrower needs to take professional planning advice on this before committing to any new scheme. 14/11 Build progressing on schedule. Drawndown 21/9 [Savingstream clarification of Universal Notices] Launched 20/9 | ||
| 261 | PBL137 | OVERDUE 9/5/17 30/3/17 | 21st July | Receivers not yet appointed. We are in regular contact with the borrower with regards to full repayment of this loan. 7/7 We are now in discussions with our receivers to assist with the refinancing of this loan. 23/6 We are expecting full repayment by the end of this month. 10/6 We are in regular discussion with the borrower who is working on the repayment of this loan. 12/5 The borrower is working with another lender on the refinance of this loan. 12/5 Funds received for further one month extension. (3 days ago) We have agreed to extend the term of this loan (PBL137), whilst the borrower concludes negotiations with another lender to fully repay the loan. The new loan expiry date is 7 June 2017. 28/4 We are in discussion with the borrower regarding a further one month extension whilst the borrower completes the refinance with another lender. 14/4 The borrower has paid for 5 weeks of interest whilst they refinance with another lender. [Five week extension to allow refinance 10/4] 31/3 Working with the borrower to get the loan repaid. 3/3 Borrower & Broker are currently working with other lenders to refinance this loan. 23/12/16 Broker is currently working with other lenders on the refinance to repay our loan. Drawndown 4/10 Launched 28/9 6 month loan | ||
| 312 | DFL007 | 18/1/18 | 21st July | Next IMS report is due next week. 7/7 As per latest development tranche commentary: The initial commencement of works on site was later than expected as there were a few delays with subcontractors and a site investigation survey had to be completed (which was a condition of the planning consent). The IMS has commented within their latest report that the project has only been on site for a few weeks but reasonable progress has been made; the site has been completely cleared of all existing buildings, vegetation and the like and has been levelled; excavations to the Easterly plot are complete and concrete foundations have been poured; and the site is tidy and clearly well run. 26/5 Development tranche was drawn down on 19th May. 12/5 Independent Monitoring Surveying Report now received recommending development tranche drawdown, which should be made next week. 28/4 Independent Monitoring Surveyor's report has been delayed but is now due next week. 14/4 Independent Monitoring Surveyor report due 13th April. 31/3 Independent Monitoring Surveying report due early next week. 17/3 The Borrower had a few delays with subcontractors and a site investigation survey (which is a condition of the planning consent). The survey is due to be undertaken shortly which will then enable ground works to start. The developer advised that next anticipated drawdown was mid/ end of March. 17/2 Development tranche drawn last week. Development progressing and IMS has advised that next report should be received by the end of March. 4/2 Next IMS report expected shortly. 25/11/16 First development tranche drawn and development progressing. 14/11 First development tranche due to be paid today. Drawndown 18/10 Launched 18/10 15 month loan | ||
| 324 | PBL147 | CAPITAL REPAID 18/8/17 OVERDUE 25/5/17 | 18th August | Capital repaid 18/8 4/8 We are now awaiting the auction sale to complete. 21/7 The property was placed in an auction on the 20/07/17 and achieved a sale. We are expecting full repayment of the loan once the auction transaction completes. 7/7 The borrower is working on the refinance of this loan and our receiver is reviewing alternative options if this does not go through. 23/6 Our receivers have made contact and we are expecting a speedy resolution. 10/6 We are in negotiations with the borrower in regards to a possible extension to allow them to complete the refinance of this property. 26/5 The borrower is still working on refinancing our loan. 28/4 We are in regular communication with the borrower who is expecting to get the refinance arranged shortly. 28/4 The borrower is still proceeding with the refinance of this loan. 14/4 The borrower has informed us that they are working on the refinancing of this loan. 17/3 Borrower is currently working on the refinance of this loan. 23/12/16 The loan has now completed and drawndown. Drawndown 6/12 Launched 23/11 6 month loan | ||
| 346 | DFL012r | 23/12/17 | 21st July | Visited site on 19th July and met with Borrower, and our Independent Monitoring Surveyor, and had a full tour of site. Glazing continues to be installed and this is progressing well. Updated valuation received, which shows a small increase in value. 7/7 As per latest development tranche commentary: Our IMS is a national firm, with a local office, and the individual inspecting the site each time knows the site and area well. The IMS has also visited the key manufacturer/ supplier of glazing materials to ensure all aspects are covered correctly. The IMS is also ensuring that the building works and materials all meet current building regulations, especially in light of the recent Grenfell Tower tragedy. Works on site are currently circa 4-6 weeks behind schedule, due to delays with some materials and also some weather conditions. However, the Borrower is confident of making this time up. Should this not be the case then an extension may be required nearer to the end of this facility. We are currently also awaiting an updated valuation, which is expected to show an increase on the existing valuation due to some improvements the Borrower has made. The Developer has advised us that they have now agreed on sales for 84 apartments, and exchanged on 78 of these, 16 of which have been in 2017. They provide regular updates of the progress on their website; a recent video published on their website features an update from the Borrower\'s 23/6 Latest development tranche was drawn on 16th June. 10/6 Last development tranche drawn on 30th May. Further Independent Monitoring Surveying Report now received and next development drawdown due next week. 26/5 Last development tranche drawn on 11th May. Further Independent Monitoring Surveying Report now received and next development drawdown due next week. 12/5 Latest Independent Monitoring Surveying Report received and next development drawdown due this week. 28/4 Development tranche was drawn this week. 14/4 IMS visit site last week and updating report now received. Latest development tranche drawdown now made. 31/3 Development Director due to visit site next week and next Independent Monitoring Surveying Report also due. 17/2 Next development tranche drawn down last week. 4/2 IMS report due early next week in respect of next development tranche drawdown. Initial tranche £3,504,787 Drawndown 3/1 Launched 22/12/16 PBL92 Repaid 22/12 We are visiting the site this week to review progress so far. The borrower is requesting a further advance which we are considering depending on the outcome of the visit. 26/7 All units have sold and deposits are being taken. Drawndown 16/5 29/4 Completion expected imminently. Launched 21/4 | ||
| 329 | PBL156 | 23/9/17 | 3rd January | Drawndown 3/1 Launched 22/12/16 9 month loan PBL131 Repaid 22/12 25/11 We are going to restructure this loan. The seller of the site is being difficult. The borrower has offered another large piece of land with full planning nearby which we can use as additional security. Details to follow via the pipeline loan section. TBC. 14/11 Still in legals, the seller of the site was procrastinating. Funds sat in our client account in full. 24/10 Expected to finally complete at the end of October. 16/9 The borrower's solicitor is now away until early next week, we expect to complete on his return. Launched 6/9 PBL054 18/8 Offer accepted by borrower to increase this loan and purchase the strategic site adjacent. The marriage value of the 2 sites is c £9m. Will be putting this new loan into the pipeline next week. 25/7 In legals, working on the structure of the loan. 17/6 We have offered to finance an adjoining piece of land and renew the existing loan for a further 12 months. Details to follow within 3-4 weeks. 27/5 Repayment expected around due date 11/5 Repayment expected before the end of May. 12/4 Will be repaid within the loan term, currently with JV investors legals. 4/3 Should be repaid soon. The JV partner is nearly ready. 1/12 Joint venture partner is in due diligence to refinance within our loan term within four months. 28/9 JV agreed, possible early repayment. Drawndown 8/9 | ||
| 345 | PBL157f | 13/1/18 | 21st July | The borrower has been in contact regarding their loan and gave us an update on the progress of selling the asset and is hoping that they will redeem on or before the due date. Drawndown 17/1 Launched 12/1 | ||
| 350 | PBL158f | 13/1/18 | 21st July | The borrower has been in contact regarding their loan and gave us an update on the progress of selling the asset and is hoping that they will redeem on or before the due date. Drawndown 17/1 Launched 12/1 PBL097 23/1 2/16We are looking at refinancing this loan and taking the first charge on the marina. 25/11 We are currently in discussions with the borrower regarding a 1 month extension. The borrower is in the process of refinancing. 14/11 Repayment expected soon Drawndown 20/5 Launched 20/5 6 month loan (2nd charge LTV 60%) | ||
| 380 | DFL019p | 20/3/18 | 21st July | Latest development tranche currently in Pipeline and due to go live shortly. 7/7 Further tranche of development funding, which forms part of the last Independent Monitoring Surveying report, to be added to Pipeline Loans over next few days . 23/6 Independent Monitoring Surveyor Report now reviewed and confirms that costs accrued to date on the project. Development Tranche 1 currently in pipeline loans for circa £1.1m. However, client has subsequently requested that only circa £450k is released initially, with further funds to be required over next few weeks. 10/6 First Interim Monitoring Surveying Report received today and will be reviewed over next few days. 26/5 Development tranche drawdown made 12th May. 12/5 Initial Monitoring Surveying Report now received and matters continue to progress. 28/4 Construction documentation now being finalised through our Panel Solicitors, with works on site due to commence shortly. 14/4 Loan drawn on 4th April. Independent Monitoring Surveyor report now received. 5/4 [GDV increased by inclusion of residual value of phase 2 land here] £90,000 tranche released via secondary market to fund increased redemption figure from previous charge holder.31/3 Legal paperwork almost completed to enable loan to be drawdown. Drawndown 4/4 Launched 19/3 PBL35 Repaid 19/3 17/3 It is necessary that we transfer existing investors' loan parts in PBL035 into the new DFL loan, whilst opening capacity to new (and existing) investors for further investment. This will improve existing investors security as we are moving them from a 2nd charge position to 1st and adding value through a development programme. All investors in this loan will rank equally. If you are an existing investor in PBL035 and do not want any additional investment in this loan, please adjust your pre-funding accordingly. [Replacement DFL in pipeline] 3/3 We have offered, and the customer has accepted our terms to provide development finance to build this scheme. His recent management of the Arboretum loan has proved to us he is capable of running a large development satisfactorily. Currently in legals, probably 1-2 months. 17/2 Met Borrower last week. Matters are progressing and Borrower advised that JV paperwork should be completed within the next 7-10 days. 4/2 Borrower has advised that meeting was held with the MD of proposed JV partner in January to agree some minor changes to proposed paperwork. Face to Face meeting arranged with Borrower next week on site. 23/12/16 Client has advised that the CEO of proposed JV partner will be signing agreement in early January. 25/11 Client has advised that discussions are well advanced with a JV partner and copy of draft agreement seen which is subject to a Non Disclosure Agreement. Repayment is expected prior to expiry. 6/9 Funds have been received and loan has been extended for 6 months 5/9 Waiting on repayment of PBL58 (expected today) in order to fund the extension of this loan for 6 months. 18/8 Waiting on repayment of PBL58 (expected tmrw.....) in order to fund the extension of this loan for 6 months. 25/7 Waiting on repayment of PBL58 in order to fund the extension of this loan for 6-12 (TBD). 8/7 Given recent circumstances we will extend this loan by 12 months and mothball the development idea. Interest to be received when PBL58 repays, which is imminent 17/6 We have offered development finance for phase 1, will convert to DFL within 4 weeks. 27/5 Expecting full repayment next week. 11/5 Repayment expected this week 29/4 Expecting repayment within the next few weeks. 12/4 New lender identified, expected payment on time. 4/3 There is a fund looking to provide unlimited capital to this customer. In discussions. Drawndown 8/6 has fully completed – funds are with the borrower and we have security in place. | ||
| 383 | PBL166c 2ND CHARGE | 30/9/17 | 21st July | The borrower has continued with the new lender. We should have a clearer idea on the refinance timings later next week once the lender has undergone their own due diligence. 7/7 The borrower continues to negotiate the terms of refinancing with the possibility of redeeming our loan early. 23/6 Borrower has advised they are in advanced discussions for a refinance of our facility, with possible refinance early. 12/5 The accountants have all the information required and are formulating the necessary documents for a term lender. We expect these in a few weeks time. 28/4 We are working with the borrower to produce accounts and other requirements for a term lender to provide long term finance. 14/4 This loan has been drawn down effectively extending the current loan (PBL84) to 7/10/2-17 Drawndown 7/4 31/3 This will be drawndown shortly and PBL084 will effectively be extended 6 months Launched 30/3 6 month loan 2nd charge LTV 70% | ||
| 389 | PBL168 | 2/4/18 | 7th April | Drawndown 7/4 Launched 1/4 | ||
| 323 | PBL167 | SUPSPENDED 1/11/17 13/1/18 | 21st July | We are in regular communication with the borrower who is working hard on the exit of our loan. 28/4 This loan was drawn down on the 25/04/17 Drawndown 25/4 Launched 13/4 9 month loan PBL122 Repaid 26/4 14/4 This loan will be repaid and relaunched into PBL167. 31/3 We are expecting to launch PBL167 which will repay this loan imminently. 17/3 Our borrower is currently going through the final stages of negotiations with the current vendor of Phase 2. 3/3 We have received an updated valuation report for this and the potential phase 2 of this loan. Our borrower is currently negotiating with the vendor of phase 2. 17/2 Phase 2 is still being worked on. We are getting both sites revalued post legal due diligence to allow us to consider a way forward. 4/2 Currently still reviewing the second phase of this project. 23/12/16 Phase two of this loan is currently still in legals but has been delayed slightly due to a planning issue. Drawdown 12/8 Launched 19/7 | ||
| 590 | DFL022t | 16/5/18 | 21st July | Works are continuing on site and costs are currently being covered by Borrower so no further drawdowns required at this stage. 7/7 Independent Monitoring Surveyor awaited. 12/5 The first tranche of development funding drawn down this week. 28/4 Loan drawn 26th April 2017 Drawndown 26/4 Launched 20/4 PBL135 Repaid 26/4 New valuation report due tomorrow and Independent Monitoring Surveyor visiting site on Tuesday 18th April. 31/3 New valuation on site expected soon, together with new facilities to fund the development of the Block following the successful completion and sale of Block C. 17/3 We met with the Borrower last week and we are happy with the work the Borrower has undertaken on Block C so we will now be considering a development loan facility for Block A. 4/2 Face to Face Meeting held with Borrower last week. There was a second charge (only an equitable one) registered at Companies House at end of last year, which the Borrower didn\'t realise Lendy had to consent to as it was only an equitable charge. However, this new second charge is fully subordinated to us (so we rank in first priority) and the new lender is unable to take any action to enforce its security without our consent. This would give us the opportunity to enforce our security ahead of them, which fully protects our position. In the event that any monies are repaid to the new lender by the Borrower, that money would need to be paid to us and in the event that it was not, the money would be held on trust for and on our behalf by the new lender. We would also be able to claim the sums paid over to the new lender from them. This gives us the comfort we require as our first ranking security is preserved. We registered a debenture in addition to the existing charge to cover the additional debt taken on by the Borrower. Again, this debenture ranks in priority to the new lender’s debt. We are comfortable with the facility that the new lender has agreed (it is for mezzanine finance) and is akin to an overdraft facility which does not impact on our security or the property we have security over.[8/12 Additional facility of up to £1m available through 3rd party lender secured by equitable charge ranking behind SS security] Drawndown 27/9 Launched 17/9 6 month loan | ||
| 368 | DFL024c | 26/12/17 | 21st July | 8/8/17 The interest rate on this loan has been increased to 12%. Latest tranche drawn down 14th July and our Independent Monitoring Surveyor is due to visit site again next week. 7/7 Independent Monitoring Surveying report now received for next drawdown, which will be added to Pipeline Loans over next few days. 23/6 Latest development tranche drawn on 16th June. 10/t6 Next Independent Monitoring Surveying report due next week. 26/5 Further development tranche drawn on 17th May. Drawdown 16/5 Loan completed on 9th May 2017?. Launched 29/4 9 month loan | ||
| 596 | PBL178l | 11/5/18 | 21st July | We are currently in discussions with the borrower regarding the potential sale of part of the site and the borrower is also looking to potentially redeem this loan early. No exact time frames have been given yet though, further updates to follow. Drawndown 16/5. Launched 9/5 | ||
| 597 | PBL179l | 13/5/18 | 21st July | We are currently in discussions with the borrower regarding the potential sale of part of the site and the borrower is also looking to potentially redeem this loan early. No exact time frames have been given yet though, further updates to follow. Drawndown 16/5 . Launched 12/5 | ||
| 619 | DFL029 | 21/6/18 | 7th July | First Independent Monitoring Surveying drawdown report should be in a few weeks time. 20/6 Legal process being finalised with completion expected next week. Drawdown 20/6 Launched 8/6 | ||
| Loans below this line are at 11% | ||||||
| 336 | PBL155 | OVERDUE 23/6/17 | 0.46% | 21st July | Our receivers are meeting with the borrower at the security property to further discuss the exit strategy. 7/7 We have instructed receivers on the property as we were not willing to accept the partial redemption of the loan due to the increase risk profiling it would have exposed us to. We in regular communication with the borrower who is actively marketing the security. 23/6 Proposed refinance no longer proceeding, we are negotiating with the borrower for potential options. 10/6 We are in the process of discussing refinance with the borrower. 26/5 The borrower has advised negotiations with the alternative lender continues. 12/5 Negotiations regarding the potential refinance of part of the property are ongoing. 28/4 The borrower is currently liaising with a long term finance lender; in order to redeem a substantial amount of the debt. 14/4 The borrower is anticipating a large capital repayment through refinancing part of the existing loan. 31/3 The borrower has asked for the redemption statement and is planning on redeeming a month prior to the original redemption date. 17/3 The borrower is in negotiation for term finance Drawndown 12/1 Launched 22/12/16 6 month loan | |
| 335 | DFL013t | 15/1/18 [18/6/17] | 21st July | Enhanced planning application is continuing. 23/6 Following initial preparation works for commencement of development on site, the Borrower has advised that they have been approached by the local Council to increase the number of units on the site. Drawings for a revised scheme have now been drawn up and pre-application meetings have been held with the Council. Formal planning application to be submitted in July with planning expected to be approved by November. If the planning application is approved the value of the site should increase significantly. Whilst the planning application is in progress no development works will be undertaken on site and no further funds released. [7 month extension 16/5] 12/5 Initial Independent Monitoring Surveying Report now received. Matters are progressing and we will now await first interim report regarding development tranche drawdown. 14/4 Independent Monitoring Surveyor report not yet received, but expected shortly. 31/3 Independent Monitoring Surveyor has now visited site and report expected within next 7 days. 17/3 Works are progressing and our Independent Monitoring Surveyor is visiting the site next week so hopefully report will be received the following week, in time for our next update. 3/3 Development tranche drawndown last week 17/2 Development tranche draw expected this week. Initial tranche £2,723,623 Drawndown 18/1 Launched 13/1 6 month loan Original loan made on Moneything platform | ||
| 366 | DFL017 | 25/4/18 | 12th May | The borrower is progressing pre-commencement works/ paperwork following purchase of site 2 weeks ago. [Extended 2/5] 28/4 Loan drawn 25th April 2017. 14/4 We expect this loan to complete this coming week. The delay has been down to the complicated nature of the ownership structure. 31/3 Legal paperwork almost completed to enable loan to be drawdown. 17/3 Letter from the valuer received confirming value of property (existing) at £10.647m. Drawndown 25/4 Launched 9/3 | ||
| Loans below this line are at 10% | ||||||
| 327 | DFL010 | 28/8/17 | 21st July | Meeting recently held with Borrower and a number of related parties. Further clarification and information to be produced before the end of July, which should enable consideration to the way forward. 7/7 Independent Monitoring Surveying report now received and this highlights a number of outstanding issues that still need to be resolved. The only development funds drawn down to date (£203k) were utilised to pay initial deposits for the manufacture of the lodges. Meeting arranged next week with all parties to discuss outstanding issues and proposed way forward. It is likely that an extension to the existing facility will be required. 23/6 Independent Monitoring Surveyor has advised that they should be able to send across their report next week. 12/5 Independent Monitoring Surveyor is progressing matters with Borrower and next development drawdown should be made shortly. 31/3 Further development drawdown made on 29th March 2017. 17/3 We are waiting for our Independent Monitoring Surveyor to provide their Report and are chasing for this. 17/2 Next tranche of development funding drawdown last week. 4/2 Face to Face Meeting held with Borrower and his Development Team this week. Matters are moving forward and further information has been supplied to our Monitoring Surveyor so that Initial Report can be finalised and issued shortly. Development drawdown tranche will be made once received. Tranche 1 £1,398,466 Drawndown 30/11 Launched 30/11 9 month loan PBL96 25/11 Development finance has now been agreed and facility documentation now being drafted. Matters should all be completed within the next 2 weeks. 24/10 New valuation and QS report instructed. We are considering providing the development finance. Drawndown 17/5 Launched 14/5 6 month loan | ||
| 361 | DFL015 | 9/11/17 | 21st July | Independent Monitoring Surveyor has visited site last week and their report is due in the next few days. 7/7 Independent Monitoring Surveyor visited site this week so report should be received next week. 10/6 Development tranche drawn last week on 2nd June. 28/4 Development tranche was drawn last week 14/4 Latest IMS visit to site was on 11th April and report due next week. 3/3 Development tranche drawndown this week Drawndown 15/2 Launched 10/2 9 month loan | ||
| 344 | PBL163o | 9/9/17 | 21st July | The borrowers continue to work on selling off plots, we are expecting the first few to complete shortly. We are in regular communication with the borrowers. 7/7 The borrowers are in regular communication and are currently still working on the repayment of this loan. 23/6 We have started discussions with the borrower in regards to the repayment of this loan. Drawndown 13/3 Launched 8/3 6 month loan | ||
| 370 | PBL164o | 9/9/17 | 21st July | The borrowers continue to work on selling off plots, we are expecting the first few to complete shortly. We are in regular communication with the borrowers. 7/7 The borrowers are in regular communication and are currently still working on the repayment of this loan. 23/6 We have started discussions with the borrower in regards to the repayment of this loan. Drawndown 13/3 Launched 8/3 6 month loan | ||
| 385 | DFL020t | 23/6/18 | 14th April | Loan completed on 5th April so no change. Drawndown 5/4 31/3 Loan due to complete Wednesday 5th April 2017 Launched 29/3 15 month loan | ||
| 596 | PBL177l | 11/5/18 | 21st July | We are currently in discussions with the borrower regarding the potential sale of part of the site and the borrower is also looking to potential redeem this loan early. No exact time frames have been given yet though. 23/6 The borrower has agreed to a sale on the telephone mast. The funds for this will be held on account until the full loan is redeemed. Drawndown 16/5 Launched 9/5 | ||
| 629 | PBL190 | 7/11/17 | 10th June | Drawndown 10/6 Launched 8/6 6 month loan | ||
| Loans below this line are at 9% | ||||||
| 358 | DFL014 | 14/5/18 12/10/17 | DEVELOPMENT PROCEEDING | 22nd December | 22/12 The fifth tranche of the development funding was recently advanced to the borrower, the Independent Monitoring Surveyor having confirmed works completed and monies spent on site. 8/12 The fourth tranche of development funding is currently in the Pipeline and a second Advance Go-Live Notice will be issued today stating: We are pleased to confirm that the loan will be going live on Monday (11/12/2017). Please note that the rate for this loan has increased to 11% for new and existing investors alike. The IMS report advises that this has been another month of preparatory work. Detailed discussions have been held with two potential kit suppliers which have taken a considerable amount of time. These discussions have principally been around the commercial terms of the contract for the supply of kits. The contract has now been placed with Scotframe and a deposit is due to be paid which forms part of this drawdown. The site has now been fully pegged out and location of roads, lodges and other items is much more easy to now see. Considerable site clearance work has been undertaken and construction of the main access road was in progress at the time of inspection. As has been mentioned in previous reports much of the material for the construction is being "won" from the site itself. There is an underlying layer of gravel and this is being excavated to be utilised for construction of the road. It is understood that a similar process will be utilised for construction of the road and to create the platforms on which lodge foundations will be created. 24/11 The Independent Monitoring Surveyor visited site again this week and their report is expected next week. 10/11 The third tranche of development funding was drawn last week following the Independent Monitoring Surveyor (IMS) site visit in October 2017 and their report on progress was as follows: The IMS reports that progress so far has moved from the position of a site with the potential of development to one where development can begin to occur. In the period leading up to this drawdown, the majority of work and costs incurred have been around adjusting the scheme as previously proposed to take account of actual site conditions. Site preparations have continued with the marking out of other plots. Excavations have been undertaken in an attempt to determine the makeup of the subsoil. The benefit of this has been that it has been found that there is sufficient hard material on site which with crushing can be utilised in the construction process. Vegetation continues to be cleared to allow the position of the boundaries to be established which is of interest to the Local Authority in connection with a number of matters. In connection with Building Warrants, a number of changes have been required. Particularly the fire service have made representations regarding the fire resistance of the cladding. Further discussions have been held and an agreement is almost complete with a manufacturer of structural insulated panels so that production can commence. There is evidence on site of the progress of works, although much of this is of an investigatory nature at this stage. Revised drawings have now been produced and the developer is hopeful of receiving a Building Warrant imminently. 27/10 The latest Independent Monitoring Surveyor's report has now been received and the next development tranche will be added to the Pipeline shortly. 12/10 Latest development tranche was funded on 28 September 2017 and the Independent Monitoring Surveyor is due to visit again within the next 2 weeks. 28/9 The latest tranche of development funding was added to the platform this week. The Independent Monitoring Surveyor has reported that the development works can now commence on site. In the period leading up to this drawdown the majority of work and costs incurred have been around professional services in setting up building warrants, insurances and other matters necessary to commence construction. The site preparation has begun with marking out of the road, one plot and some initial excavations. Investigation works into the position of services and associated items has been undertaken now that the site has been cleared. There is evidence onsite of progress of works although much of this is of an investigatory nature at this stage. 15/9 The borrower has confirmed that the development is on track. They confirm that electricity, water and all detailed drawings are progressing as is the first start on the road. Interest is said to be good from the potential buyers. Next report from our Independent Monitoring Surveyor is expected by the end of this month. 31/8 We anticipate receiving a further report from the Independent Monitoring Surveyor (IMS) in the next week or so and have emailed both the IMS and borrower to confirm when this will be. 17/8 We are expecting to receive a further Independent Monitoring Surveyor in the next few days, with drawdown to follow later this month. 4/8 First development tranche drawn 21st July. Next Independent Monitoring Surveyor report should be received shortly. 21/7 Independent Monitoring Surveyor report received recently, first tranche of development funding due to draw imminently. 7/7 Information is being exchanged between Borrower and Independent Monitoring Surveyor and report due shortly. 23/6 Independent Monitoring Surveyor has advised that next report should be available next week. 12/5 Independent Monitoring Surveyor has produced an interim report advising that progress is being made. No development drawdown required at this stage. 28/4 Independent Monitoring Surveyor has advised that he is just waiting on a few more bits of information before being able to finalise his report. 14/4 Independent Monitoring Surveyor will be sending through report next week. 31/3 Independent Monitoring Surveyor report due shortly. 17/3 We are awaiting a report from our Independent Monitoring Surveyor before moving forward on the development funding 17/2 Initial land loan drawdown completed this week. Drawndown 15/2 Launched 10/2 15 month loan | |
| 362 | DFL016 | 15/1/18 | SUSPENDED LPA RECEIVERS APPOINTED LEGAL DISPUTE | 22nd December | The LPA Receiver has now been appointed and is in the process of carrying out its market research to arrive at its opinion of estimated realisation and to formulate a sale strategy. 7/12 Despite providing the borrower with a period of forbearance to settle the outstanding balance owed it has failed to do so. As a result of this, we have approached a firm of LPA Receivers and are awaiting final confirmation that it can accept the appointment. Once it has been formally appointed the receiver will review the position and revert back to us with its proposed exit strategy. 24/11 Notwithstanding the disputes raised by the borrower, our solicitors have now prepared and issued a formal demand for the loan upon the borrower requiring full payment of the outstanding balance owed. Whilst a short period of forbearance has been provided for them to provide offers of settlement, in the event that this does not materialize we shall proceed to appoint an LPA Receiver. 10/11 Our solicitors are continuing to deal with the disputes raised on the commercial terms of the loan. Unless the borrower retracts the dispute, it is likely that formal demands will be issued and an LPA Receiver appointed. 27/10 The borrower company has disputed the commercial terms of the loan and we have therefore instructed solicitors to deal with and respond to the issues raised which we believe, and have been advised, have no merit. 11/10 We have been alerted to the Borrower instructing agents to dispute the terms of the loan. As such, Lendy has taken the decision to suspend the trading of this loan on the secondary market in line with its regulatory requirements given the change to the risk profile of this loan. 28/9 The borrower\'s solicitor has failed to engage with us and as such we are taking legal advice as to next steps. 15/9 The Borrower, through their Solicitor, has confirmed that they are actively pursuing refinancing options. 1/9 With regards to M***** R**, we have received communication from the Borrower that it intends to redeem in full shortly. 12/5 Independent Monitoring Surveyor is progressing his first interim drawdown report, but is just awaiting some further information from the Borrower. 31/3 First IMS drawdown report progressing and expected shortly. Drawndown 16/2 Launched 14/2 | |
| 588 | DFL021w | 22/6/18 | 21st July | Borrower advised they have submitted revised planning application to increase the number of bedrooms. Asked them to provide revised costings; we may require an updated valuation report if it is not a minor increase. 7/7 We have requested an update from both the Borrower and Independent Monitoring Surveying. 26/5 Independent Monitoring Surveyor is awaiting some further documentation before being able to issue his Interim Report. 12/5 Independent Monitoring Surveying interim/ drawdown report due next week. 28/4 Loan completed on 27th April 2017. Drawndown 27/4 Launched 21/4 15 month loan | ||
| Loans below this line are @ 8% | ||||||
| 354 | PBL161 PBL161R1 | OVERDUE 4/9/17 | SUSPENDED BORROWER BANKRUPT LPA APPOINTED BONUS R1 1.67% | 22nd December | 22/12 Following further discussions with the borrower he has now confirmed that the proposed capital repayment will not be made to reduce his indebtedness. The LPA Receiver is therefore continuing with obtaining vacant possession of the property and will thereafter seek to dispose of it on the open market. 7/12 Whilst negotiations with the borrower have continued, he missed a recent deadline to reduce the outstanding balance owed and no further information has been provided in relation to the IVA and/or his alternative exit strategy. In the circumstances, the LPA Received will proceed with the disposal of the property. 23/11 Ongoing discussions with the borrower continue and we are hopeful of concluding the deal to obtain a substantial sum to reduce the outstanding balance owed. In the event that this is agreed, we shall agree a forbearance period until the new year for the borrower to exit his bankruptcy by way of an IVA and provide details of his alternative exit strategy for our loan.10/11 We remain in constant communication with the borrower and we expect to receive a substantial sum to reduce the outstanding balance owed shortly. We are awaiting details of the borrowers IVA (Individual Voluntary Arrangement) and will review the best way to proceed with the appointed LPA Receiver upon receipt. 26/10 We have been in regular communication with the borrower following the bankruptcy order being made. He is intending to apply for the annulment of the bankruptcy by entering into an IVA (Individual Voluntary Arrangement) and has promised payment, via a third party, to substantially reduce the outstanding balance owed. If and when these steps are taken, we will review whether to proceed with enforcement action or work with the borrower to obtain the best sale price for the property. 11/10 Lendy has been notified that a bankruptcy order was made against the Borrower on 5 October 2017. As a result of a change to the risk profile, Lendy has suspended trading of the secondary market on this loan. 28/9 The Borrower is continuing to progress the re-finance of the loan and is hopeful he will be in a position to redeem in full shortly. In the meantime, the LPA receiver is concurrently making enquiries with third parties in regards exit strategies and hopes to provide its final report within the next couple of weeks 14/9 LPA receivers have been instructed and we are continuing to work with the borrower in regards to refinance to settle the balance owed. 1/9 LPA receivers have been instructed and we are continuing to work with the borrower in regards to refinance to settle the balance owed.17/8 The valuation report has been received and refinance is continuing.The valuation report has been received and refinance is continuing. 3/8 The valuation report is expected shortly. 21/7 The borrower is waiting on the new valuation for the term lender. 23/6 We are liaising with the broker in regards to the exit of this loan. [Term reset to 6 months] Drawndown 3/3 Launched 17/2 6 month loan |
REPAID: SY, 001, 0023, 002a3, 003, 0043, 004a3, 004b3, 005, 006, 007, 0083, 0091,3, 010, 011, 012, 013, 014, 015, 016, 017, 018, 019, 020, 021, 022, 023, 024, 0253, 026, 028, 029, 030, 032, 033, 0341, 0353, 036, 040, 0411, 0423, 043, 044, 045, 046, 048, 049, 0503, 051, 0523, 053, 0543 , 055, 057, 058, 059, 0603, 0613, 062, 063, 0664, 0674, 072, 073, 074, 075, 0761, 0773, 0783, 0793, 0803, 082, 0832, 085, 086, 0871, 088, 089, 090, 091, 0923, 0933, 0963, 0973, 098, 099, 100, 1041, 105, 107, 108, 109, 1101, 1111, 112, 13, 1141, 115, 116, 117, 118, 1193, 121, 1223, 1235, 1241, 125, 126, 1273, 128, 1291, 130, 1311,3, 132, 133, 134, 1353, 136, 139, 140, 141, 1423, 143, 144, 145, 1461, 1475, 148, 149, 150, 151, 152, 153, 154, 159, 160, 162, 165, 167, 168, 169, 170, 172, 174, 175, 176, 180, 181, 182, 183, 186, 187, 188, 189, 1913, 192, 194, 1951, 198, DFL009, DFL011, DFL018, DFL023, DFL025, DFL026, DFL027, DFL028, DFL030, DFL035
1 - cancelled before drawdown, 2 - cancelled before launch, 3 - rollover/converted to new loan, default (Lendy definition) full recovery, 4 default (Lendy definition) capital repayment only, 5 default (standard definition) capital repayment only, partial recovery, loss declared.
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