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Post by dualinvestor on May 2, 2017 14:46:04 GMT
A couple of general points on valuations in general and this loan in particular.
1. Allthough Lendy can complain about this loan to the valuer they cannot sue at the moment because there is no crystalised loss.
2 The first approaches (if any) will be to the valuer, who will pass it on too the PI insurer and this will lead to endless correspondence, the start of which will be that the properties are being sold under "forced sale" conditions that will inevitably depress sale values.
3. If no settlement from the PI insurer (that will inevitably the subject of a non-disclosure agreement without admission of liability) Lendy will have to assess whether there is a realistic prospect of success in court.
4. In many ways Lendy may be complicit in the shortfall, after all they get their fees and interest up front by deducting it from the advance so a guaranteed profit without any risk.
5. The PF is entirely discretionary and a loss to it is highly unlikely that any payment from it to the detriment of investors in other loans would be actionable.
Taking those matters into account it is a little too early to start casting aspertions on either the valuation or Lendy's attempts to recover a shortfall if there is one.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on May 2, 2017 14:50:13 GMT
A couple of general points on valuations in general and this loan in particular. 1. Allthough Lendy can complain about this loan to the valuer they cannot sue at the moment because there is no crystalised loss. 2 The first approaches (if any) will be to the valuer, who will pass it on too the PI insurer and this will lead to endless correspondence, the start of which will be that the properties are being sold under "forced sale" conditions that will inevitably depress sale values. 3. If no settlement from the PI insurer (that will inevitably the subject of a non-disclosure agreement without admission of liability) Lendy will have to assess whether there is a realistic prospect of success in court. 4. In many ways Lendy may be complicit in the shortfall, after all they get their fees and interest up front by deducting it from the advance so a guaranteed profit without any risk.5. The PF is entirely discretionary and a loss to it is highly unlikely that any payment from it to the detriment of investors in other loans would be actionable. Taking those matters into account it is a little too early to start casting aspertions on either the valuation or Lendy's attempts to recover a shortfall if there is one.Ha Ha, like yer style dualinvestor!
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Post by harryvederci on May 2, 2017 16:03:48 GMT
aren't there 2 sets of loans by different valuation firms, 037-039 & 069 - 071, so if the receivers sell as a job lot how would any shortfall be apportioned.
Also I have doubts whether the latter reports are even addressed to LendySS, the clue is in each page footer
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Post by dualinvestor on May 2, 2017 16:23:56 GMT
aren't there 2 sets of loans by different valuation firms, 037-039 & 069 - 071, so if the receivers sell as a job lot how would any shortfall be apportioned. Also I have doubts whether the latter reports are even addressed to LendySS, the clue is in each page footer and it is a big IF, this gets to some form of action, whether informal or in court, these are matters that will need to be addressed. The matter is far too complex to shed any light on it on a discussion board where none of us have been privy to any of the details of the transaction or who instructed who to do what, what information the valuer had (e.g. did he/she know it was for a loan or thought it was for some other purpose and would not be relied on in a borrowing proposal etc) and ultimately this as well as other details will be sorted out by lawyers in the absence of agreement. But first of all prima facie evidence of negligence will have to be proved and as we don't know what the loss will be, if any, apportionment is a very long way off. Whilst I can agree with the position of most of posters and the frustration they feel, the first step is to know what the loss is, the second to apportion blame and the third to recover damages. None of which will be swift and all of it likely to be subject to people who take an opposite opinion to those here, if only for pecuniary reasons.
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oldgrumpy
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Post by oldgrumpy on May 11, 2017 15:47:41 GMT
Mmmm! One of those generic gently optimistic "updates" which forgets to include the final clauses "so bog off for a couple of months, then everyone will be on holiday, so we'll see you again in mid-September, cheers!  ".  |
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Liz
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Post by Liz on May 11, 2017 16:45:47 GMT
Mmmm! One of those generic gently optimistic "updates" which forgets to include the final clauses "so bog off for a couple of months, then everyone will be on holiday, so we'll see you again in mid-September, cheers! ". "Satisfactory" doesn't sound very good. Sounds like a small capital loss to me.
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mikes1531
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Post by mikes1531 on May 11, 2017 18:39:38 GMT
Mmmm! One of those generic gently optimistic "updates" which forgets to include the final clauses "so bog off for a couple of months, then everyone will be on holiday, so we'll see you again in mid-September, cheers! ". "Satisfactory" doesn't sound very good. Sounds like a small capital loss to me. Compared to what some people seem to be expecting from this collection of loans, ISTM that a small capital loss would be a huge success!
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seeingred
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Post by seeingred on May 11, 2017 23:41:12 GMT
Is it just me or has everyone got an update that repeats sentences:
Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months. We are working very closely with the borrower and are confident of a satisfactory conclusion. Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months.
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adrianc
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Post by adrianc on May 12, 2017 7:35:13 GMT
Is it just me or has everyone got an update that repeats sentences: Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months. We are working very closely with the borrower and are confident of a satisfactory conclusion. Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months.
Positively positive.
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twoheads
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Post by twoheads on May 12, 2017 11:18:05 GMT
Is it just me or has everyone got an update that repeats sentences: Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months. We are working very closely with the borrower and are confident of a satisfactory conclusion. Refinance is looking positive. We do not have definitive proof but have been advised by various parties that this might be repaid within a couple of months.
Positively positive. Definitely maybe.
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elsee
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Post by elsee on Sept 3, 2017 8:07:35 GMT
Petitions to wind up 13 companies, high court, September 30th. Interesting little piece in MoS today.
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oldgrumpy
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Post by oldgrumpy on Sept 3, 2017 15:11:26 GMT
Mmmm! One of those generic gently optimistic "updates" which forgets to include the final clauses "so bog off for a couple of months, then everyone will be on holiday, so we'll see you again in mid-September, cheers! ". So, mid-September isn't far off ... and this story threatens to rival the desnmyck sagas. Never mind. I'm sure Liamntim have it all in ..... hand. (Don't they?)  Now, what was all that about those other companies associated with these borrowers? Mmm! Still, it's the security that matters, not the borrowers' track record. Saving Stream said so. <end of grumpmusings> ... for now.
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Post by masquedefer on Sept 5, 2017 12:14:17 GMT
Petitions to wind up 13 companies, high court, September 30th. Interesting little piece in MoS today. Hi Elsee Could you post the link to me or on the BB re the Mail on Sunday Article that you refer to. Many thanks in advance Masquedefer
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Post by GSV3MIaC on Sept 5, 2017 12:32:18 GMT
/mod hat on
Please DO NOT post the link here, because it ID's the borrower and thus violates the forum rules .. you can PM it if you want to.
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elsee
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Post by elsee on Sept 6, 2017 15:33:02 GMT
/mod hat on Please DO NOT post the link here, because it ID's the borrower and thus violates the forum rules .. you can PM it if you want to. No link, I'm old school and like to read a real paper on Sunday morning:)
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