DFL002 - Exeter Loan 2 - DEFAULT

It's war.

The truth probably lies somewhere in the middle...

DFL002 - Exeter ******** Development

Following the Borrower’s failure to properly engage with Lendy after the loan had become due, Lendy gave the Borrower one final opportunity before proceeding with enforcement action to deal with, and respond to, the concerns raised by it. However the Borrower subsequently failed to deal with any of the points raised by Lendy, which meant it had no alternative but to appoint LPA Receivers in respect of the Property.

In a recent online P2P forum post by the developer they made reference to an offer of re-finance, which would have been sufficient to repay all investors. This offer would not have been sufficient to fully repay Lendy and, in any event, no supporting documentation was ever provided to substantiate this alleged offer of re-finance, despite Lendy’s repeated requests for the same.

The LPA receivers are efficiently and diligently working with Lendy and we have spoken with them at length in regards to the potential exit strategy with the Property on numerous occasions. Whilst disposal of two of the three commercial units is progressing well, the Borrower has installed occupants in the residential apartments without Lendy’s knowledge and/or consent in a deliberate attempt to adversely affect the Property’s value and to restrict Lendy’s ability to sell it. We are therefore working closely with the LPA receiver, and third party agents, in order to identify and pursue the best course of action to ensure the maximum return to our investors.

Please be rest assured however that in the event of any discrepancies in relation to any and all information provided to Lendy prior to the inception of this Loan, Lendy will exhaust every avenue available to it to recover all sums due and owing under the loan.

As a result of the above along with recently obtained information and in line with our regulatory requirements, Lendy have taken the decision to suspend the trading of this loan on the secondary market in light of the changing risk profile.

Also available via an email update sent to all 1000+ investors (all lenders too?). Hardly therefore likely to remain a secret.

I'd be careful of quoting any of those statements by either party simply because the bits that infer malice on the part of the other party could easily be seen as straying into the realms of libel.

Lendy Support:  Today's update for this loan says there are occupants in the residential apartments without Lendy’s knowledge and/or consent. This implies to me that Lendy think the borrower should have requested their consent before doing this. Why is that?

Also, I thought there used to be a Q&A tab within each loan's pages where I could ask a question like the above.  I couldn't find anything like that today.  Am I blind?

Yes, Epping, and its taken about two years to evict the b******, only achieved in the last couple of weeks. Threats to AC staff included!!