warn
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Curmudgeon
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Post by warn on Apr 1, 2017 10:14:49 GMT
I think I once mentioned my experience of the eBay discussion boards where you would frequently got people coming along and asking if there was a safe way to conclude the purchase of a half price UK car that the seller desperately needed to sell because he couldn't register it in Spain. He would of course also give you seven days to inspect it and would take it back at his own expense if you didn't like it. You would tell them they are dealing with a scammer, and STILL they would look for a way to complete the purchase. The answer is that if you do find a safe way to do a deal with a life long crook, you just got robbed. Just a general point, not related to any particular loan or borrower of course. : One of these days in your travels, a guy is going to show you a brand-new deck of cards on which the seal is not yet broken. Then this guy is going to offer to bet you that he can make the jack of spades jump out of this brand-new deck of cards and squirt cider in your ear. But, son, do not accept this bet, because as sure as you stand there, you're going to wind up with an ear full of cider.
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david42
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Post by david42 on Apr 12, 2017 19:05:31 GMT
It has been pointed out to me that this is now listed with Colston & Colston. Not a direct link as can't identify the property, but it's easy enough to find. Easy enough to find? I struggled with the strange search function on that website. Using the search function on that site, if you enter the location H********* stated in the valuation report for PBL064, you will see the name of our property (A**** H****) as one of the results.
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Post by df on Apr 12, 2017 19:16:29 GMT
Just to re-cap: SECURITY VALUE
| | LOAN VALUE
| | LOAN TO VALUE
| | REMAINING TIME | £2,870,000 |
| £2,000,000 |
| 70% |
| -168 days
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Update from 31st March was: and the one prior to that: It has been pointed out to me that this is now listed with Colston & Colston. Not a direct link as can't identify the property, but it's easy enough to find. Price? " Offers in excess of £1,250,000" When Lendy say: " Property is being marketed with interest shown at or around our outstanding debt levels.", perhaps they really do mean their debt levels on this loan and no one else's. Of course, it may just be a typo and that price is supposed to be OIEO £2.25M. Maybe?? No. Me neither.... That makes LTV 160%. It would be interesting to know how much exactly is in Lendy's PF to cover all this.
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Liz
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Post by Liz on Apr 12, 2017 21:54:22 GMT
I'm glad the valuation report was spot-on  If the PF was "light" before, it will be on fumes soon. |
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GeorgeT
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Post by GeorgeT on Apr 13, 2017 0:19:07 GMT
To be fair, the valuer noted that one part looked way over-rented (section 5.1) - the part let to the connected company. It appears that wasn't a reliable, arms length letting at a proper market rent and that lease was put in place shortly before the loan application to artifically manipulate the freehold value upwards and get a bigger loan. I guess valuer was asked to value on basis of existing leases. Ly didn't seem savvy enough to smell the rat and, coupled with their famous assertion that the background /history of a borrower is irrelevant, went ahead and lent at 70% of a false value.
Doubt the PF can be used to cover this one in full. There are too many other defaults lining up.
Capital losses are likely to become a reality before the year is out. And may serve as a reality check.
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spiral
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Post by spiral on Apr 13, 2017 6:46:04 GMT
To be fair, the valuer noted that one part looked way over-rented (section 5.1) - the part let to the connected company. And one assumes that is the part being pursued for non payment. 
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dovap
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Post by dovap on Apr 13, 2017 8:03:28 GMT
I wonder how that pursuit is going - seems odd given on the very first page of this thread we get from LoSS:
'We have evidence that they have been paying this rent for the previous 5 years at or near the amount mentioned in the valuation in the company that owned it previously. This new co has just been set up to manage all the groups own assets.'
winging it came a bit unstuck on this one I fear
(the flying pig farm also available on the same site as this shed for anyone who wishes to display an interest etc)
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lobster
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Post by lobster on Apr 13, 2017 8:22:49 GMT
I'm glad the valuation report was spot-on If the PF was "light" before, it will be on fumes soon. Well for all those wondering how much is in the PF just now, there can be little doubt how much will be left in the PF by the time this debacle is sorted out. A nice round number, I would suggest 
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r1200gs
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Post by r1200gs on Apr 14, 2017 15:55:25 GMT
The probable outcome of lending to this man could be quite easily predicted by ten minutes of amateur googling. SS were warned (including by me) and chose to ignore the warnings, because presumably SS are smarter than major banks and HRMC that both had rings run around them. This loan is the wake up call for investors reassured by 70 percent LTV and a provision fund.
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Liz
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Post by Liz on Apr 14, 2017 16:20:56 GMT
The probable outcome of lending to this man could be quite easily predicted by ten minutes of amateur googling. SS were warned (including by me) and chose to ignore the warnings, because presumably SS are smarter than major banks and HRMC that both had rings run around them. This loan is the wake up call for investors reassured by 70 percent LTV and a provision fund. They missed off the 1! 170 LTV more like it and sieve PF. Is anyone still stupid enough to be holding this? Do you still rate the security?
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 14, 2017 16:21:38 GMT
Just to re-cap: SECURITY VALUE
| | LOAN VALUE
| | LOAN TO VALUE
| | REMAINING TIME | £2,870,000 |
| £2,000,000 |
| 70% |
| -168 days
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Update from 31st March was: and the one prior to that: It has been pointed out to me that this is now listed with Colston & Colston. Not a direct link as can't identify the property, but it's easy enough to find. Price? "Offers in excess of £1,250,000" When Lendy say: "Property is being marketed with interest shown at or around our outstanding debt levels.", perhaps they really do mean their debt levels on this loan and no one else's. Of course, it may just be a typo and that price is supposed to be OIEO £2.25M. Maybe?? No. Me neither.... That makes LTV 160%. It would be interesting to know how much exactly is in Lendy's PF to cover all this. I pop onto this Board from time to time to maintain my interest that Investors continue to do business with LfSS. Could LfSS comment on this seeming contradiction, emboldened above, please?
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Liz
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Post by Liz on Apr 14, 2017 16:24:24 GMT
That makes LTV 160%. It would be interesting to know how much exactly is in Lendy's PF to cover all this. I pop onto this Board from time to time to maintain my interest that Investors continue to do business with LfSS. Could LfSS comment on this seeming contradiction, emboldened above, please? Tagging savingstream @lendy Paul64
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 14, 2017 16:27:40 GMT
Thanks Liz. I really must learn this Tagging and other malarkey.  |
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 14, 2017 16:37:48 GMT
And this JUST in:-
PBL064 - Tenanted Office Block, Somerset
The property continues to be marketed. We have not received any offers yet but there are interested parties.
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r1200gs
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Post by r1200gs on Apr 14, 2017 16:53:27 GMT
The probable outcome of lending to this man could be quite easily predicted by ten minutes of amateur googling. SS were warned (including by me) and chose to ignore the warnings, because presumably SS are smarter than major banks and HRMC that both had rings run around them. This loan is the wake up call for investors reassured by 70 percent LTV and a provision fund. They missed off the 1! 170 LTV more like it and sieve PF. Is anyone still stupid enough to be holding this? Do you still rate the security? I didn't rate the security from day one. Nearly three million for that? It simply didn't look right. That's when I spent a few minutes googling and asked SS if they knew what they were dealing with here. Of course, they had "security". I don't know if it was naivety or arrogance that meant they continued with this loan, but the result for me was pretty darn obvious.
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If the PF was "light" before, it will be on fumes soon.
