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Post by loftankerman on Jan 15, 2018 9:33:50 GMT
I'd have thought that this alleged massively under priced house would be inundated with potential buyers and advertised to the extent that open viewing days would be making news headlines and causing congestion in Leatherhead. I have no great investigative skills so maybe it is no surprise that I haven't been able to find it on the market, but has anyone else? Opinions as to desirability?
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 15, 2018 15:20:38 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?Oh, quite easily.  PS - Particularly if the Valuation is by "A RICS Professional".  QUESTION: Regarding Valuations and LTVs, are Estate Agents now more trustworthy & reliable than RICS Professionals? Discuss.
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Post by p2plender on Jan 15, 2018 16:00:37 GMT
I'm thinking it might be worth seeing if it comes onto the market again in the future... |
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Post by dualinvestor on Jan 15, 2018 16:30:21 GMT
I'm thinking it might be worth seeing if it comes onto the market again in the future... It would not be a surprise, there seems to be considerable general optimism on this forum that a property sold under forced sale conditions (either by a mortagee in possession or a Administrator/Receiver) has full market value. It has been widely demonstrated by empirical experience on P2P, and elsewhere, that a considerable discount has to be offered to interest a buyer and 55% might not even do it. Before anyone complains that valuations are wrong, they are not undertaken envisioning a forced sale, such a situation throws everything before out of the window and to compare actual sale prices to original valuations is to compare chalk with cheese. Security is only relied upon in forced sale situations, so is all the angst on DD really worth it? And as an addendum wait until a DFL defaults! (DFL1 and 2 as a potential example)
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Post by GSV3MIaC on Jan 15, 2018 17:59:34 GMT
And as an addendum wait until a DFL defaults! (DFL1 and 2 as a potential example) In my light cone they already did, but maybe you mean 'wait until Ly get shot of them' .. but even those probably won't fare quite as badly as Isle of Wight, or 'unable to be valued' industrial parks. Still, at least we didn't fund the potentially negative valued toxic waste tip.
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webwizard
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Post by webwizard on Mar 16, 2018 18:05:55 GMT
Update: We have been informed by our LPA Receiver that another party interested in acquiring the property has made a bid higher than the original offer of £1.9m. The LPA Receiver is therefore negotiating with both parties to maximise the return for the sale of the property.
After confirming that the sale was progressing for £1.9m in an earlier update, sounds like the sale did not get that far if they are able to consider other offers. That aside, good on Lendy for chasing the offers and getting the best return they can.
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adrianc
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Post by adrianc on Mar 29, 2018 9:30:44 GMT
Update: We have been informed by our LPA Receiver that another party interested in acquiring the property has made a bid higher than the original offer of £1.9m. The LPA Receiver is therefore negotiating with both parties to maximise the return for the sale of the property. After confirming that the sale was progressing for £1.9m in an earlier update, sounds like the sale did not get that far if they are able to consider other offers. That aside, good on Lendy for chasing the offers and getting the best return they can. Voting now live...
Accept £2.1m (65-70% of debt cleared) and take action against the guarantors for the remainder... or hold out for a better offer.
Oooh, lemme think about that for a fraction of a millisecond.
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rs
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Post by rs on Mar 29, 2018 10:59:45 GMT
Why do you think the borrower will have 1m minimum in net assets.
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gc
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Post by gc on Mar 29, 2018 11:34:43 GMT
From a personal viewpoint, I am not sure why deciding to sell at this price is the best option. It may be the best option, but it would depend on property market strength in that area. Buyers are more than aware of the situation of a property (defaulted or not and desperation to sell etc) and will always go in at a less valuation.
If the current buyer know that they are on a good deal with it then even though they more often put pressure on the seller to sell it to them or if they don't get the quick decision they usually threaten to pull out (dealing in private/commercial property myself, something I come across all too often). They more often than not will wait a little while longer whilst (hopefully) more offers come in.
Just my personal opinion, but I would suggest that we wait just a little longer.
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Jeepers
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Post by Jeepers on Mar 29, 2018 11:49:34 GMT
I think they've already waited and exhausted all avenues to increase from £1.9m to £2.1m.
Having said that, it does seem cheap for that property in that area but I suppose buyers are few and far between.
I think Lendy are best placed to take the decision on this being as the information investors have is very limited.
If there is more than 1 interested party, I would suggest sending it to sealed bids.
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invester
P2P Blogger
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Post by invester on Mar 29, 2018 13:11:08 GMT
Gotta say I rather dislike the voting system. It's use on Assetz appears slightly different, in that in a lot of situations members are canvassed before the brown stuff hits the fan.
It really seems to me that in future we will see Lendy passing the buck when questioned about losses, using the lines such as 'members voted for it'.
If they really had faith in delivering maximum returns to lenders there would be no need to go to a vote. It rather suggests to me that they are snookered on some of these bad debts.
Eventually I think most of the dud loans will come to votes, with a really specific course of action described for the first one (ie accept 50% loss) and a non-specific one described for the second (continue to press ahead with action). Cognitive bias and apathy will probably see the first one win in all cases.
Without knowing with what actions Lendy are taking and the specific legal advice they have received surely it would be impossible for members to make a judgement on what is best.
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rs
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Post by rs on Mar 29, 2018 13:57:12 GMT
I’ve pretty much give up on Lendy and do not log onto Lendy website unless to transfer my interest to me hence my question below.
Has Lendy put the 2nd valuation on their website (thought I read something about this in voting explanation) and explained in DETAIL the full costs put into this development, any receivership fees and any other fees?
The other point Is Lendy can actually overturn any decision voted by investors and I expect them to do this without any detailed explanations. I wonder if this voting is really for the benefit of investors?
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niceguy37
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Post by niceguy37 on Mar 29, 2018 14:35:04 GMT
Lendy have put some of their own cash in to try to get the asset to as good a state as can reasonably be achieved. Their experienced experts know the fine details and advise accepting the offer. We get back two thirds of our capital soonish. There's hope for further recoveries. Definitely we should vote YES!
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11025
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Post by 11025 on Mar 29, 2018 15:22:50 GMT
I vote yes to the use of the Provision Fund
oh hang on , has anyone seen it ?
I am sure it was somewhere round here ..... 
lendy.co.uk/how-it-works
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rocky1
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Post by rocky1 on Mar 29, 2018 16:07:24 GMT
the provision fund and all of LENDYS profits will not cover anywhere near the rest of the losses that we are going to be seeing in the very near future. sorry for being so pessimistic
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