PBL81 - Status Default - March 2017

Likely the first Lendy know about this, I reckon!

Rest it?  Is the poor thing tired after all that development.

Absolutely ridiculous - no reason not to be on the market.

It is not unknown for houses to be 'rested' for a while but only after a period during which they have been 'done to death' and potential buyers have become both sick and suspicious of all the emails and price reductions - after a while they start to think - what's wrong with the place, been on the market for 6 months, 4 price reductions, must be desperate to get rid of it.

but this property has never been marketed properly at all - at least not with an agent that most people wishing to buy in this price bracket would look to in the first instance. It was only on the market for a few weeks anyway.

"Added on Rightmove: 22 June 2017"

There is therefore no LOGICAL reason for it to be 'rested'.

There may be - indeed there is bound to be - an ulterior motive why it is being effectively hidden from view.

"ulterior motive (plural ulterior motives) An alternative or extrinsic reason for doing something, especially when concealed or when differing from the stated or apparent reason."

So - is it being used rent free by someone during Cowes Week, it is being used as a test bed for Lendy International Marketing Manager junkets or (as was unkindly suggested to me about another property in similar circumstances) is a quiet sale on the cheap being organised to someone who has connections?

It will be interesting to find out whose name ultimately appears on the Land Registry transfer.

EDIT - I'm not really up to speed with linking posts to other names and forum members. Could a few of you, preferably a dozen or so, ask Paul or George at Lendy Towers what is going on?

Thank you. 

So where are the after parties?

Update May 2017: The agent is planning to visit the site this week and has advised a price over £4m is very achievable.

July - no interest and withdrawn from the market (the poor thing was being rested)

Currently - (added to Rightmove on 12 August) with another agent in Leatherhead at £3.5 million.

It takes time to sell properties of this price/size. There should be no hurry to reduce the price still further?

The loan value is nearly £3 million (against a joke valuation of £4,250,000) and as I recall Lendy used some of their own funds to enable works to be undertaken to put the property back within the planning permissions?

So £3.5 million is about as low as it can go and still return capital to investors and Lendy - let alone all the accrued interest on nearly £3 million for a year or more - lets call that £350,000 in nice round figures.

And of course there are agents fees, and VAT.

I'm not in this and have not been following, so apologies if it's a daft question - is the apparent lack of urgency down to the LPA receiver or Lendy seeingred ?

IIRC, Lendy have advanced five £50k tranches for the remedial work.  (A trawl through the updates showed those.)

Also IIRC, Lendy have said -- possibly earlier in this thread -- that those advances rank behind the main loan.  If that's correct, Lendy shouldn't get any of their capital back unless their investors receive all of their capital and accrued interest, and accrued bonus.  So investors might actually get a return on their investment if the property were to sell reasonably quickly for £3.5M.  I haven't a clue how likely that might be.