ingwer
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Post by ingwer on Dec 22, 2017 16:53:10 GMT
I wonder if the interest is long gone (except maybe the terms of the contract may one day save it if I understand what has been written here before). But a £3m (+ extras) difference in opinions of valuation is not going to be easily or quickly resolved. Very helpful statement by Lendy to give the figures though - it is appreciated.
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izigor
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Post by izigor on Dec 22, 2017 23:17:56 GMT
I'm thinking if the £1M sale does go through, then the fund for the build-out could (or should?) come out of that. However, I'm not sure if they would be able to use that money for both loans (DFL001 & DFL002). I think there are limitations to doing that .. it might end up only usable for DFL002, which would then, probably be used for Lendy's fees, funding and then a part repayment. Best not get too attached to that offer though. It's only sold when the sale is completed.
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blata
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Post by blata on Dec 25, 2017 13:35:17 GMT
Should be viewed as two separate loans. Might be the same developer but call me selfish I have no money in DFL 1.
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guff
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Post by guff on Feb 11, 2018 9:28:51 GMT
Should be viewed as two separate loans. Might be the same developer but call me selfish I have no money in DFL 1. Unfortunately for you, maybe not:
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Post by charlata on Feb 11, 2018 10:29:59 GMT
Should be viewed as two separate loans. Might be the same developer but call me selfish I have no money in DFL 1. Unfortunately for you, maybe not: I don't think this applies here. I thought the borrowing entity was different for DFL001 and DFL002. This is sadly going to be pretty unintelligible whilst respecting the ban on links... Looking on CH there are 12 different charges registered with 3 different spv's relating to DFL002. 2 SPV's are in receivership, the 3rd is not. 1 spv seems to hold the lease on the first floor commercial unit. There others I can't differentiate. I can't immediately find the charges for DFL001. But given they're not listed with any of the above, I assume the borrower is not the same, and thus that there is no danger that lenders to DFL002 who are hoping for a good recovery (like me) can be forced to subsidise lenders to DFL001, who are not.
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seeingred
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Post by seeingred on Feb 11, 2018 10:53:28 GMT
Unless the loan terms as displayed to lenders refer to the projects being formally linked in some way this could not be done retrospectively.
The borrower is the same, DFL001 and 002 are two quite separate projects but with maybe some common errors of judgement.
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Feb 11, 2018 13:04:09 GMT
Borrower on DFL001 is an individual with supporting security from a debenture over a compnay
Borrower on DFL002 is a company with supporting debenture on same company and further fixed charges/debentures over a company that owns the leasehold of a commercial unit.
All companies are connected to the individual as director/principal shareholder or a related party.
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Yintara
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Post by Yintara on Feb 15, 2018 22:02:38 GMT
I passed the site briefly yesterday, not much to report but at least no one's skedaddled with the building yet!
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Post by spareapennyor2 on May 8, 2018 16:57:12 GMT
had a quick stop to looked at this from the road side photo linkdidn`t have time to walk around to the waterside saw two workers putting tile`s on the side of the building believe it`s the development in question didn`t see any others |
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rrrupert
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Post by rrrupert on May 8, 2018 18:31:04 GMT
had a quick stop to looked at this from the road side photo linkdidn`t have time to walk around to the waterside saw two workers putting tile`s on the side of the building believe it`s the development in question didn`t see any others That is not the development. The correct ones are the two buildings out of shot just to the left of the leftmost building in your link.
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izigor
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Post by izigor on Jun 9, 2018 7:18:58 GMT
Latest update: "The borrower has received terms on the proposed refinance and details of this have now been shared with Lendy. All parties are progressing the refinance and we are continuing to chase all parties for the scheduled completion date."
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invester
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Post by invester on Jun 9, 2018 10:45:10 GMT
Who is actually doing the refinance? The numbers don't seem to stack up unless this means a haircut for lenders.
The refinance could obviously be on Lendy itself with everything rolled up into a new loan but I can't see that ever filling.
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Post by charliebrown on Jun 9, 2018 10:59:43 GMT
I suspect this is a red herring. Updates are very non-specific and lacking detail and Lendy do not have a good track record in promises turning out to be true. False hope is a terrible feeling and Lendy have given us all to much false hope.
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izigor
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Post by izigor on Jun 11, 2018 2:25:26 GMT
Who is actually doing the refinance? The numbers don't seem to stack up unless this means a haircut for lenders. The refinance could obviously be on Lendy itself with everything rolled up into a new loan but I can't see that ever filling. 1. I don't believe it is Lendy itself, because the update suggests they have been waiting to get the 'head of terms' of the refinance. 2. There cannot be any haircut for lenders I don't think (assuming you mean us, as lenders rather than Lendy itself .. since the loan is under the old T&Cs) because of not having had to go to further and ultimate resort. Furthermore, if there is refinance, the build will continue and Lendy can pursue all monies in debt against the borrower. But even before we go there, the security will need to be transferred to the new Lender - and Lendy can only do that (for our protection) unless all owed money has been paid. 3. What "numbers" are you referring to? 4. Saying all that, there's no reason to be optimistic yet. We do not know what phase this new refinance is. As someone has said either here or in the DFL002 forum, this could all be a red herring and nothing comes out of it, once the negotiations falls through.
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invester
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Post by invester on Jun 11, 2018 6:39:49 GMT
I mean that (it seems to me anyway) that the sale of the properties will not cover the amount on the loan, whether they are finished via build-out or suddenly the borrower comes back on track.
It seems quite likely to me that the delay caused by these games may exceed a year, and that's a hell of a lot of interest and bonus interest due to us, and the interest keeps on building up full repayment seems more and more unrealistic.
I mean, let's do the sums to roll up everything into a new loan. For DFL1 alone that might be £7.5m. LTV was 70% in the first place so I can't see where the improved valuation comes from, considering there was no uplift a year ago.
Much has been made of these old terms but frankly I will believe it when I see it. I genuinely do believe that the shortfall will be so big that people will be given the choice that enforcing a repayment via legal action will see the platform disappear so the haircut will be forced. In any case the day of reckoning is still a long way away, ostensibly after the capital loss is crystallise this could easily sit in the 'claims underway' pile for another year before being written off. By 2020 Lendy might not be around at all in its current guise and I certainly believe that the desired outcome for a buy out from a bigger party (perhaps a bank or bigger platform) who assumes the debt easily.
But I can't see that happening. The owners would love someone to come in and pay them 20x earnings for their company, but from my perspective it seems like a lot of work to earn a modest amount of cash.
I tend to believe that this might be a red herring. I've come to see that 'refinance' can mean absolutely nothing; it certainly buys them a few more months.
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