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Post by masquedefer on Mar 18, 2018 1:05:05 GMT
TBH a simple Google search would reveal the tortured history of trading at the property. The purchasers own eyes it idiosyncrasies and potential to become a money pit and his common sense tell him to walk away. I am surprised if they get any sensible/serious offers. Maybe a consortium could pick this up cheap with cheeky offer. I will put 50% in or £5k. Hi liz I am prepared to go another £5k with you.
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Post by GSV3MIaC on Mar 18, 2018 9:28:17 GMT
I'll go in for £5, IFF I can be assured that all the skeletons have been removed from all the cupboards .. 8>.
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Post by dualinvestor on Mar 18, 2018 9:30:38 GMT
I'll go in for £5, IFF I can be assured that all the skeletons have been removed from all the cupboards .. 8>. No warranties.
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Post by harryvederci on Mar 18, 2018 10:51:54 GMT
No operator.
(sic all that matters is the security)
No it isnt, its a 44 bed hotel, live events venue etc supposedly in the making, what matters is if there is a skilled hospitality operator who can afford to service the debt out of business cashflow.
Hence no takers?
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Post by masquedefer on Mar 19, 2018 7:40:28 GMT
Each of these loans were valued as discrete individual properties which clearly have a higher value than the whole. Why on earth isn't Lendy selling them as such?
Obtain planning permission for residential (cost say £30k in fees) and they will sell for near 70% of original valuation.
Btw did the valuer warn that value of security as a whole is worth much less?
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Post by wanderer on Mar 19, 2018 8:16:29 GMT
First time poster here, I am one of those "locked in" these loans. I'm sure the individual properties are worth more on their own, especially if PP for residential use can be obtained, but how long will that take? another 550+ days, according to Lendy's usual pace of doing things? Time value of money and all that, at this point i would take a not inconsiderable haircut on this loan just to be rid of it, rather than being stuck in for another 2 years. Of course every investor has their own timeframe and priorities but for me I don't have confidence in Lendy to get the PP in a timely manner.
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Post by masquedefer on Apr 14, 2018 13:09:09 GMT
Can anyone tell me why these loans aren't being sold as seaparate lots? They were valued separately and would certainly achieve a far greater recovery value than being sold as a single job lot.
Come on Lundy make an effort!
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Post by ColinR on Jul 6, 2018 15:49:01 GMT
I have this/these and I have just googled them - as you do...
Has anyone else done that because there is some interesting local media coverage from last October that doesn't seem to have been mentioned here.
I know you have to be careful about links and libel and everything, but I'm surprised this hasn't come up and wonder if anyone else is following this loan.
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Post by ColinR on Jul 6, 2018 15:54:53 GMT
I'm also aware that I may be confusing things/properties - hence no links from me. I'd love to have help finding out more.
I'm aware now that I've been very naive in my dealings with Lendy. I'm still very unhappy though - naive or not.
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zlb
Member of DD Central
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Post by zlb on Jul 6, 2018 16:09:51 GMT
Can anyone tell me why these loans aren't being sold as seaparate lots? They were valued separately and would certainly achieve a far greater recovery value than being sold as a single job lot. Come on Lundy make an effort! certainly agree.
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Post by charliebrown on Jul 7, 2018 0:42:20 GMT
Come on Lundy make an effort! Fat chance of that. This has been going on for 2 years. My niece was born at about the same time these loans defaulted, she’s now running around, talking and just started nursery school. Good work Lendy, enjoy Cowes week.
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Post by scookey on Nov 1, 2018 17:26:58 GMT
On updates in September it said that a non-refundable deposit would be paid Mid October - anybody heard anything as it's now November ?
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garfield
Member of DD Central
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Post by garfield on Nov 2, 2018 8:30:28 GMT
On updates in September it said that a non-refundable deposit would be paid Mid October - anybody heard anything as it's now November ? See update from yesterday: "The interested party has not made payment of a non-refundable deposit as agreed".
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Mousey
Member of DD Central
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Post by Mousey on Jul 6, 2021 11:55:56 GMT
Source: 2nd Witness Statement of Joint Administrator Damian Webb dated 9/7/2020 (my bold)
67. For example, on a number of loans, collectively known as “the Con****”, the borrower was declared bankrupt during the term of the loan. The FCA considered that it was misleading for Lendy not to have disclosed this information to investors. Particularly in the context of the secondary market where investors could choose to buy and sell loans after completion of the loan, when the borrower’s circumstances may have changed following completion. Therefore, the FCA compelled Lendy to repay all investors who had invested in the Con**** loans on the secondary market after the date of the borrower’s bankruptcy.
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Post by masquedefer on Jul 6, 2021 12:27:05 GMT
Hi,
Thank you for posting this. Does this mean that the administrators have an obligation to pay out these loans first in ranking above everything else?
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