The general update awakens 12/4
COMPANY NEWS
We have recently been recruiting heavily to strengthen our operational model in order to support our explosive growth. Most new team members are now on board and settling well into our offices in Portsmouth. Meet
the new Lendy Team.Hopefully you will see a general improvement in support responsiveness and significant new loan flow. We are now becoming well known in the lending market place and are receiving significant volumes of good quality lending leads. Our updates will become more regular as we now have dedicated resources to focus on these.
In February we wrote c.£21m in new business and in March we wrote over £24m in new business including development loans. We would like to maintain this level of growth on a regular basis. As loans repay, and investor numbers climb this is not an unattainable ambition.
PLATFORM IMPROVEMENTS
Loan parts up for sale can now be cancelled and returned to live loan parts.
Decide which emails you wish to receive under EMAIL PREFERENCES in MY ACCOUNT.
RECENT UPDATES tab added to each loan detail page.
REPAID LOANS
PBL016, PBL017, PBL018 were repaid yesterday.
PBL076 was repaid yesterday as this loan is no longer progressing.
PBL029 was repaid at the end of February.
2005 Superyacht 35m was repaid in March. This closes the book on our original marine lending business.
PIPELINE LOANS
DFL - Student accommodation, Huddersfield - In construction DD, launch expected within two weeks.
PBL - Flat, London - In legals.
PBL - Liverpool Waterfront - In legals, QS report received, going live before the 18th of April.
PBL - Office to residential conversion, Liverpool centre - In legals.
PBL - Residential and Retail Development, Hull - Valuation from xxx expected Tuesday 12th of April. We will launch the loan shortly after this.
PBL - Building, Newcastle-under-Lyme - Waiting for QS report. Expected completion before the end of April.
PBL - Invergowrie, Dundee - Progressing through legals.
PBL091 - Public house conversion to residential, Emsworth - Going live tomorrow 12th of April.
EXISTING LOANBOOK
PBL006 - Hall, Chichester - We have received £150k payment on this loan and reduced all investments by 30%. We have also received interest to extend the remaining loan for 6 months.
PBL019 - Hotel, Dover - Aiming for repayment by the 16th April.
PBL020 - Garden Centre, - In legals to repay.
PBL022 - land, Bedford - Borrower decided to refinance via another lender, currently in legals, expecting completion in one month. Borrower servicing interest.
PBL025 - Development land, , Huddersfield - Legals ongoing, expected to convert to DFL within one month.
PBL026 - Development site, Stockport - In legals.
PBL027 - , Fleetwood - Received payment for two month extension whilst new JV partner goes through legals.
PBL031 - Farm, Ponyclun - No change.
PBL033 - , Hemel Hempstead - Received interest for three month extension. Lloyds have offered to provide them with development finance, currently going through bank legals.
PBL035 - Leisure Village, - New lender identified, expected payment on time.
PBL036 - , Southsea - Still in legals.
PBL037 - Barns & Land, t, Gloucs - No change.
PBL038 - Farm, , Gloucs - No change.
PBL039 - Guesthouse, , Gloucs - No change.
PBL040 - Hotel, Swansea - Expected repayment within 2 weeks.
PBL042 - Gun Boat Sheds, - No change.
PBL046 - Farm, Glasgow - Valuer instructed by new lender.
PBL047 - Land 2, , Essex - No change.
PBL048 - Land 17, , Essex - No change.
PBL049 - Land 30, , Essex - No change.
PBL051 - Farm House, Crowborough - With legals to refinance.
PBL052 - Woodlands, Crowborough - With legals to refinance.
PBL053 - , Tunbridge Wells - Extended for 1 month, interest and fees received. Another lender has offered to refinance, currently in legals.
PBL054 - Land in Hull - Will be repaid within the loan term, currently with JV investors legals.
PBL055 - Land with planning, Wales -
PBL056 - Farm, Somerset - Expected repayment by the end of the month.
PBL057 - Land with planning, Scotland - Potential early repayment in May/June.
PBL058 - Resi/land with planning, Torquay - Currently in construction due diligence with our lawyers, awaiting certain reports and valuations.
PBL059 - Student Halls Conversion, Liverpool - Sales are progressing very nicely; we should see some funds returned very soon.
PBL060 - 29 Apartment block, Wolverhampton - Value has increased by c£800,000 we are providing another £200,000 tranche, expecting payment of this loan within 1-2 months.
PBL061 - Comm. to Resi conv, Wolverhampton - No change.
PBL062 - Residential, Hackney -
PBL063 - Commercial, Hackney - New lender has instructed valuation, currently in legals for repayment.
PBL064 - Tenanted Office Block, Somerset - No change.
PBL065 - Development site with OPP, Shropshire - Site cleared; building underway.
PBL066 - Nursing Home Dev, Wales - Borrower has progressed the site to a stage where a development lender could provide follow on finance. We are considering it and will update investors when we have more detail.
PBL067 - Nursing Home Dev, Wales - Same as PBL 67.
PBL068 - Farm, Newmarket - No change.
PBL069 - Chapel, Gloucs - No change.
PBL070 - Convent, Gloucs - No change
PBL071 - Lodge, Gloucs - No change.
PBL072 - Student Halls Conversion, Liverpool (2nd Charge @ 60% LTV) - Sales are progressing as expected; we should received some funds soon. Partial repayment is expected shortly.
PBL073 - Storage facility, Chelmsford - No change.
PBL074 - Farm, Huntingdon - No change
PBL075 - Semi-detached House, Surrey - No change.
PBL077 - 341 acres farmland, Bedfordshire - Tranche A - No change.
PBL078 - 176 acres farmland, Bedfordshire - Tranche B - No change.
PBL079 - 159 acres farmland, Bedfordshire - Tranche C - No change.
PBL080 - 261 acres farmland, Bedfordshire - Tranche D - No change.
PBL081 - detached house, Leatherhead, Surrey - No change.
PBL082 - Site with PP, Peterborough - No change.
PBL084 - Scottish estate with multiple letting properties - Completed on 02/03/2016
PBL085 - Student accommodation , Huddersfield - This loan has now completed. Funds are with the borrower.
PBL086 - Tenanted BTL refinance, Liverpool - This loan has now gone live and has been drawndown by the borrower.
PBL087 - Unit, Watford, Herts - We are holding a reasonably large amount of this loan back and will be releasing it onto the market over the next week or two. £1m has just been released from our holdings.
PBL088 - Unit, Watford, Herts - Completed last week, 5/4/16
PBL089 - Public House, Maidstone, Kent - Completed on the 31/3/16
PBL090 - Large house with outline planning, Derby - Expected completion 12/4/16.