PBL064 - Tenanted Office Block, Somerset DEFAULT

Blimey mason, that wouldn't be a haircut, it'd be a scalping.

And from reading the previous posts, particularly r1200gs', all this could have so easily been avoided if a modicum of attention had been paid.

At least those on here are learned, I await to hear the low murmur from The Lemmings as it crescendos into a full blown wailing scream like a stuck pig.

Yep mikes1531, plenty of mugs still available.

(Dammit, pressed "Like" instead of "Edit" again, as no doubt everyone has noticed - feel free to Unlike to counter balance!)

EDIT: Thanks jonah, have now Unliked my "Self-Like", managing this time to correctly hit Edit ..............................Happy Easter peeps!!

You can 'like' again to unlike a post.

Given the borrowers history of running legal rings around big banks and HMRC, and winning, that's a good question. Mind you, now one of his legal team has been banned from practising, he might just be stuck with honest lawyers, eh? I don't know if Lendy has legal possession of this security or not, but if not then I would not assume they get it easily. They may have possession of course, been busy and not keeping track.

If Lendy sell it for say £1 million and then deduct their costs of say £200k they will have recovered about £800k.

Would that be the end of the matter and the notorious borrower would have effectively swapped a £1 million property for a £2 million payment/loan and walked away with £1 million profit?

Previous comment from Lendy in August 2016:

"The Times article states, in reference to PBL064, “One of the loans, worth £2 million, is secured against a tenanted office block that Saving Stream said was worth £2.9 million. The building had been purchased for £900,000 in 2014.”

The valuation of this property was undertaken by a large commercial property valuation agency with specialist expertise in this area. All property valuations in relation to Saving Stream loans are undertaken by independent valuers. Should the valuation of any property be negligent, Saving Stream would have recourse to the valuer’s professional indemnity insurance."


So it seems The Times was quite accurate with the criticism of price. And it'll be interesting to see if Lendy do follow up against the valuer's professional indemnity insurance....

Looks worryingly like Lendy were naive in the extreme in dealing with this person and he will as per his previous history take them to the cleaners.

Even though his bent solicitor has been struck off I am sure he will still be in tandem with the borrower and providing advice behind the scenes.

As regards the valuation on which the loan was based, several of us with a background in property did our own valuations at the time and picked up the point about the "fake lease" between connected parties and realised it had been substantially overvalued owing to information provided by the borrower that was subsequently relied upon.

In the early days of property loans on this platform I think it may be fair to say that Lendy were quite inexperienced and vulnerable to this sort of manipulation and exploitation by a skilled operator with a very dubious background.

As has been stated by others it beggars belief to some extent that they did not spend a mere 10 minutes on Google to uncover his past record in taking other lenders for a ride.

I feel quite a substantial loss will arise on this particular loan and I hope they are strong enough to survive it. Perhaps they would feel an obligation to raid what is left of the provision fund to soften the blow given there is substantial evidence including as published in the national press that Lendy acted with some negligence in this matter in advancing our money to such an individual.