Post by star dust on Aug 4, 2017 13:54:39 GMT
Looks like the update arrived a while back - obviously shouldn't go out
, so here is the Loan Book part in it's entirety for consistency.
I guess it's 'no change' summer and the weather outlook was a brief Cowes update only - for much much more see here.
"EXISTING LOANBOOK
DFL001 - 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.
DFL002 - 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.
DFL003 - Extension negotiations are progressing and these should be completed within the next 7-10 days.
DFL004 - Extension of 4 months now agreed and a number of days remaining adjusted accordingly. The borrower is progressing discussions with a number of potential funders regarding refinance at expiry.
DFL005 - Further development tranche drawn. The borrower has advised that negotiations continue to go well regarding potential sale/ refinance.
DFL006 - No change.
DFL007 - Fourth tranche of Development Funding drawn on 3rd August. Independent Monitoring Surveyor (IMS) report confirms that good progress has been made.
DFL008 - Latest Independent Monitoring Report just received, together with updated valuation report. We will now review both reports with a view to considering an extension to the facility.
DFL009 - The borrower has advised that in respect of the marketing material the copy writing has been completed and is now with the graphic designer and 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 has stated that they only need to sell 7 of the 20 units to repay the debt and investors have been lined up already ready for the launch.
DFL010 - We are awaiting an updated report from the Independent Monitoring Surveyor which is due to be received the week commencing 7th August.
DFL011 - Further development tranche drawn this week.The Independent Monitoring Surveyor commented in their latest report that whilst the works have commenced late, good progress has been made and the works appear to be on programme.
DFL012 - Latest development tranche drawdown this week. The Borrower has also advised that the spa pool is now positioned to the ground floor, awaiting final phase installation; Glazing has commenced on the south elevation to the first 8 floors. This will continue up to the 15th and final floor, and then re-commence up each elevation in the same manner; The first complete apartment is expected in August; All kitchens are ordered, and in manufacture; a bespoke configuration of apartments 119 and 120 has seen the properties be merged to create on true penthouse apartment, with a reservation fee lodged; the L********* E*** has a Facebook page, where there is a live video that was cast earlier this week from the top floor of the site.
DFL013 - No change.
DFL014 - First development tranche drawn 21st July. Next Independent Monitoring Surveyor report should be received shortly.
DFL015 - Independent Monitoring Surveyor report now received and next development tranche added to Pipeline. Please note that the rate for this loan is being increased to 10% for new and existing investors alike.
DFL016; DFL017 - No change.
DFL018 - Next Independent Monitoring Surveying report due within next 2 weeks.
DFL019 - Latest development tranche currently in Pipeline and due to go live shortly.
DFL019 - Next tranche of development funding due to go into Pipeline within next few days.
DFL020; DFL021 - No change.
DFL022 - Independent Monitoring Surveyor visited the site again this week and report expected within next few days.
DFL023 - Tranche 2 of the development funding is currently in the Pipeline and the Advance Go-Live Notice has been issued today stating: We are pleased to confirm that the above loan will be going live on Friday (04/08/2017). Please note that the rate for this loan has increased to 11% for new and existing investors alike.
DFL024 - Independent Monitoring Surveyor visited the site again this week and report expected within next few days.
DFL024 - Latest tranche drawn down 14th July and our Independent Monitoring Surveyor is due to visit site again next week.
DFL025 - The latest tranche of development funding drawn this week following receipt of Independent Monitoring Surveyor report.
DFL026 - Latest Independent Monitoring Surveyor report received this week and next development tranche will be added to the Pipeline shortly.
DFL027 - Independent Monitoring Surveyor has now visited site and report due within next few days.
DFL028; DFL029 - No change.
PBL027 - LPA receiver\'s report has been received and is currently under review by Lendy\'s credit committee.
PBL031 - 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.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Lawyers completed the legal documentation and we are awaiting confirmation of funds. However, a new legal issue has now arisen which will need to be resolved before completion can take place. Alternative offer has been reviewed and is not acceptable. PBL047 - Refinancing continuing but due to the borrower not addressing key legal matters, completion is now not anticipated until later this month.
PBL055 - We are reverting back to the borrower in regards to their proposal for settlement where key information was missing.
PBL056 - The exchange has been delayed. However, completion is still expected to take place in September following the agricultural lease issue being resolved.
PBL057 - We are reverting back to the borrower in regards to their proposal for settlement where key information was missing.
PBL064 - No change.
PBL065 - We continue to look at ways we can potentially dispose of this asset but have a backstop position of the auction on the 6th of September.
PBL068 - Legal reviews have finished and possession proceedings to be issued with the Court imminently. Obtaining vacant possession estimated to take 6-12 months to complete by appointed solicitors.
PBL074 - The property remains listed for auction on 30th August as the long stop disposal option whilst property continues to be marketed. Recovery action has also commenced against the Personal Guarantor.
PBL081 - The property remains on the market, but with a new agent, with the price to be reviewed in one month subject to levels of interest/offers.
PBL084 - Due Diligence is underway for the new lender.
PBL094 - LPA receiver is awaiting a final report in regards to a possible exit route which should be received by it imminently. Upon receipt, the LPA receiver will provide its report for Lendy to review.
PBL095 - The refinance negotiations have stalled and we are pressing ahead with formal recovery action.
PBL098 - The borrower is actively engaging with us in respect to the settlement of the loan. We have already made preparations for recovery action in the event that redemption is not made by the due date.
PBL101; PBL102 - Legal work is continuing to allow take control of the asset so we can then dispose of the asset to recoup our debt.
PBL103 - The borrower has now provided Heads of Terms from another funder to provide development finance, but no evidence of funds from Joint Venture partner and as such we are commencing recovery proceedings.
PBL106 - Refinance has stalled. We continue to consult with our lawyers and are progressing with legal proceedings.
PBL107 - The borrower is currently working on the sale of this asset.
PBL108 - The borrower is currently working on the refinance of this loan as this property is not going to be sold in time.
PBL120 - Our Solicitors are due to receive some funds shortly from unit sales and these will be transferred to us once received with partial repayment being made to the loan.
PBL123 - We continue to work with our receivers sell this asset prior to placing this property into the next auction in September.
PBL126 - We are currently in discussions with the borrower in regards to the exit and their broker is working to push through the refinance.
PBL130 - We are currently in discussions with the borrower and currently looking to get evidence of our exit.
PBL133 - We are in regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender.
PBL137 - Repayment is expected imminently.
PBL141 - We are in regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender.
PBL142 - Interest continues to be covered.
PBL143 - The sale is undergoing the buyer\'s standard due diligence.
PBL147 - We are now awaiting the auction sale to complete.
PBL148 - No change.
PBL150; PBL151; PBL152 - We are in regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender.
PBL153 - No change.
PBL154 - We are negotiation with the borrower regarding extension/refinance.
PBL155 - LPA Receivers, although not formally instructed, are assisting us with a strategy to recover the maximum capital possible. We are awaiting an up to date professional opinion of value of the property security, to help us finalise our strategy, which may be formal recovery action.
PBL156; PBL157; PBL158 - No change.
PBL159 - We are continuing discussions with the borrower regarding the repayment of this loan.
PBL160 - The borrower is currently working on the refinancing of this loan and we expect it to repay in full shortly.
PBL161 - The valuation report is expected shortly.
PBL162 - No change.
PBL163; PBL164 - The borrower is currently looking at refinancing the assets as the sales are not proceeding as quickly as they would like.
PBL165 - No change.
PBL166 - Due Diligence is underway for the new lender.
PBL167; PBL168 - No change.
PBL169 - The valuation report is expected shortly.
PBL170 - No change.
PBL172 - We are currently in discussions with the borrower and the introducer regarding the exit of the loan.
PBL174 - Sale of all units to one purchaser has now fallen through, so Borrower will continue to market as individual units and already has interest in 5 of the units.
PBL175; PBL176; PBL177; PBL178; PBL179; PBL180 - No change.
PBL181 - The borrower is currently implementing their exit strategy to complete plot 2. Once this is finished the borrower will market for sale.
PBL182; PBL183; PBL184; PBL185; PBL186; PBL187; PBL188; PBL189; PBL190 - No change. "

I guess it's 'no change' summer and the weather outlook was a brief Cowes update only - for much much more see here.
"EXISTING LOANBOOK
DFL001 - 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.
DFL002 - 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.
DFL003 - Extension negotiations are progressing and these should be completed within the next 7-10 days.
DFL004 - Extension of 4 months now agreed and a number of days remaining adjusted accordingly. The borrower is progressing discussions with a number of potential funders regarding refinance at expiry.
DFL005 - Further development tranche drawn. The borrower has advised that negotiations continue to go well regarding potential sale/ refinance.
DFL006 - No change.
DFL007 - Fourth tranche of Development Funding drawn on 3rd August. Independent Monitoring Surveyor (IMS) report confirms that good progress has been made.
DFL008 - Latest Independent Monitoring Report just received, together with updated valuation report. We will now review both reports with a view to considering an extension to the facility.
DFL009 - The borrower has advised that in respect of the marketing material the copy writing has been completed and is now with the graphic designer and 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 has stated that they only need to sell 7 of the 20 units to repay the debt and investors have been lined up already ready for the launch.
DFL010 - We are awaiting an updated report from the Independent Monitoring Surveyor which is due to be received the week commencing 7th August.
DFL011 - Further development tranche drawn this week.The Independent Monitoring Surveyor commented in their latest report that whilst the works have commenced late, good progress has been made and the works appear to be on programme.
DFL012 - Latest development tranche drawdown this week. The Borrower has also advised that the spa pool is now positioned to the ground floor, awaiting final phase installation; Glazing has commenced on the south elevation to the first 8 floors. This will continue up to the 15th and final floor, and then re-commence up each elevation in the same manner; The first complete apartment is expected in August; All kitchens are ordered, and in manufacture; a bespoke configuration of apartments 119 and 120 has seen the properties be merged to create on true penthouse apartment, with a reservation fee lodged; the L********* E*** has a Facebook page, where there is a live video that was cast earlier this week from the top floor of the site.
DFL013 - No change.
DFL014 - First development tranche drawn 21st July. Next Independent Monitoring Surveyor report should be received shortly.
DFL015 - Independent Monitoring Surveyor report now received and next development tranche added to Pipeline. Please note that the rate for this loan is being increased to 10% for new and existing investors alike.
DFL016; DFL017 - No change.
DFL018 - Next Independent Monitoring Surveying report due within next 2 weeks.
DFL019 - Latest development tranche currently in Pipeline and due to go live shortly.
DFL019 - Next tranche of development funding due to go into Pipeline within next few days.
DFL020; DFL021 - No change.
DFL022 - Independent Monitoring Surveyor visited the site again this week and report expected within next few days.
DFL023 - Tranche 2 of the development funding is currently in the Pipeline and the Advance Go-Live Notice has been issued today stating: We are pleased to confirm that the above loan will be going live on Friday (04/08/2017). Please note that the rate for this loan has increased to 11% for new and existing investors alike.
DFL024 - Independent Monitoring Surveyor visited the site again this week and report expected within next few days.
DFL024 - Latest tranche drawn down 14th July and our Independent Monitoring Surveyor is due to visit site again next week.
DFL025 - The latest tranche of development funding drawn this week following receipt of Independent Monitoring Surveyor report.
DFL026 - Latest Independent Monitoring Surveyor report received this week and next development tranche will be added to the Pipeline shortly.
DFL027 - Independent Monitoring Surveyor has now visited site and report due within next few days.
DFL028; DFL029 - No change.
PBL027 - LPA receiver\'s report has been received and is currently under review by Lendy\'s credit committee.
PBL031 - 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.
PBL037; PBL038; PBL039; PBL069; PBL070; PBL071 - Lawyers completed the legal documentation and we are awaiting confirmation of funds. However, a new legal issue has now arisen which will need to be resolved before completion can take place. Alternative offer has been reviewed and is not acceptable. PBL047 - Refinancing continuing but due to the borrower not addressing key legal matters, completion is now not anticipated until later this month.
PBL055 - We are reverting back to the borrower in regards to their proposal for settlement where key information was missing.
PBL056 - The exchange has been delayed. However, completion is still expected to take place in September following the agricultural lease issue being resolved.
PBL057 - We are reverting back to the borrower in regards to their proposal for settlement where key information was missing.
PBL064 - No change.
PBL065 - We continue to look at ways we can potentially dispose of this asset but have a backstop position of the auction on the 6th of September.
PBL068 - Legal reviews have finished and possession proceedings to be issued with the Court imminently. Obtaining vacant possession estimated to take 6-12 months to complete by appointed solicitors.
PBL074 - The property remains listed for auction on 30th August as the long stop disposal option whilst property continues to be marketed. Recovery action has also commenced against the Personal Guarantor.
PBL081 - The property remains on the market, but with a new agent, with the price to be reviewed in one month subject to levels of interest/offers.
PBL084 - Due Diligence is underway for the new lender.
PBL094 - LPA receiver is awaiting a final report in regards to a possible exit route which should be received by it imminently. Upon receipt, the LPA receiver will provide its report for Lendy to review.
PBL095 - The refinance negotiations have stalled and we are pressing ahead with formal recovery action.
PBL098 - The borrower is actively engaging with us in respect to the settlement of the loan. We have already made preparations for recovery action in the event that redemption is not made by the due date.
PBL101; PBL102 - Legal work is continuing to allow take control of the asset so we can then dispose of the asset to recoup our debt.
PBL103 - The borrower has now provided Heads of Terms from another funder to provide development finance, but no evidence of funds from Joint Venture partner and as such we are commencing recovery proceedings.
PBL106 - Refinance has stalled. We continue to consult with our lawyers and are progressing with legal proceedings.
PBL107 - The borrower is currently working on the sale of this asset.
PBL108 - The borrower is currently working on the refinance of this loan as this property is not going to be sold in time.
PBL120 - Our Solicitors are due to receive some funds shortly from unit sales and these will be transferred to us once received with partial repayment being made to the loan.
PBL123 - We continue to work with our receivers sell this asset prior to placing this property into the next auction in September.
PBL126 - We are currently in discussions with the borrower in regards to the exit and their broker is working to push through the refinance.
PBL130 - We are currently in discussions with the borrower and currently looking to get evidence of our exit.
PBL133 - We are in regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender.
PBL137 - Repayment is expected imminently.
PBL141 - We are in regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender.
PBL142 - Interest continues to be covered.
PBL143 - The sale is undergoing the buyer\'s standard due diligence.
PBL147 - We are now awaiting the auction sale to complete.
PBL148 - No change.
PBL150; PBL151; PBL152 - We are in regular discussions with the borrower regarding the repayment of this loan. The borrower continues to progress the refinance with another lender.
PBL153 - No change.
PBL154 - We are negotiation with the borrower regarding extension/refinance.
PBL155 - LPA Receivers, although not formally instructed, are assisting us with a strategy to recover the maximum capital possible. We are awaiting an up to date professional opinion of value of the property security, to help us finalise our strategy, which may be formal recovery action.
PBL156; PBL157; PBL158 - No change.
PBL159 - We are continuing discussions with the borrower regarding the repayment of this loan.
PBL160 - The borrower is currently working on the refinancing of this loan and we expect it to repay in full shortly.
PBL161 - The valuation report is expected shortly.
PBL162 - No change.
PBL163; PBL164 - The borrower is currently looking at refinancing the assets as the sales are not proceeding as quickly as they would like.
PBL165 - No change.
PBL166 - Due Diligence is underway for the new lender.
PBL167; PBL168 - No change.
PBL169 - The valuation report is expected shortly.
PBL170 - No change.
PBL172 - We are currently in discussions with the borrower and the introducer regarding the exit of the loan.
PBL174 - Sale of all units to one purchaser has now fallen through, so Borrower will continue to market as individual units and already has interest in 5 of the units.
PBL175; PBL176; PBL177; PBL178; PBL179; PBL180 - No change.
PBL181 - The borrower is currently implementing their exit strategy to complete plot 2. Once this is finished the borrower will market for sale.
PBL182; PBL183; PBL184; PBL185; PBL186; PBL187; PBL188; PBL189; PBL190 - No change. "