Liz
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Post by Liz on May 11, 2017 16:43:09 GMT
A recent update for anyone still stuck in this loan If that £4m comment holds up, then hopefully this loan will be sorted without issue. If it doesn't sell after a few months, the price would need to be slashed and £4m may be a distant memory. With fees, interest, agents etc, this may need to raise over £3.5m to cover interest plus capital, so this isn't clear cut and the PF may be needed to cover interest. Not that I expect the PF to cover interest anymore.
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will
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Post by will on May 11, 2017 17:50:44 GMT
A recent update for anyone still stuck in this loan If that £4m comment holds up, then hopefully this loan will be sorted without issue. If it doesn't sell after a few months, the price would need to be slashed and £4m may be a distant memory. With fees, interest, agents etc, this may need to raise over £3.5m to cover interest plus capital, so this isn't clear cut and the PF may be needed to cover interest. Not that I expect the PF to cover interest anymore. Of course it will sell for £4m+. Lendy's valuations are always bang on!
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jun 9, 2017 11:53:22 GMT
Last time I looked, (about 1 month ago) this property was advertised for sale on Rightmove. It's not there any longer, possibly withdrawn due to imminent sale, or does anyone know if it's advertised elsewhere ?
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toffeeboy
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Post by toffeeboy on Jun 13, 2017 16:37:19 GMT
Last time I looked, (about 1 month ago) this property was advertised for sale on Rightmove. It's not there any longer, possibly withdrawn due to imminent sale, or does anyone know if it's advertised elsewhere ? Latest comment says they are working with specialist estate agents so maybe they feel they are too high brow to advertise on sites like right move any more.
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adrianc
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Post by adrianc on Jun 23, 2017 13:26:41 GMT
I wonder if that Lendy £300k (plus any interest) ranks equal to the initial loan? had confirmation from Lendy a little while ago that it is after the initial loan. p2pindependentforum.com/post/184773/threadWell, it's taken a bit over seven weeks, but I finally have received an answer from George to my question...
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elliotn
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Post by elliotn on Jun 24, 2017 3:07:47 GMT
I wonder if that Lendy £300k (plus any interest) ranks equal to the initial loan? had confirmation from Lendy a little while ago that it is after the initial loan. p2pindependentforum.com/post/184773/threadWell, it's taken a bit over seven weeks, but I finally have received an answer from George to my question... Yep, Ly are v fair in this regard, same principle for new dfl2 loan to get it over the line and with Scottish estate (although this may have been subsequently refinanced through the pipeline) and consistent with underwriter loan parts falling behind investors too.
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Post by masquedefer on Jul 7, 2017 17:00:05 GMT
@ moderator - Apologies if this should be posted in another discussion - but I can't find it.
Interest rates on good secured loans generally = 7% to 9%
Selling agent thinks PBL081 will achieve £4m.
Loan < £3m and ......
Lendy has 1st legal charge (assumed)
Ergo this is a well secured loan - So why is there £120k available on SM not being snapped up @ 12%.
OK I accept that interest is VOA
......but
Am I missing something?
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registerme
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Post by registerme on Jul 7, 2017 18:00:25 GMT
masquedefer done. Incidentally the best way to attract the attention of the mods is to use the "report" function available on the drop down cog in the top right hand corner of every post.
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seeingred
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Post by seeingred on Jul 22, 2017 21:35:54 GMT
PBL081 - New build detached house, Leatherhead, Surrey.
Strenuous efforts are supposedly being made to market this. Really?
Why has only one arguably unsuitable agent been used? They don't seem ideally placed - at present they have one Croydon development site for £32M then a bungalow in Virginia Water for £1.25M. Everything else is below £1M. Lowest on offer is a delightful freehold garage (in a block). Yours for £16,500.
KnightFrank on the other hand have 13 properties in Leatherhead alone - £7.5M down to £1M - much more the place to market this? Fees may be higher I guess, especially for multiagency.
This property has been withdrawn from Rightmove - but if it just a matter of a change of price, this takes a minute or two.
Why is the property not on the market? And when it has been on the market (briefly), why was it placed with a minor agent whose other stock would suggest it is not in the place to gain most exposure to the calibre of people who might be capable of or interested in buying it.
We've seen already some tactics up in the North West that could be construed as actions by a borrower to depress the auction price of an asset. Is the Leatherhead house to be offloaded at a knockdown price after lacklustre marketing?
Both these loans have something of 'wheels within wheels' about them, albeit in different ways.
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bfish
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Post by bfish on Jul 22, 2017 23:11:43 GMT
Thx v much, 'seeingred', I was just struggling with the Rightmove website, trying to find this property.
Wonder if you could say where you've seen it advertised (without incurring Mods wrath)?
Or else could you possibly DM me thru' this forum?
Would be much obliged.
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Post by p2plender on Jul 23, 2017 1:30:39 GMT
dominoes
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seeingred
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Post by seeingred on Jul 23, 2017 8:08:18 GMT
"Thx v much, ' seeingred ', I was just struggling with the Rightmove website, trying to find this property. Wonder if you could say where you've seen it advertised (without incurring Mods wrath)? " Never quite understand the logic of these 'mods' in wishing not to have properties identified. This in no way identifies borrowers as individuals - but those here doing their research can sometimes uncover hidden depths. This loan is listed as PBL081. Anyone can go to the Lendy website and look up defaulted loans and find the picture. Easy then to align this with pictures from Estate Agents selling property in Leatherhead (or in this case not at the moment because it seems to be strenuously not marketed). Similarly, we have a thread entitled DFL012 H*************** Q****. Anyone can go to the Lendy website and find DFL012 - you don't need to login. It is entitled DFL012 - H*********** Q****, Liverpool. Go to any Liverpool newspaper or ask Google and you can find photos and progress reports. |
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Post by Ton ⓉⓞⓃ on Jul 23, 2017 9:03:08 GMT
"Thx v much, ' seeingred ', I was just struggling with the Rightmove website, trying to find this property. Wonder if you could say where you've seen it advertised (without incurring Mods wrath)? " Never quite understand the logic of these 'mods' in wishing not to have properties identified. This in no way identifies borrowers as individuals - but those here doing their research can sometimes uncover hidden depths. <snip> I might be one of the Mods your talking about  There is a line in an old law/code of practice that says that personal Borrowers should not be identified, originally this was aimed at being fair to Borrowers particulaly where the Lender was trying and failing to get their money back, it stops the Lender putting undue pressure on the Borrower, now that is specific to personal borrowing. Now with other borrowings thinking again about trying to get the money back when the loan is finishing, at this point sometimes loans default and occassionally Borrowers have been know to use any excuse so that they can keep Lenders money, it just possible they might find a good excuse on the pages of this forum. These is just two reason why we have the rule about not naming etc, in reality there more, many that are not obvious. HTH
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bfish
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Post by bfish on Jul 23, 2017 14:55:59 GMT
I might be one of the Mods your talking about There is a line in an old law/code of practice that says that personal Borrowers should not be identified, originally this was aimed at being fair to Borrowers particulaly where the Lender was trying and failing to get their money back, it stops the Lender putting undue pressure on the Borrower, now that is specific to personal borrowing. Now with other borrowings thinking again about trying to get the money back when the loan is finishing, at this point sometimes loans default and occassionally Borrowers have been know to use any excuse so that they can keep Lenders money, it just possible they might find a good excuse on the pages of this forum. These is just two reason why we have the rule about not naming etc, in reality there more, many that are not obvious. HTH Thank you, Ton... but somehow I think you're in the clear  I also think I understand where you're coming from - but I rather suspect the Receivers involved would LIKE the sale details to be circulated as widely as possible. You never know, perhaps a Lendy lender might be interested in actually purchasing the lot !!? 
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Yintara
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Post by Yintara on Jul 24, 2017 9:58:06 GMT
I can see the logic in hiding the asset names. Yes, you can find them easy enough if you go looking for them, but I think it protects this forum from showing up too often during an idle google search. Imagine you're a casual buyer interested in a property, you stick it into google, and one of the top results is this forum airing all the dirty laundry and legal backstage dramas. Any sign of complications would certainly put off some buyers, and might even reduce the price people are willing to pay for some assets, therefore putting our capital at risk in some cases.
Ignorance is bliss, knowledge is power, as they say (and I'd much rather our buyers be the former!).
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