Emailed weekly update came in about an hour ago - posted here for completeness.
DFL001 - 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. DFL002 - 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. DFL003 - We are finalising the documentation for the extension to this loan. DFL004 - Latest development tranche in the Pipeline. The borrower is still progressing applications with alternative funders and we have been advised that we will receive written evidence of progress over next few days. DFL005 - Latest Independent Monitoring Surveying report received and next drawdown due to be added to Pipeline imminently. Whilst good progress has been made, we are in discussions with borrower regarding a short extension to allow completion. The borrower has confirmed that discussions are continuing regarding the sale/ refinance and a further update is expected within next few days. DFL006 - The 28-day consultation period is nearing the end. As soon as the outcome is known the Borrower will consider whether to build out the site or sell with the benefit of enhanced planning if obtained. DFL007 - Further Independent Monitoring Surveyor inspection and drawdown expected later this month. DFL008 - Following ad-hoc update last week, latest development tranche has been added to Pipeline. DFL009 - Letter sent to Borrower 17/08/17 reminding them that loan is due for full repayment in three months time, asking them to provide an update regarding progress to sell or refinance the property to ensure loan is repaid in full on or before the maturity date. DFL010 - We await updated Independent Monitoring Surveyor’s report, due within the next few days. DFL011 - Next drawdown expected in the next 7-14 days. DFL012 - Latest development tranche in the Pipeline. DFL013 - No change. DFL014 - We are expecting to receive a further Independent Monitoring Surveyor in the next few days, with drawdown to follow later this month. DFL015 - Latest drawdown made 8th August 2017. DFL016; DFL017 - No change. DFL018 - Latest Independent Monitoring Surveying report now received and next development tranche to be added in the next few days. DFL019 - Latest development drawdown in Pipeline and this should go live in next few days. DFL020 - No change. DFL021 - We have emailed the borrower for an update on planning and when they expect the project to commence. DFL022 - Independent Monitoring Surveyor has received relevant paperwork following a recent site visit and will be submitting his report to us shortly. DFL023 - Latest drawdown made 7th August 2017. DFL024 - Latest drawdown made 14th August 2017. DFL025 - We expect to receive a further interim report from our Independent Monitoring Surveyor in the next week, with a further drawdown to follow thereafter. DFL026 - Latest drawdown made 11th August 2017. The borrower has now commenced marketing the properties, and response thus far has been very encouraging with two offers received to date. These are at a very early stage, and yet to enter legals, but encouraging nonetheless. DFL027 - Independent Monitoring Surveyor has recently inspected the property and confirmed progress continues; we have yet to receive drawdown certification as the borrower has yet to fully supply documentation. DFL028; DFL029 - No change.
PBL027 - 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. PBL031 - Our appointed solicitors are continuing with obtaining vacant possession of the property upon receipt of which we shall market and sell the property. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Whilst the legal issue has now been resolved, the prospective purchaser is not in a position to complete. LPA receiver has received new offers and is currently undertaking due diligence in respect of these whilst chasing the current prospective purchaser. PBL047 - Completion is expected to take place shortly. PBL055 - We are continuing to chase the borrower for the missing information. PBL056 - 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. PBL057 - We are continuing to chase the borrower for the missing information. PBL064 - Whilst possession hearing remains listed to be heard on 25th August 2017, the LPA receiver is concurrently working on a potential consensual settlement with the borrower. PBL065 - We continue to work with the borrower to try and dispose of the property, failing which it will go to auction on 6th September 2017. PBL068 - The borrower has provided details to the LPA receiver with a new offer of refinance. Due diligence currently being undertaken in respect of this prior to issuing possession proceedings. PBL074 - No change. PBL081 - The property has been listed for sale by the new agent. The asking price will be reviewed shortly subject to the levels of interest/offers. PBL084 - Continued due diligence is taking place by the new lender. We expect to have further information on time frames in the coming weeks. PBL094 - LPA receiver has now received the remaining information from the relevant third party in regards possible exit routes and we are expecting the LPA receiver\'s final report imminently. PBL095 - We have been approached by a possible source of refinance whom we are liaising with whilst continuing formal recovery action. PBL098 - Conversations with the borrower are continuing and we are simultaneously making contact with our solicitors in regards to enforcement action. PBL101; PBL102 - Our appointed solicitor continues to work to obtain vacant possession of the property and will thereafter market it for sale to recover the outstanding balance owed. PBL103 - Recovery procedures have commenced and are continuing. However, the Borrower\'s Solicitor has now requested redemption figure and the Borrower has advised that they expect to fully repay the loan shortly. PBL106 - We are progressing with legal proceedings. PBL107 - The sale of this property is proceeding and we are expecting repayment near the due date. PBL108 - he exit of this loan is proceeding and we are expecting repayment near the due date. PBL120 - No formal extension to this loan has been agreed as the Borrower is confident that full repayment will occur shortly. PBL123 - The property continues to be actively marketed, with a backstop of being placed into auction in September. PBL126 - We are continuing to support the borrower and assisting in pushing the new refinance through. PBL130 - We are working with the introducer to try and make sure that this loan is redeemed on time. PBL133 - The latest extension is due to expire shortly. The borrower has provided additional information in support of an application for a further one-month extension. This is currently under review. PBL137 - The refinance was unable to complete as scheduled due to an issue being raised from the other lender. Whilst this issue is being rectified we are concurrently taking steps to enforce should completion not take place as scheduled. PBL141 - The latest extension is due to expire shortly. The borrower has provided additional information in support of an application for a further one-month extension. This is currently under review. PBL142 - Interest continues to be covered and Borrower is expecting positive new on planning by the end of this month. PBL143 - The sale is believed to be going ahead. The buyer is currently negotiating access to the site. PBL148; PBL150; PBL151; PBL152; PBL153 - No change. PBL154 - The borrower is weighing up whether to extend or refinance the loan. PBL155 - LPA Receivers are continuing their process. We are also working with additional third parties to formulate the exit strategy PBL156; PBL157; PBL158; PBL159 - No change. PBL161 - The valuation report has been received and refinance is continuing. PBL162 - The borrower is working with another lender to secure development finance. PBL163; PBL164 - We have seen an offer in principle from another lender that is going to take out our debt. PBL165 - The borrower has submitted the planning application. PBL166 - Continued due diligence is taking place by the new lender. We expect to have further information on time frames in the coming weeks. PBL167; PBL168 - No change. PBL169 - The valuation has been received and the borrower has been approached to sell the property. Negotiations are taking place regarding the prospect of sale. PBL170 - No change. PBL172 - The borrower has pulled their planning application based on their original hope for the property and is looking to resubmit a planning application. We are considering a possible extension to allow for this. PBL174 - The borrower has advised that he now has potential purchasers for 3 of the units and is hopeful that sales will materialise over next few weeks. PBL175 - No change. PBL176 - We are in discussions with the borrower regarding the repayment of this loan. PBL177; PBL178; PBL179 - No change. PBL180 - We are in regular discussions with the borrower who is continuing to work on the exit through development finance. PBL181; PBL182; PBL183; PBL184; PBL185; PBL186; PBL187; PBL188 - No change. PBL189 - Waiting for a call back from the broker regarding an update. PBL190 - No change."
The weather outlook musings being discussed here; a more interesting fragment (in my opinion) from them:
"Next week we will publish the second Lendy Property Pulse, which is a forward-looking property index, so it will be interesting to see how close in parity house prices are with some of the fundamental drivers that underpin the property market. But like any other investment, investing in property should be all about diversification, as per the advice from Financial Thing."
The Financial Thing link has already been reported here. I wonder what MT think about the use of "Thing"?
Latest loan book update from the Weekly Update email received. Repeated here for consistency, all blue highlighting mine.
DFL001 - 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. DFL002 - 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. DFL003 - 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. DFL004 - We have now completed a four month extension to enable the borrower to complete the build and refinance the loan. We have spoken with both the borrower and their finance broker, and they confirm discussions are ongoing with a new lender. At their request, we have provided a redemption statement. DFL005 - We have agreed a four month extension with the borrower to enable the continued development. The borrower has confirmed that they are in discussions regarding an equity investment which would see the loan fully repaid, and they have committed to providing a copy of the draft Heads of Terms in the near future. DFL006 - We await the outcome of the 28-day consultation period following which we will provide a further update. DFL007 - Lendy’s Independent Monitoring Surveyor visited the site last week and we expect to receive their latest report shortly. DFL008 - Loan recently extended by a further four months to enable the borrower to complete phase one of the development. Latest development funding tranche was drawn 29th August 2017. We have been provided with a schedule of the units from the borrower’s solicitors which states they have exchanged contracts for the sale of 85 units and taken reservations for a further 22 units. DFL009 - The borrower has confirmed that they are now in the final stages of furnishing the property ready to take the professional photos for the marketing material within 2 weeks. The borrower expects that sales of 7 of the 20 properties will be sufficient to repay the loan, and they advise that they have investors lined up ready for the launch. DFL010 - Report from our Independent Monitoring Surveyor (IMS) was delayed as they were awaiting further information from the borrower. The IMS emailed us on 30th August 2017 to confirm that they have now received further responses to their outstanding questions, and the report should therefore be issued shortly. DFL011 - Latest development tranche was drawn down 30th August 2017. DFL012 - Tranche 15 of development funding was added to the pipeline 29th August 2017. DFL013 - No change. DFL014 - 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. DFL015 - No change. DFL016 - With regards to M***** R**, we have received communication from the Borrower that it intends to redeem in full shortly. DFL017 - In regards to H**** R**, the Borrower has not provided us with all the required documentation and information and we are therefore pressuring them to provide the same as a matter of urgency. DFL018 - Tranche 2 of development finance was drawn down on 23rd August 2017. DFL019 - The latest tranche of development finance was drawn down on 30th August 2017. DFL020 - No change. DFL021 - Borrower confirmed that they are working on revised costings for an improved development and we expect to receive these within the next 2 weeks. DFL022 - Updated report received from the Independent Monitoring Surveyor. Meeting to be arranged with the borrower in the next two weeks to discuss requirements further. DFL023 - Updated report received from the Independent Monitoring Surveyor and development tranche added to the platform, funds expected to be sent in next few days. DFL024 - No change. DFL025 - We await the latest Independent Monitoring Surveyors report. DFL026 - Latest tranche of development finance was drawn down on 29th August 2017. Borrower confirmed they have now sold, subject to contracts, all three of the initial terraced houses under construction. We have asked for a memorandum of sales to be provided. DFL027 - Independent Monitoring Surveyor advises their next meeting on site is due to be held on 13th September and we expect a report shortly after. DFL028 - No change. DFL029 - The borrower is due to meet with the Independent Monitoring Surveyor next week; we expect to receive certified drawdown request shortly thereafter.
PBL027 - We have received the agent\'s final report and continue to review the same with our appointed solicitors. PBL031 - Legal proceedings to obtain vacant possession of the property continue. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - LPA receiver continues to undertake due diligence in respect of the new offers received and hopes to be in a position to make a recommendation in regards these shortly. PBL047 - The borrower is not currently in funds to complete on the expected re-finance and we are therefore progressing recovery action against him. PBL055 - The borrower is continuing to work hard to complete the exit strategy. We are simultaneously consulting with our solicitors with regards to enforcement action should the borrower be unable to implement the exit strategy. PBL056 - Completion is still expected to take place in September following the agricultural lease issue being resolved. PBL057 - The borrower is continuing to work hard to complete the exit strategy. We are simultaneously consulting with our solicitors with regards to enforcement action should the borrower be unable to implement the exit strategy. PBL064 - A defence to the possession claim has been received from the borrower and our appointed solicitors have made an application to the Court to strike it out. PBL065 - We have received a potential JV proposal which is under review by credit committee. The property remains listed for auction on 6 September 2017. PBL068 - The proposed re-finance did not pass due-diligence stage. The agent is therefore making enquiries in regards disposal of the property whilst we re-instruct solicitors to proceed with possession proceedings. PBL074 - The auction took place at 6:00pm on 30 August 2017. Following the disposal of the property, we will prepare and execute a recovery plan to recover any shortfall outstanding. PBL081 - Property remains listed for sale by the agent. The asking price is to be reviewed following confirmation of the current levels of interest in the property. PBL084 - The refinance has fallen short of required debt repayment and the borrower is in breach of loan terms and conditions. We are to commence recovery proceedings. PBL094 - We have received the agent\'s final report and are currently reviewing the same with our appointed solicitors. PBL095 - We have accepted an offer to sell our loan note and legal proceedings have begun. We hope for completion within the next month. PBL098 - We have been contacted by the borrower\'s solicitors who are acting for them in regards to the refinance. The refinance will run simultaneously along side our enforcement action. PBL101 - We are currently working with the borrower to market the property for sale within a pre-agreed timescale failing which vacant possession will be provided without the need for court proceedings. The property will shortly be placed on the open market for sale. PBL102 - We are currently working with the borrower to dispose of the property and it will be placed on the open market for sale shortly. PBL103 - We are continuing discussions with the Borrower who advises that it expects the loan to fully repay shortly. PBL106 - We continue to progress with legal proceedings PBL107; PBL108 - The borrower is working hard to complete on the refinance of this loan and we are anticipating completion will take place shortly. PBL120 - Our solicitor is dealing with the consents to leases; borrower has sold sufficient units to fully repay the debt and we expect full repayment to have been achieved within the next month. PBL123 - Our agents are continuing to market the property for sale and should no sale be agreed beforehand, it will be placed in the auction scheduled for 14 September 2017. PBL130 - The borrower is working on refinancing with another lender. PBL133 - The borrower has paid for a further one month extension whilst they complete the refinance with another lender. PBL137 - We are proceeding with enforcement action but are still hopeful that the borrower will complete on the proposed re-finance. PBL141 - The borrower has paid for a further one month extension whilst they complete the refinance with another lender. PBL142 - Discussions have been ongoing regarding switching this to a development loan. Pending the conclusion of this, we agreed to extend until 28th September with the borrower to service interest. Whilst previous month’s interest arrived promptly, we have yet to receive the latest amount, although we are aware that the borrower\'s key contact is currently on holiday, so we shall pick up with them on their return next week. PBL143 - We have been provided with evidence that a sale is nearing completion as the borrower continues to work towards resolving the road access issue. PBL148 - The borrower is still waiting for the planning decision to come through. PBL150; PBL151; PBL152; PBL153 - The borrower is working on development funding with another lender. PBL154 - We have agreed to extend the loan 9 months beyond the present expiry date, to expire 22 June 2018 - all fees and interest in respect of the extension have been paid by the borrower. PBL155 - As before, LPA Receivers are continuing their process. We are also working with additional third parties to formulate the exit strategy. PBL156 - No Change. PBL157; PBL158 - The Borrower is continuing to work on the sale of the asset. PBL159 - No change. PBL161 - We expect this loan to go overdue for repayment, as the refinance has been delayed. We are maintaining regular contact with the borrower and pressing for completion of the refinance. We may consider extending the loan term. PBL162 - No change to the former update, the borrower continues to negotiate terms for development funding. PBL163; PBL164 - The new lender\'s valuation is expected in shortly. Once received they will continue their due diligence process. PBL165 - The borrower is awaiting the result of the planning application. PBL166 - The borrower is in breach of the loan terms and conditions and we are to commence recovery proceedings. PBL167; PBL168 - No change. PBL169 - The borrower is negotiations regarding the sale of the property. PBL170 - No change. PBL172 - The borrower is currently considering an extension offer. PBL174 - The borrower has advised that he now has potential purchasers for 3 of the units and is hopeful that sales will materialise over next few weeks. PBL175 - The borrower is continuing discussions with another lender with regards to a remortgage. PBL176 - The borrower is awaiting the results of the planning application. Once received the borrower will proceed with the sale of the site. PBL177; PBL178; PBL179 - We are chasing for payment of the latest mandated income instalment. PBL180; PBL181 - No change. PBL182 - We are putting pressure on the borrower to comply with the terms and conditions of the loan to put him in a better position to refinance PBL183; PBL184; PBL185; PBL186; PBL187; PBL188 - No change. PBL189 - The borrower has started the initial conversations with another lender regarding the refinance of this loan. PBL190 - The borrower is working on the refinance and is expected to repay on or before the due date. "
Weekly Update email received below is the existing loan book update: All blue highlighting mine.
DFL001 - 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. DFL002 - 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. DFL003 - 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. DFL004 - Both the Head of Development and Head of Credit visited Borrower on site this week. Works are progressing well and Borrower is confident that Practical Completion, and refinance, will be completed within the extended term." (oldgrumpyflew the blimp overhead) "DFL005 - We have now seen draft Heads of Terms confirming a proposed equity investment and sale of freehold title, which together will generate more than sufficient funds to repay the drawn loan balance within the extended term. DFL006 - Both the Head of Development and Head of Credit visited Borrower this week. Borrower advised that the enhanced planning application is progressing well and provided a copy of his Architects report detailing the changes. The borrower is hoping that planning will be approved in October. The existing facility expires on 21st September, so we are now considering a 2month extension, whilst planning is hopefully obtained. DFL007 - Latest development tranche was drawn down 6th September 2017. Our Independent Monitoring Surveyor carried out a site inspection on 18th August 2017 and reported that: - Sub-structure construction, comprising brickwork, pouring of the slab and initial drainage is complete. - Enclosing walls to both plots fronting Heathfield Avenue is now more or less complete up to wall plate level. - Timber floor joists and lining boards to the upper floors have now been installed to both of the plots fronting Heathfield Avenue. - Preparatory works to the apartment block and further town house plot are underway. DFL008 - Latest development tranche was drawn down 5th September 2017. Our Independent Monitoring Surveyor carried out a site inspection on 2nd August 2017 and their report included the following comments: - The strip out works within the existing building (6th Floor - Basement) have been completed and all debris have been removed from the site. - The internal fit out works to Floors 4 & 5 continue to progress steadily, with new internal partitions constructed and plastered. Second fixing of mechanical and electrical installations works are at an advanced stage and the majority of the apartments to both floors have received a first mist coat of decoration. - The apartments to the 4th Floor are nearing completion and are targeting to be completed by the end of August. - The apartments to the Third Floor are at a slightly advanced stage than the above floors. The snagging process to the apartments on these floors is currently ongoing. - The apartments to the Second Floor have been snagged and final touching up works are on going. -The works within the sample apartment are now fully completed and furnished. The finished apartment looks very impressive and being viewed by potential purchasers. DFL009 - The borrower has confirmed that marketing of the completed units will commence shortly; they expect to achieve full repayment before the loan expiry date and have requested a redemption statement accordingly. DFL010 - We have been awaiting an up to date IMS report. However, this is now due to be received by Friday 22nd September as the IMS required further information from the Borrower and proposed contractor. The loan has now expired and we have been discussing a 2-month extension to allow time for the IMS report to be received, reviewed and actioned as appropriate. The borrower has advised that they will be able to provide funds over the next few days to cover the interest costs for the 2-month extension. DFL011 - Next report from Independent Monitoring Surveyor is expected towards the end of next week, with drawdown to follow around one week later. DFL012 - Latest Independent Monitoring Surveyor report received; drawdown expected in the next few days. The borrower has advised that: The Glazing has moved on immensely and entire elevations are now complete in line with the latest images. Kitchens and bathrooms are now being installed in full. Kitchens are being fitted at a rate of four a day and floors 2, 3 and 4 now have sealed and completed kitchen areas. A delivery manager will now reside on site to see through completion and handover of each unit on one by one basis. Contracts have now been entered into on Penthouse unit 119 (South Tower). Penthouse 118 (North Tower) has now been designed and will shortly be released to market. There are now only 20 units unsold, with interest remaining incredibly high. DFL013 - Both the Head of Development and Head of Credit visited Borrower this week. Borrower advised that the enhanced planning application is progressing well and provided a copy of his Architects report detailing the changes. The borrower is still hoping that planning will be approved by November. The existing facility expires in January, so there should be enough time to consider options once planning has hopefully been obtained. DFL014 - 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. DFL015 - Latest development tranche was drawn this week. The Independent Monitoring Surveyor that the Borrower had previously planned to complete the holiday lets 3-7 at the same time as the café, although they have now re-programmed the remaining works to prioritise the completion of the café. We understand that the anticipated completion dates are as follows: Café - end September 2017 Holiday Lets 3-7 - end October / beginning November 2017 Swimming Pool - end December 2017 Holiday Lets 1,2&8 - end December 2017 Given the slippage practical completion will be beyond the loan expiry date, so we have commenced discussions with the borrower regarding a six month extension through to May 2018. This is to allow for completion of the development and to allow appropriate time to refinance the site. Such extension will be subject to a revised valuation and a cash injection from the borrower. DFL016 - The Borrower, through their Solicitor, has confirmed that they are actively pursuing refinancing options. DFL017 - Following on from our previous Update, there are a number of documents which have not been provided, either to Lendy, or to our Independent Monitoring Surveyor (IMS), which are required for their initial report. These documents include, but are not limited to, a copy of the Development Budget, management accounts and financial statements, and evidence that the borrower has sufficient funds available to it to complete the development; and in order for our IMS to prepare their initial report they require a number of documents, including but not limited to drawings, design brief, breakdown of construction costs and cashflow forecast, copies of construction contracts, letters of appointment and associated Professional Indemnity insurances, plus planning documents and surveys. We continue to press the Borrower to provide the outstanding documentation. DFL018 - The borrower has advised that they expect to fund September’s construction costs themselves, and therefore we do not expect to receive a further report from our Independent Monitoring Surveyor until October. DFL019 - Latest development tranche was drawn down 7th September 2017. Our Independent Monitoring Surveyor reported that: - Site establishment works and part site hoardings have been erected. - The southern access roads are installed, together with geotechnical membrane and base course. - Preparatory works for the foundations have commenced with one of each type of Eco-Lodge installed and the corresponding frame erected. DFL020 - Both the Head of Development and Head of Credit visited Borrower this week. Borrower advised that they had received an unsolicited offer for the site, which they are currently considering, however it is likely that they will still develop the site. A decision will be made and matters progressed either way within the next 4 weeks. DFL021 - We still await updated costings from the Borrower (we have chased) regarding the amended development plan and are hoping to receive these shortly. DFL022 - 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 be completed within the loan term. DFL023 - Latest development tranche was drawn down 7th September 2017. Our Independent Monitoring Surveyor carried out a site inspection on 23rd August 2017, and have now reported to us that works have progressed as follows: Plots 1-4: - Works throughout practically complete with the exception of purchaser specific works, such as revised interior colour schemes. - We were informed by the Developer that all internal floor coverings are to be installed 1 week prior to handover. - Garages completed (doors to be installed) Plots 5-10: - Roofing works completed - Windows Installed - Exterior doors nearing completion - Studwork and Plastering works underway - 1st Fix Electrical work progressing throughout Plots 11-16 - Cavity walls taken to first floor levels with 1st floor construction nearing completion to Plots 11 & 12 We are advised that eleven of the sixteen houses in this development have sold, subject to contract. DFL024 - Both the Head of Development and Head of Credit visited Borrower this week. Works are progressing well and Borrower is hoping to achieve Practical Completion in October. The borrower also advised that the sale of 9 units are already progressing through legals with sale prices at or above those quoted within the valuation report. DFL025 - Last report from our Independent Monitoring Surveyor was received in July. We have asked the borrower to confirm that progress remains on track and when we expect the next drawdown. DFL026 - Next Independent Monitoring Surveyor’s report is expected next week. The borrower has provided a memorandum of sale confirming that one of the properties under construction has been sold, subject to contract. DFL027 - Latest Independent Monitoring Surveyor report received and tranche drawdown this week. DFL028 - The outcome of the Permitted Development Rights approval in respect of the S***** B**** and D*** B**** is awaited prior to the remaining works commencing. The public consultation ends 21/09/2017 and it is therefore hoped that the approval will be granted shortly. DFL029 - Latest development tranche was drawn down 7th September 2017. The Independent Monitoring Surveyor has confirmed that the following progress has been made since the commencement of the project: - Headmasters house set up as welfare and office space - Asbestos removal complete - Demolition in progress (timber buildings and roof of chapel removed) - Architecture and Structural Design c. 80% complete - Building Services Designer engaged and design commenced - Tender process commenced for the piling works - Geotechnical survey scheduled to be undertaken in c. 2 weeks
PBL027 - 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. PBL031 - 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. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Further prospective purchasers continue to work through their offers which will not be finalised for a few weeks. Upon receipt of these formal offers we will review them, together with those received previously, to determine the best course of action moving forward. PBL047 - The borrower\'s refinance with another P2P lender has been 100% funded and the new lender\'s solicitor is finalising their due diligence prior to being able to complete. We are hoping that this will be repaid in the next week."( oldgrumpyis in shock). "PBL055 - We have requested further information from the borrower to ensure that their exit strategy will complete by expiry being 21st September 2017. Discussion regarding enforcement of the loan is continuing with our solicitors in the event that full redemption does not take place on the due date. PBL056 - 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. PBL057 - We have requested further information from the borrower to ensure that their exit strategy will complete by expiry being 21st September 2017. Discussion regarding enforcement of the loan is continuing with our solicitors in the event that full redemption does not take place on the due date. PBL064 - We are proceeding with court action and anticipate hearing from the court in regards our application to strike out the defence in the next 3-4 weeks. We are simultaneously looking at the best exit strategies with this property. PBL065 - The property was withdrawn from auction. Following review by credit committee, the proposed JV did not progress. However, we are continuing to liaise with another interested third party in regards the purchase of the property with negotiations continuing. If however, the proposed sale falls through it is to be listed at the next available auction. PBL068 - Steps have been taken to dispose of the property at auction and it will be listed shortly. Possession proceedings will be issued imminently. PBL074 - Property sold at auction on 30 August 2017 sufficient to repay the loan and completion is expected to take place on or around 27 September 2017. PBL081 - Our proposed course of action remains as previously stated and we will be reviewing marketing activity shortly. PBL084 - We are in discussions with our solicitors in respect of the appropriate action to take. The borrower is continuing to engage with us in regards to settlement. PBL094 - We have received and reviewed the report from our agent and have been discussing the contents of the same with our advisors. The report identifies issues which could adversely affect the value of the security. We are currently therefore engaging with a third party in relation to the report and will decide upon an appropriate course of action from the following; negotiating with the borrower, a build out option of the site, the marketing and sale of the security and various other legal actions. We will provide a further update in due course. PBL095 - Due diligence on the sale of our loan note continues and we are still hopeful that completion will take place this month. PBL098 - We are continuing to engage with the borrower in regards to the refinance but are concurrently pursuing enforcement action. PBL101; PBL102 - An agreement has been reached in principle with the borrower whereby Lendy will be authorised to accept/reject any offers and will receive updates directly from the selling agent. The borrower has three months to complete on the sale failing which we can take possession of the property and dispose of it. PBL103 - Discussions have been held with both the Borrower and their Solicitor regarding their repayment timings as the legal process is taking longer than initially expected. As such we are now discussing a potential extension of the facility with the Borrower providing cash to cover interest which is to be finalised over next few days. If this does not transpire then we will continue with recovery action. PBL106 - We are engaging with third parties in regards to establishing a clear exit route following the recent legal proceedings. PBL107; PBL108 - We are expecting the redemption of this loan in the near future. We have been waiting for one document that was being sent by an overseas solicitor, and this has been holding up the process. PBL120 - Our solicitors continue to receive funds from sales of individual units and consent to leases in accordance with an agreed schedule. We are aware that the borrower is giving this focus to ensure the units are completed soon in order to repay this overdue loan. PBL123 - The property was sold at auction on 14 September 2017 for the sum of £1,000,000 and we will now be pursuing the borrower for the residual debt outstanding. Where the property sold for less than the capital sum, Lendy intend to make payment of the shortfall from its provision fund. All accrued interest and bonus accrual payments will only be payable on successful enforcement action being taken. In light of the fact that the property sold for less than the original value provided, we will be reviewing this with our professional advisors. PBL130 - With are in discussions with the borrower regarding their exit. We are pushing hard to ensure full repayment is made. PBL133 - We are working with the borrower to ensure the repayment of this loan on the due date. PBL137 - Enforcement action against the borrower is continuing. Due to issues with the proposed refinance the borrower is now approaching additional lenders to try and exit the loan. PBL141 - We are working with the borrower to ensure the repayment of this loan on the due date. PBL142 - Monthly interest payment received following borrower\'s key contact returning from holiday. The borrower has advised that planning has now been granted but we are just awaiting the formal approval as it does not yet show on the Council Planning Website. Terms issued for development funding and this will be discussed further prior to the new expiry date of 28th September 2017. PBL143 - The borrower is continuing to work hard to execute the exit strategy and we are in constant discussions. PBL148 - The borrower expects the planning decision to come through shortly. PBL150; PBL151; PBL152 - We continue to have regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender. PBL153; PBL154 - No change. PBL155 - LPA receivers are close to concluding the discussions with the relevant third parties and we anticipate receipt of its report with exit strategies shortly. PBL156 - The loan now only has 2 months to expiry and we are chasing the Borrower for proposals regarding repayment. PBL157; PBL158 - No change. PBL159 - We continue to have regular conversations with the borrower regarding the repayment of this loan. PBL161 - LPA receivers have been instructed and we are continuing to work with the borrower in regards to refinance to settle the balance owed. PBL162 - We are in communication with the borrower as they continue to work on development funding. PBL163; PBL164 - We are still working very closely with the borrower and are expecting the refinance to go through within a reasonable timeframe. PBL165 - No change. PBL166 - We are in discussions with our solicitors in respect of the appropriate action to take. The borrower is continuing to engage with us in regards to settlement. PBL167 - In discussions with the borrower regarding the exit of their loan. PBL168 - No change. PBL169 - We have been in discussions with the Borrower and we have been informed that the sale of the security property is proceeding with a view to repaying the loan. PBL170 - No change. PBL172 - The borrower is working on refinancing this loan elsewhere and have informed us they will aim to repay near the due date. PBL174 - Units are in the process of being sold. Three sales should go through shortly. These have been delayed slightly due to a hold up with Land Registry which was due to their workloads, but this has now been resolved so the first three sales should now be able to complete soon. PBL175; PBL176 - No change. PBL177; PBL178; PBL179 - All mandated income is now up to date. PBL180 - We continue discussions with the borrower who is continuing to work on the exit through development finance. PBL181 - The borrower continues to implement their exit strategy to complete plot 2. Once this is finished the borrower will market for sale. PBL182 - The borrower is working with us to provide the required information in accordance with the terms and conditions of the loan. PBL183; PBL184; PBL185; PBL186 - The loan is due for repayment in a little over 8 months time. We are aware the borrower intends to refinance the loan onto a Buy To Let Mortgage and we will continue to liaise with the borrower to ensure we obtain detailed information regarding the proposed exit, as soon as specific details are known. If this information is not provided by mid December, the loan will be in breach of the loan terms and conditions. PBL187 - Spoken to the borrower and they have confirmed they are still working towards gaining planning permission. PBL188 - We have contacted the borrower and will continue to work closely with the introducer and the borrower to ensure they are working on the exit of our loan. If we have not had sight of a refinance offer within the next three weeks this loan will be in breach of loan terms and conditions. PBL189 - No change. PBL190 - We are in regular communication with the broker and borrower who are working on the redemption of our loan. PBL191 - Property purchase completed 6th September 2017. We have instructed an Independent Monitoring Surveyor to obtain plans, budget and cashflow forecast, as well as details of professional and contractor appointments and then issue their initial report, which will comment on the proposed development, including planning consent. PBL192 - There has been a delay in the proposed purchase of this property and completion is now expected in 4 weeks time. "
Last Edit: Sept 15, 2017 17:45:58 GMT by star dust: to fix links & everything else - well maybe
Weekly Update email received - existing loan book update below - much of which is being discussed in the relevant loan threads. All blue highlighting mine. And the weather forecast says (amongst other things)
"Today, we are pleased to publish our 2016 results, which show an increase in profits after tax by 165% over the last year*, rising from £1.04m to £2.74m. At the same time turnover has increased 104% over the same period, going from £13.5m to £27.5m. This healthy position makes us one of the most viable and sustainable platforms in the sector, and provides strong evidence that the changes we’ve been making over the past 18 months are proving effective. * December 31st 2016"
Yesteryear the Universe today the sector
DFL001 - 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. DFL002 - 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. 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. DFL003 - Loan facility documents have now been sent to the borrower to formalise the terms of the agreed 12 month extension. DFL004 - Further development tranche to be added to the Pipeline shortly. The borrower’s Broker has advised that they should have a Credit backed offer of refinance within the next 2 weeks. DFL005 - Latest development tranche added to the platform 26th September 2017. The latest IMS report confirms site progress as follows: “The timber frames are installed with roofs on the units erected and the windows and doors installed. First fix Mechanical & Electrical works are complete to all units and the second fix is progressing around to the northern units at an advanced pace. Service trenching and installation works are ongoing throughout the site, but such works mean that work to leisure building has had to be put on hold. This will have a detrimental effect on the overall programme resulting in a delay for completion. This is being assessed and the programme reviewed to determine if time can be recovered. At this time a delay of six to eight weeks is considered probable.” The borrower requires funding to maintain momentum at this critical stage as the development nears completion. We are confident that the source of repayment is realistic having seen signed Heads of Terms for an equity investment of £5m, and draft sales details for the sale of freehold in excess of £4m, the aggregate of which is more than sufficient to repay the loan including the latest tranche. The GDV figure has also previously been incorrectly stated on the Platform as £13,300,000 so this has been amended in line with the Valuation Report, which has always been within the Loan Particulars, to £14,065,000. This reduces the LTV given the increase in value. DFL006 - Borrower has requested a three month extension; we have advised that in principle this would be acceptable, albeit we will require payment of three months’ interest in advance. DFL007 - The Independent Monitoring Surveyor advised they are due to inspect the site this week, and we therefore expect to receive report and request for drawdown in the first week of October. DFL008 - As Phase 1 approaches practical completion, our solicitors are now liaising with the borrower’s solicitors regarding the lease consents and amounts to be received on each unit sale. DFL009 - The borrower has confirmed that the loan will be repaid in one transaction prior to the repayment date. We have requested evidence of the refinance from the borrower and will continue to monitor. DFL010 - Our solicitors are preparing revised loan documentation for the proposed extension. However, in the meantime, the borrower has sent funds to cover the interest for the extended period. DFL011 - Latest development tranche added to the platform 27th September 2017. The Independent Monitoring Surveyor undertook a site visit on 14th September 2017 and reported on progress as follows: \"Demolitions and strip out complete Scaffold erected to front, rear and side elevations Third floor steelwork and timber frame completed forming external wall and roof structure Roof insulation in place and roof coverings complete First and Second floor timber framing and infill complete to external walls Windows and External Doors installed to all floors External Cladding system in progress Internal stud partitions erected to first, second and third floors New staircase opening formed at third floor level Ceiling linings in progress Plastering in progress Mechanical and electrical first fix complete to first and second floors Mechanical and electrical first fix in progress to third floor Whilst the works have commenced late, good progress has been made and the works appear to be on programme. We are not aware of any delays or matters affecting progress of the works at this time.\" DFL012 - Latest tranche of Development Funding £272,489 added to our platform this week. The Borrower has also advised that: The Glazing has moved on immensely and entire elevations are now complete in line with the latest images. Kitchens and bathrooms are now being installed in full. Kitchens are being fitted at a rate of four a day and floors 2, 3 and 4 now have sealed and completed kitchen areas. A delivery manager will now reside on site to see through completion and handover of each unit on one by one basis. Contracts have now been entered into on Penthouse unit 119 (South Tower). Penthouse 118 (North Tower) has now been designed and will shortly be released to market. There are now only 20 units unsold, with interest remaining incredibly high. DFL013 - The borrower has now provided an update from their Architect which confirms “new outline designs have been developed which seek to increase the density of student studio apartments from the already permitted 249 units to 360 units. The units have been accommodated within two buildings as per the previous approval. The new scheme has been presented to the City Council at a senior level and support has been forthcoming. Over the course of the next 2-3 months, the design will be developed in more detail in dialogue with the council in order to ensure their support continues when the application is submitted.” DFL014 - 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. DFL015 - Development progress has slipped and is not expected to be complete before expiry. We have agreed to provide an extension, although the borrower will need to fund £75,000 of the remaining development costs. They confirm they are selling assets to cover this, and have provided a memorandum of sale in respect of an investment property due to be sold. DFL016 - The borrower\'s solicitor has failed to engage with us and as such we are taking legal advice as to next steps. DFL017 - The borrower has failed to provide any substantive information following our formal request for the same. We have issued a formal demand for repayment of the loan. DFL018 - As previously reported, the Borrower was funding this month’s construction costs themselves, and therefore we do not expect to receive a further report from the Independent Monitoring Surveyor until October. DFL019 - Latest development tranche was added to the platform on 27th September 2017. The Independent Monitoring Surveyor reported that: \"The southern access roads are installed, together with geotechnical membrane, base course and surfacing layer. One of each type of Eco-Lodge is installed and the corresponding frame erected with internal fit-out progressing. Lodges are being delivered to site to allow for continuous erection once the corresponding foundations are prepared and installed. 60 of the pod foundations are installed and one full unit installed. External works and associated site level reduction is progressing to all pods.\" DFL020 - Borrower is still considering whether to proceed with an offer received to sell the site, or whether they will develop the site themselves. We expect them to make a final decision within the next few weeks. DFL021 - The borrower has provided updated costings for development of the care home. We have questioned what the planning implications are, and await a response. DFL022 - We are advised that works are progressing well. The borrower does not currently require further development finance on this, so there is no imminent inspection planned by the Independent Monitoring Surveyor. DFL023 - The Independent Monitoring Surveyor undertook a site inspection earlier this week and we should therefore receive their report next week. DFL024 - The Independent Monitoring Surveyor visited the site on Monday 4th September and reported progress as follows: “Site set up complete Foundations and ground floor slab complete (by others) Remedial works to the existing ground floor slab complete Timber frame complete Roof structure complete Roof coverings complete Fascia and soffit complete Rainwater goods complete Internal floors to ground, 1st & 2nd floors installed Internal walls to ground, 1st & 2nd floors installed Brickwork outer skin complete (bar minor snagging) External rendering in progress Windows installed 1st fix Mechanical & Electrical installation complete Plastering substantially complete (minor works remaining) 2nd fix Mechanical & Electrical installation complete All kitchens on site and installation substantially complete to 21 flats Sanitaryware installation complete Wall tiling to bathrooms in progress 2nd fix carpentry (window boards, skirting, architrave) commenced” They report that works are c. 5 weeks behind programme and the Borrower is forecasting completion by mid-October 2017 which they consider achievable. DFL025 - The borrower has confirmed that they are making good progress on the development. The Independent Monitoring Surveyor (IMS) has not currently been booked in for a site inspection, so there is no immediate requirement to draw down further funds. The IMS has driven past the site recently and confirms works are continuing. DFL026 - Latest development tranche added to the platform this week. The Independent Monitoring Surveyor has commented: \"The ten month build programme commenced in June providing a completion date for the project of April 2018. Works are slipping against programme as evidenced by underspend to date. However, on completion of the slab and retaining wall works (due for next reporting period) adjustment is expected to achieve programme schedule.\" The Borrower advises that they have agreed off-plan sales on two of the three terraced houses at £855,000 (gross). Reservation fees have been paid and their solicitor is working towards exchange of contracts. The gross sale prices achieved are above the forecast GDV (£330,000 - £350,000 quoted in valuation report). DFL027 - Latest development tranche drawdown 12th September 2017, next report from the Independent Monitoring Surveyor due in October. DFL028 - Decision on planning for the remainder of the site is due early October, following which we will have certainty regarding the remainder of funding required. No further drawings of funds have been permitted until this is resolved. DFL029 - Last development tranche was drawn down 7th September 2017; we expect to receive a further report from the Independent Monitoring Surveyor within the next two weeks.
PBL027 - 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. PBL031 - 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. PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - We are expecting final details of all offers from the LPA Receiver at the end of next week and will thereafter review the quantum and conditionality of all offers received. PBL047 - Whilst we were advised that the re-finance was 100% funded, due to on-going legal issues with the lender this has not as of yet completed. We are continuing to chase all of the relevant parties to confirm when the re-finance is likely to complete. In the mean time, the Borrower has made interim payments in order to reduce the capital sum whilst the legal issues are resolved and the re-finance completed. Should the re-finance continue to be delayed, further interim payments will be made by the Borrower. PBL055 - Following discussions with the Borrower and an interested third party, we agreed to extend this loan for a further period of one month after receipt of monies to cover a further month\'s interest. The Borrower and the third party are finalising the exit strategy and it is anticipated that this loan will be redeemed within the one month extension period granted. PBL056 - 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. PBL057 - Following discussions with the Borrower, and an interested third party, we agreed to extend this loan for a further period of one month after receipt of monies to cover a further month\'s interest. We are in discussions with the current Borrower as regards to the potential sale of the security asset and the proposed deal is to also proposed to be funded by Lendy and is currently in the pipeline. PBL064 - Court action to obtain vacant possession of the Property continues and we anticipate hearing back from the Court in regards the application to strike out the defence submitted by the Borrower to prevent the LPA Receiver obtaining control of the Property in the next 2 weeks. PBL065 - Negotiations with the interested third party continue and an offer has been received with conditionality. We will continue to work with interested third party whilst they complete due diligence on the potential purchase. The backstop position should this deal not materialise is to re-list the property for sale at auction. PBL068 - The property is scheduled to be listed for sale at auction in October 2017. In conjunction with this, and in order to assist the sale process, we have commenced possession proceedings against the Borrower and this has been listed to be heard in Court in November 2017. Whilst the Borrower has communicated that he is seeking to exit the loan by refinancing, the above action will not be altered unless and until funds are received. PBL074 - We have received confirmation from our solicitors that the prospective purchaser is not currently in funds to complete on the sale. The Borrower is contractually obliged to complete and we have instructed our solicitors to pressure the purchaser into completing without delay or they will face legal ramifications. PBL081 - Having repossessed the security, we are following the realisation process and taking steps to ensure we achieve the best possible sale price for the property. In that respect, and following professional advice, the property will be marketed at a lower figure in order to try to achieve a quicker sale. PBL084 - We remain in discussion with the Borrower in regards settlement of the loan however these negotiations have become protracted in light of the complex nature of the Property. In conjunction with these discussions, we are also regularly in contact with our professional advisors and hope to agree a suitable enforcement plan in the event that the Borrower does not complete on its exit strategy. PBL094 - We engaged the third party in relation to the initial report and his findings are expected to be returned to us in the next 5-10 days. As stated previously, only after review of this additional information, in conjunction with the initial report, will we be able to provide an update on the appropriate course of action to recover the outstanding balance owed. PBL095 - The due diligence on the sale of this loan is expected to complete within the next week. Whilst we were initially hopeful that completion on the sale would take place before the end of this month, due to factors outside of our control this is no longer likely to be the case. Notwithstanding this though, all parties are working to an anticipated completion date in October 2017. PBL098 - The Borrower is continuing to work hard to obtain re-finance to exit the loan and we anticipate receiving an offer shortly. In the meantime, we are continuing to proceed with enforcement action against the Personal Guarantors. PBL101; PBL102 - The agreement has now been finalised between the relevant parties and is to be signed at the end of this week. We have received confirmation that the Borrower has received offers on the Property, which would be sufficient to repay the loan in full, inclusive of all accrued interest. Our solicitors will have conduct of any sale once the terms have been agreed between the respective parties. PBL103 - Repayment has been delayed due to a planning issue identified. The council have lost some drawings, although these are in the course of being re-created. The borrower and their solicitor expect the council to confirm approval within two weeks. PBL106 - Prior to the preliminary planning on the property being extended by the local authority, we engaged third parties and our legal advisors to provide advice on exit strategies to ensure the maximum possible return to investors. Upon receipt of the advice and reports, we shall report back with further details of our preferred exit strategy which is likely to involve either the marketing and sale of the site, a build-out option and/or enforcement action against the Borrower. PBL107; PBL108 - The Borrower was unable to refinance the loan due to failing to obtain sufficient funds to redeem our loan in full and LPA receivers have therefore subsequently been appointed. It is anticipated that the Property will be listed for auction at the end of October 2017 and we have received independent agent\'s advice stating that the auction sale proceeds should be sufficient to repay the loan in full. PBL120 - Whilst our solicitors continue to receive funds from the sales of units, they are unable to release these funds to us at this stage, as there is legal paperwork outstanding from the Borrower\'s solicitors. PBL123 - Completion of the sale of the property is expected to take place on or around 12 October 2017. PBL130 - The borrower has failed to communicate sufficiently with either us, or their finance broker, and we have not had confirmation that the loan will be repaid in full by the due date. We have issued a formal demand for repayment and will appoint LPA receivers to handle the forced sale of the security property as soon as the loan falls due, unless we have confirmation of a viable exit strategy from the borrower. PBL133 - We met with the Borrower at our offices this week. The Borrower and his legal advisors provided us with comprehensive details of the exit strategy to redeem this loan in full. We are close to concluding the terms of a one month extension to provide sufficient time for the exit strategy to complete and are confident that full redemption will take place during this period. PBL137 - We continue to chase the Borrower for details of the new lenders being approached to enable the Borrower to exit the loan. Notwithstanding this, we are continuing legal action against the Borrower. However, due to the site being in Scotland, and its legal system, we are awaiting expiry of a required statutory notice before further steps can be taken. PBL141 - Me met with the Borrower at our offices this week. Whilst the redemption of this loan has not yet taken place, the Borrower is working hard to exit the loan. We have seen all required documentation to substantiate the refinance and completion is anticipated shortly following a minor, outstanding issue with H.M. Land Registry being resolved. PBL142 - This latest extension of this loan expired on 28th September 2017. However, we are now in advanced discussions regarding development funding for the site. PBL143 - We are in constant dialogue with the Borrower and, having received assurances from the Borrower, it is anticipated that redemption of this loan will take place shortly. PBL148 - The borrower has been in contact with the council regarding the planning application and they have requested that both the residential and the commercial scheme applications are submitted at the same time. The borrower is preparing the applications and they will be submitted shortly for consideration. PBL150; PBL151; PBL152 - We do not expect this loan to run to term as the borrower is in the final stages of refinance and expects to repay in full before the due date. PBL153 - The borrower is in negotiations with a prospective purchaser for the part of the site which forms the marina. The borrower continues to work on securing development finance. PBL154 - The borrower has informed us that they are in contact with development finance providers whom the borrower is looking to refinance through. The borrower informs us they intend to apply for planning permission for a change of use of the security property, and are seeking additional tenants. PBL155 - As part of the LPA receiver’s initial due diligence following its appointment on this loan, it has taken advice from various third parties in connection with the property’s value. Unfortunately, this advice has returned giving an adverse opinion as to the property value. In light of this, and in line with our regulatory requirements, Lendy has taken the decision to suspend the trading of this loan on the secondary market given the change to the risk profile. At this point in time, we are unable to release more information in order to protect any claims we may have against various parties. Please be assured that Lendy will be pursuing all appropriate recovery options available to ensure the maximum return to its investors. PBL156 - Borrower has confirmed to us this week that planning issues have now been resolved in their favour. They are in discussions regarding a joint venture development and have exchanged memorandum of understanding with a ‘major player’ in this regard. We are promised further updates as this progresses. PBL157; PBL158 - Whilst the Loan is due to expire in under 4 months\' time, we are commencing discussions with the Borrower surrounding repayment and asking for firm repayment proposals given the size and nature of this asset, and the amount of time a new funder may take to complete their due diligence, or in the case of a sale of the asset, the time it might take to find a buyer. We have had sight of evidence of a prospective sale of the asset for a figure in excess of the current valuation. We are seeking further evidence and confirmation from the borrower to quantify the likelihood of this prospective purchase proceeding. PBL159 - Despite repeated recent attempts to obtain further information on the exit strategy from the Borrowers, they have failed to respond substantively. We will therefore be continuing with our efforts to correspond with the Borrowers and will take all available action in the event that they fail to engage with us. PBL161 - 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. PBL162 - We have met with the borrower who has accepted development finance terms from a p2p bridging lender, and we have had sight of these terms. The borrower is currently undergoing legal due diligence with the new lender. PBL163; PBL164 - There has been a delay in the provision of the valuation report to the new lender. However, we are receiving regular updates from the borrower and expect repayment to be made in full. In the meantime, we are closely monitoring the situation. PBL165 - The borrower continues to wait for the decision on her planning application, whilst we are anticipating the decision on the planning application to be returned shortly we do not have a definitive time frame and are continuing to engage with all the relevant parties to obtain this information. Upon receipt, we shall provide a further update. PBL166 - We remain in discussion with the Borrower in regards settlement of the loan however these negotiations have become protracted in light of the complex nature of the Property. In conjunction with these discussions, we are also regularly in contact with our professional advisors and hope to agree a suitable enforcement plan in the event that the Borrower does not complete on its exit strategy. PBL167 - We have been in contact with the borrower and their finance broker, who are working hard to refinance this loan with another lender. We are expecting a comprehensive update and evidence of the refinance to be provided to us in the next week. The borrower is obliged to repay 50% of the loan value before 14 October 2017 and the borrower is expecting this deadline to be met. PBL168 - There was a fire at the property last Sunday. We are pleased to report the security property has suffered no extensive damage likely to impact upon the borrower’s exit strategy. The west side of the site has been effected, with one tenanted building being seriously damaged. However, this building would be demolished under the current planning scheme and therefore the damage is not believed to have adversely effected the value of the site. We continue to work with the borrower and their insurers. PBL169 - The borrower has provided us with proof of sale for the security property. However, the purchaser has had a number of issues which may delay completion beyond the expiry of the loan. We are in talks with borrower with regard to a possible one month extension to cover any delay in the sale of the security property. PBL170 - We have spoken again with the borrower in connection with a potential early repayment through refinance. We have not yet seen supporting evidence of the refinance, but have requested the same. PBL172 - The borrower has confirmed to us that they are working with a private finance company to refinance this loan. We are informed that a valuation report is to be produced within the next few days and that the prospective lender has commenced legal due diligence. We are pressing the borrower to provide us with supporting evidence of the refinance and its progression. PBL174 - We have now received completion statements on three units, and our solicitors are liaising with the borrower’s solicitors regarding partial repayment / partial release of security. PBL175 - The borrower is currently selling an asset from his portfolio and expects the loan to repay before the due date. PBL176 - The borrower was not successful with his planning application to enhance the site and has now begun discussions to sell part of the site which will fully repay our loan. We will be closely monitoring progress. PBL177; PBL178; PBL179 - We have been informed that the borrower is working on the refinance of the loan. We are pressing the borrower to provide us with evidence that the refinance is being arranged. We are expecting the next mandated income payment on 30 September 2017. PBL180 - The borrower is in the process of obtaining finance to repay the loan and develop the site. PBL181 - The borrower is in the final stages of completing Plot 2 and once finished will start working on the refinance. PBL182 - The borrower has provided us with part of the necessary information required pursuant to the terms and conditions of the loan and is working hard to obtain the balance. PBL183 - The borrower has determined that the security property will be put up for sale in early October for £180,000, which is the same figure as the valuation held on file and is sufficient to repay the loan. The borrower tells us that sale of the property is now their preferred option, but if a sale is not achieved as the expiry of the loan approaches they will look to refinance. PBL184; PBL185; PBL186 - The borrower has determined that the security property will be put up for sale in early October for £180,000, which is only £5,000 below the valuation held on file and is sufficient to repay the loan. The borrower tells us that sale of the property is now their preferred option, but if a sale is not achieved as the expiry of the loan approaches they will look to refinance. PBL187 - The borrower informs us that they have further progressed their planning permission application. The borrower is also in the process of purchasing some land adjoining and accessible via the security property. The borrower will look to incorporate this land into future planning applications. PBL188 - We have been in communication with the borrower who is confident the loan will be repaid before the due date. We will continue liaising with the borrower who is to provide us with satisfactory evidence that an offer of refinance from a commercial lender is in place on or before a deadline of 8 October 2017. PBL189 - The borrower continues to work on the refinance and is awaiting decisions from two lenders. PBL190 - The borrower reports that they will repay the loan in full by the due date and are seeking to refinance from alternative bridging lenders. We are pressing the borrower to provide us with evidence to support that an offer of finance has been made. PBL191 - Following completion of the property purchase on 6th September 2017, we have appointed an Independent Monitoring Surveyor to review the borrower’s plans, budget and forecasts, together with planning, and provide an initial report. They are currently collating this information and we expect to receive their report next month. PBL192 - As per the previous update, completion is now expected in 2 weeks time. The Borrower has provided funds to cover the interest costs for this period. "
This healthy position makes us one of the most viable and sustainable platforms in the sector
Interesting timing with the use of this phrase on the one hand, and the £20,000,000+ of loans that they've flagged as in trouble this week on the other. "Healthy, viable, and sustainable"
DFL001 £5,988,911 LPA receivers appt, trading suspended DFL002 £2,968,000 LPA receivers appt, trading suspended DFL017 £7,452,896 Formal demand issued for payment of loan PBL155 £3,430,000 Value downgraded, trading suspended PBL130 £354,000 LPA receivers to be appointed
Repeat after me until you really believe it - "Healthy, Viable, Sustainable".
I think you've just illustrated the perils of the edited re-quote there. There are some quotation marks missing "...... ......"; so for the avoidance of any doubt whatsoever, I'm not going to adopt the disclaimer sig, but those are not my words
New alerts symbol (not sure how long it has been there for)
I have updates under the MY LOANS, and I have no loans
Also "AVAILABLE LOANS" goes missing when you select "ALL LOANS"
It's very wonky because I clicked on the bell with some excitement only to find the first update it showed was for a loan I have never been in.
How I miss receiving an email with all of the loan updates in numerical order which I could read down in comfort and digest the details in a much more readable manner. I don't agree this is a major improvement. It seems a pointless retrograde step to me. But LY know best.
Unfortunately the table doesn't wrap the text properly on ProBoards' mobile version, so parts of each sentence get chopped off. I don't suppose there's a way of pasting future weeks either as a "narrower" table or as BBCode-formatted plain text?