jontyab
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Post by jontyab on Apr 5, 2018 15:06:25 GMT
Edit: this might of course eventually result in it being written off, but at the very least I would expect PBL084 to receive the remainder of its accrued interest if PBL166 receives any interest at all. This is complicated by the fact that the PBL166 loan page states: Although I agree it feels a bit gritty that the interest may be written off for the PBL084 yet potentially paid in full on the second charge PBL166 - I guess if you don't like it that's what the vote is for.
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zedi
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Post by zedi on Apr 5, 2018 15:12:48 GMT
In this case, I don´t find the voting system bad (even though I had concerns earlier). I definitely vote for refinance.
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Post by GSV3MIaC on Apr 5, 2018 15:36:33 GMT
The only real question is what probability is there that the refinance at £5.25M will actually happen in the promised timescale, and not a) suddenly get pushed down the road another X months, or b) (as seen on MT) get replaced with a gazundered offer of £4.75M.
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adrianc
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Post by adrianc on Apr 5, 2018 15:43:57 GMT
...or the castle could be put up for sale.
What could possibly go wrong with that?
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zedi
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Post by zedi on Apr 5, 2018 16:01:16 GMT
The only real question is what probability is there that the refinance at £5.25M will actually happen in the promised timescale, and not a) suddenly get pushed down the road another X months, or b) (as seen on MT) get replaced with a gazundered offer of £4.75M. If this is the only real question, so why not try the refinance and if it won´t work then put it up for sale a few month later?
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steve11523
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Post by steve11523 on Apr 5, 2018 16:37:39 GMT
I prefer to try for the refinance as the first option; repayment of capital would be a good result
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Post by GSV3MIaC on Apr 5, 2018 17:34:02 GMT
The only real question is what probability is there that the refinance at £5.25M will actually happen in the promised timescale, and not a) suddenly get pushed down the road another X months, or b) (as seen on MT) get replaced with a gazundered offer of £4.75M. If this is the only real question, so why not try the refinance and if it won´t work then put it up for sale a few month later? I didn't say we shouldn't do that, just that we should be prepared for the backup plan, based on how long we have already been strung along .. I guess it depends on your life expectancy ..
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rgog
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Post by rgog on Apr 5, 2018 18:05:21 GMT
Not clear if they will then seek to recover any more to cover the interest from other sources?
This was a very good deal for the Borrower, a free loan of over £5mil and he still gets to keep the property! You can't complain about that (if you are the borrower!).
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Liz
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Post by Liz on Apr 5, 2018 18:27:21 GMT
Not clear if they will then seek to recover any more to cover the interest from other sources? This was a very good deal for the Borrower, a free loan of over £5mil and he still gets to keep the property! You can't complain about that (if you are the borrower!). If you get capital back on a defaulted loan. That is an amazing deal.
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zedi
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Post by zedi on Apr 5, 2018 19:17:43 GMT
If this is the only real question, so why not try the refinance and if it won´t work then put it up for sale a few month later? I didn't say we shouldn't do that, just that we should be prepared for the backup plan, based on how long we have already been strung along .. I guess it depends on your life expectancy .. It´s never wrong to have a backup plan but in this case, the other option would be the backup plan since there aren´t many options beside refinance and sell 
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Post by df on Apr 5, 2018 20:10:02 GMT
The only real question is what probability is there that the refinance at £5.25M will actually happen in the promised timescale, and not a) suddenly get pushed down the road another X months, or b) (as seen on MT) get replaced with a gazundered offer of £4.75M. I'm sceptical about the time scale too, but there is much more hope for something to be recovered than in option B. I don't believe the castle can be ever sold for enough to recover all accrued interest and bonus.
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brianlom1
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Post by brianlom1 on Apr 5, 2018 22:32:43 GMT
Assuming 5.25m returned and on 5.05m loan value, this gives 200k interest., Based on 180days overdue this works out as 8.03% return on the loan. Adding on 2 months to refinance (so therefore the "interest" over 240 days), the offer stands at capital plus 6.02% To my mind that's a very good return for a defaulted loan - I'll be voting to redeem! You seem to be forgetting that Lendy will siphon off a large proportion of the £200K to pay LPA Receiver’s fees (inc VAT), Agent’s fees (inc VAT), and Legal Costs (inc VAT)
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rocky1
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Post by rocky1 on Apr 6, 2018 6:34:03 GMT
i would also prefer to try and have some capital back from this onerather than wait another 2 years for it to sell .i have given up on LENDY who are totally to blame for all the mess they/we are in which starts at the origin of every loan where they have rushed loans through regardless of lenders best interests.dont forget none of these recoveries cost LENDY sweet f/a and we are told we are getting the best result each time.i can see this year massive investor losses and LENDY will still make a profit. good job most of the new investors are under 40 because half of us old timers might not be around by the time this lot gets sorted out. anyway plenty more of this voting for how much do you want to lose coming up.
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Post by p2plender on Apr 6, 2018 6:35:01 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'....  |
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Post by GSV3MIaC on Apr 6, 2018 6:49:38 GMT
Don't forget we have the PF to make sure 'nobody has ever lost a penny'.... "Except where they voted to do so" ... ?
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