seeingred
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Post by seeingred on Oct 2, 2017 11:02:23 GMT
"it makes sense for Lendy to hold out for as long as possible to get the highest price they can for the property. "
Reduced to £2,750,000 (Rightmove listing).
Given it was valued at 4 million not so long ago, quite a bargain.
The loan was for £2,975,000 and as noted above it has cost lendy 250k (?) to get it to a saleable state.
402 days overdue and counting.
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warn
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Post by warn on Nov 6, 2017 12:55:06 GMT
After a brief rest and a change of agent, now back on RM at £2,250,000. Gotta love the the Valuers tag line of " Avoid any nasty surprises before you invest, use [us]" -- I wonder if a listing price at 53% of their £4.25M valuation counts as a 'nasty surprise'? Nasty, yes. But unfortunately, becoming less and less of a surprise these days.
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chunkie
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Post by chunkie on Nov 6, 2017 15:07:07 GMT
Wow! 2.3 million seems really low ball at £2,261 per square metre. According to this March 2017 survey, price per square metre in Gulidford (nearest I could find to Leatherhead) is over 4,000 (probably more for a fully modernized home). www.gizmodo.co.uk/2017/04/house-prices-per-square-metre/ |
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withnell
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Post by withnell on Nov 6, 2017 15:54:20 GMT
The fact that the RM listing has "in receivership" plastered all over it probbaly puts a lot of buyers off - I would definitely avoid if I was in the market for that kind of house, wary of what corners might have been cut
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lofty
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Post by lofty on Nov 6, 2017 17:36:46 GMT
The fact that the RM listing has "in receivership" plastered all over it probbaly puts a lot of buyers off - I would definitely avoid if I was in the market for that kind of house, wary of what corners might have been cut They didn't have planning permission for the size, so its so much not cut corners but corners moved slightly closer to each other... 
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11025
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Post by 11025 on Nov 14, 2017 14:53:32 GMT
After a brief rest and a change of agent, now back on RM at £2,250,000. Gotta love the the Valuers tag line of " Avoid any nasty surprises before you invest, use [us]" -- I wonder if a listing price at 53% of their £4.25M valuation counts as a 'nasty surprise'? Does anyone know if there is any recourse against the surveyors/valuers at all ?
with such a disparity in the potential sale price compared to the VR (even after allowing for the slight reduction in footage) this valuation is pure pie in the sky fantasy , so how can such inaccurate information like this be supplied ?
are these surveyors/valuers still in Lendy's employ ?
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zlb
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Post by zlb on Dec 17, 2017 21:09:52 GMT
After a brief rest and a change of agent, now back on RM at £2,250,000. Gotta love the the Valuers tag line of " Avoid any nasty surprises before you invest, use [us]" -- I wonder if a listing price at 53% of their £4.25M valuation counts as a 'nasty surprise'? Does anyone know if there is any recourse against the surveyors/valuers at all ?
with such a disparity in the potential sale price compared to the VR (even after allowing for the slight reduction in footage) this valuation is pure pie in the sky fantasy , so howcan such inaccurate information like this be supplied ?
are these surveyors/valuers still in Lendy's employ ?
Not sure. L announced their superior DD and insured valuers after this pbl.
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mary
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Post by mary on Dec 22, 2017 17:39:32 GMT
So this was valued at £4.2m, which Lendy lent £2.9m, and then threw £x00,000 of their own money to get it rectified (so sure that the valuation was good), and now they are happy to sell it at £1.9m!
I hope the Lendy's money ranks behind all other lenders and is not covered by the PF, which I am assuming is now empty (or will be once the IoW fiasco is sold next month, not that they will tell us).
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jcb208
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Post by jcb208 on Dec 22, 2017 18:13:41 GMT
I know of the area and that sounds very cheap for that size and type of house,
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Post by steven on Jan 13, 2018 19:18:20 GMT
Hi Everybody I am new to this forum and this is my first post.
With regard to PBL081 I am confused and hope somebody can help me out.
The reason I invested in the loan is because the loan description told me there was already a buyer who would be contractually signed up to buy the property prior to the loan going ahead, it was clear that some modifications to the property were required.
This loan seemed a great investment as the exit strategy was very well defined with a buyer who was contractually committed to buying the property.
I have looked through all of the updates on this loan and I can't see what happened to the buyer but clearly the loan was not executed as advertised.
Did I miss something along the way?
What happened to the buyer?
Many thanks
Steve
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TitoPuente
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Post by TitoPuente on Jan 14, 2018 11:51:39 GMT
So this was valued at £4.2m, which Lendy lent £2.9m, and then threw £x00,000 of their own money to get it rectified (so sure that the valuation was good), and now they are happy to sell it at £1.9m! I hope the Lendy's money ranks behind all other lenders and is not covered by the PF, which I am assuming is now empty (or will be once the IoW fiasco is sold next month, not that they will tell us). I am not in this loan since the "Potential issue" warning message appeared so I may have missed some key pieces of information. Having said that, I find it very hard to swallow that the forced rectifications have knocked down the market price from £4.2m to £1.9m unless more than half of the structure had to be demolished. I suspect (and only suspect to avoid being flagged as libelous) that the valuer could have been involved in a collusion situation and/or the valuation difference could be considered gross negligence (I am only suggesting a possibility and by no means affirming the idea of blatant corruption).
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elliotn
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Post by elliotn on Jan 14, 2018 14:44:10 GMT
Or soft London prices and need for a quick-ish sale (& any of Ly's receivers signalling a distressed sale).
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mikes1531
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Post by mikes1531 on Jan 14, 2018 20:02:42 GMT
So this was valued at £4.2m, which Lendy lent £2.9m, and then threw £x00,000 of their own money to get it rectified (so sure that the valuation was good), and now they are happy to sell it at £1.9m! Or soft London prices and need for a quick-ish sale (& any of Ly's receivers signalling a distressed sale). Does it really require a 55% discount to achieve a reasonably quick sale?
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elliotn
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Post by elliotn on Jan 15, 2018 1:58:46 GMT
So this was valued at £4.2m, which Lendy lent £2.9m, and then threw £x00,000 of their own money to get it rectified (so sure that the valuation was good), and now they are happy to sell it at £1.9m! Or soft London prices and need for a quick-ish sale (& any of Ly's receivers signalling a distressed sale). Does it really require a 55% discount to achieve a reasonably quick sale? Certainly seems so. Not even that quick.
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Post by p2plender on Jan 15, 2018 7:50:15 GMT
Would be interesting to compare what similar properties in the area have gone for. I presume they've all had to have a severe reduction to get a sale...  IMO, somebody has gotten a bargain or somebody was trying it on in the valuation stakes. It's one or the other. How can a 'valuation' be 55% out? |
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