ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 17, 2017 0:49:41 GMT
He's just going to be confused ... as he doesnt work for Lendy @gg16 on the other hand might be worth asking
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Liz
Member of DD Central
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Post by Liz on May 26, 2017 12:30:03 GMT
From weekly update:
"Over recent weeks we've had a flurry of loans paid back, with a few past term, including PBL064 a few days ago."
Missed that one, great result for all.
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Post by lendinglawyer on May 26, 2017 12:32:27 GMT
From weekly update: "Over recent weeks we've had a flurry of loans paid back, with a few past term, including PBL064 a few days ago." Missed that one, great result for all. Think they meant PBL046! PBL064 is very much still an issue...
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am
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Post by am on Jun 14, 2017 19:22:44 GMT
I've been reviewing the VR for the loan.
Contrary to suggestions made upthread the rental in the related party transaction was not relied on in the VR. The valuation was based on an estimated open market rental per square foot.
I can see two possible sources of error in the valuation
1) the rental value per square foot might have been wrong. (The comparables were smaller properties, and possibly all pure office plays, while perhaps a third of this is composed of workshops and a warehouse.)
2) the valuation assumed a ~60% uplift in rent for the unrelated tenant on a rent review due February 2016, but apparently not yet completed. This assumption may have been wrong. (Was there a clause in the lease limiting the magnitude of rental increases?)
I am less confident of the valuation than I was a year ago (I sold out because of an ethical investment policy rather than because I was worried about the loan), but I see the valuation for the property fully let as being in excess of £2m. I am at a loss to account for the current offer price of £1.25m. (But I'm am not educated on the subject of pricing of distressed property assets.)
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dovap
Member of DD Central
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Post by dovap on Jun 23, 2017 17:06:11 GMT
how odd
new particulars despite all the offers/massive interest etc
(altho to be fair the splendid sight of some sorry looking 'footings' didn't do the flying pig farm justice)
ho hum
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nsinvestor
Member of DD Central
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Post by nsinvestor on Jul 20, 2017 17:01:27 GMT
Regarding the comment about rental values from the open market being used, the value of a building is also dependent upon the strength of its covenants. For example, a signed 10 year lease drives a significantly higher valuation that the potential to rent at £x psf.
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Post by bigstevecat on Aug 16, 2017 6:26:37 GMT
Do we have any indication when PBL64 might be concluded. I know there is a court date coming up soon but when are we likely to see funds returned.
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mickj
Member of DD Central
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Post by mickj on Aug 16, 2017 8:38:11 GMT
I expect it may run on for a bit longer, but what do I know. Seems more complicated than other loans on here. Possession hearing set for 25th August and possibly to auction September 6th, so many twists and turns on this one it's as if the borrower is playing Lendy along. A suitable question for a poll perhaps  |
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Post by bigstevecat on Aug 16, 2017 13:35:31 GMT
I'm resigned to October at the earliest. Anything sooner would be nice but I know it may take much longer. I would think this one is going to bring a bad name to p2p lending whatever happens with the payout. Got to be the worst valuation ever made.
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MarkT
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Post by MarkT on Aug 16, 2017 14:17:52 GMT
I'm resigned to October at the earliest. Anything sooner would be nice but I know it may take much longer. I would think this one is going to bring a bad name to p2p lending whatever happens with the payout. Got to be the worst valuation ever made. With this particular borrower, resolution by October 2018 may be a challenge.
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mickj
Member of DD Central
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Post by mickj on Aug 16, 2017 15:03:01 GMT
Yes the borrower more than the valuation, although..... There are tight limits on this forum that protect the forum from any legal trouble, you may be able to find information elsewhere and tomorrow is our weekly update from Lendy on all loans. I am pleased I was out of this loan (and 056) long ago, I do seem to enjoy watching the twist and turns, bit of a soap opera. I am only pleased the borrower is not running a P2P company - what would he need, an office, some property, a website...aaarrrggghhhh......  |
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fp
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Post by fp on Aug 16, 2017 19:24:16 GMT
Hmm, I wonder who will be the legal representative for the borrower, maybe they can get it adjourned until after Sept 9th?
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Tunny
Sometimes it is the people no one imagines anything of who do the things that no one can imagine
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Post by Tunny on Aug 17, 2017 7:44:02 GMT
Hmm, I wonder who will be the legal representative for the borrower, maybe they can get it adjourned until after Sept 9th? Whats the significance of Sept 9th.......Have i missed something?
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oldgrumpy
Member of DD Central
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Post by oldgrumpy on Aug 17, 2017 8:11:49 GMT
Hmm, I wonder who will be the legal representative for the borrower, maybe they can get it adjourned until after Sept 9th? Whats the significance of Sept 9th.......Have i missed something? The borrower's long term friendly (to him) solicitor has been enjoying a nine month "holiday" from work.
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Liz
Member of DD Central
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Post by Liz on Aug 17, 2017 17:16:21 GMT
I'm resigned to October at the earliest. Anything sooner would be nice but I know it may take much longer. I would think this one is going to bring a bad name to p2p lending whatever happens with the payout. Got to be the worst valuation ever made. With this particular borrower, resolution by October 2018 may be a challenge. I expect full repayment of capital and interest within a week Now remind why I sold out of Lendy 4 months ago. If they are lending to these type of borrowers with this kind of valuation and won't disclose the PF, then I don't want any part of it.
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