GeorgeT
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Post by GeorgeT on Jul 6, 2018 15:50:42 GMT
What a shock that the settlement deal has fallen through. However the comment that the reduced offer made would have led to a lower return to investors appears to be spurious given that this loan is on old terms and investors did not lend to the borrower. I think this one will run and run and run and run.
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dermot
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Post by dermot on Jul 6, 2018 15:55:05 GMT
Now you see me, now you don't ...
What happened to the million quid sale of part of the DFL002 development that was presented as a done deal in early Feb?
"The sale of the first commercial unit at £1m is proceeding and it is likely, subject to the contents of the IMS report, that we will finish off the build and thereafter market and sell the remaining units."
And DFL001 - Exx Rxx Cxx to the same borrower has no update at all this week, only the one from the 22nd June.
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garfield
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Post by garfield on Jul 7, 2018 7:33:47 GMT
Both 1 and 2 showed monetus' update when I looked!!
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izigor
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Post by izigor on Aug 29, 2018 20:29:37 GMT
How come this thread was on the 3rd page?
...fixed!
Ok, just so my comment isn't too pointless I'm going to ask an unnecessary question (i.e. with a known answer).
Has anyone seen any movement on site?
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izigor
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Post by izigor on Aug 30, 2018 19:30:46 GMT
Someone said on another forum that the builders are taking their materials away. They left their materials there all this time?!? That's very unlikely.. unless they started work again recently and now taking them back .. hmm, this would be too optimistic. We have to resist any optimism so when we fall back to earth, we don't have to travel too far.
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Post by Deleted on Oct 1, 2018 17:34:32 GMT
Perhaps I'm being naive but I find myself very disappointed to read today's update .... not that any others have exactly inspired positivity!
However having chosen to invest in this loan and not DFL001 for a number of reasons I'm far from pleased they now appear to be inextricably linked. Reporting that a refinance lender is ready to proceed but this isn't possible until agreement on DFL001 is reached is a real kick in the teeth when any such agreement is proving impossible time and time again.
Should I have been aware of this possibilty when I invested? Will similar rules apply to the many other loans held by shared borrowers or will their separate SPVs divide them!
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mary
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Post by mary on Oct 1, 2018 18:25:42 GMT
Perhaps I'm being naive but I find myself very disappointed to read today's update .... not that any others have exactly inspired positivity! However having chosen to invest in this loan and not DFL001 for a number of reasons I'm far from pleased they now appear to be inextricably linked. Reporting that a refinance lender is ready to proceed but this isn't possible until agreement on DFL001 is reached is a real kick in the teeth when any such agreement is proving impossible time and time again. Should I have been aware of this possibilty when I invested? Will similar rules apply to the many other loans held by shared borrowers or will their separate SPVs divide them! Agreed, linkage was not disclosed. I think we must now assume that two, or more, SPVs are linked where there is a common controlling shareholder. Hence why Lendy refuse to default Brad****, as the common shareholder has, via other SPVs, many other Lendy loans, and we wouldn’t want to upset him?
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averageguy
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Post by averageguy on Oct 1, 2018 19:27:55 GMT
I smell BS here. Both are properties in their own right. Why would a finance company not be able to place a charge on this and proceed? If they are somehow linked, this should've been clearly stated to those who invested in DFL2 as many liked this project but didn't see viability in DFL1. Seems that Lendy want both to complete at the same time as they don't want to set a precedent paying the shortfall on one before the other is concluded. Seems to me that its Lendy saying they can't rather than the refinance company..unless. Lendy would like to explain other wise...what with their top notch recovery work..pffft
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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 Oct 1, 2018 19:29:39 GMT
I suspect that the issue is that the borrower owns the FH personally so both loans are to the borrower himself so if this one refinanced there is a danger that any default action taken on DFL001 would suck in DFL002. There are also seperate LH owned by companies owed by borrower which probably complicate matters further.
Probably doesn't affect any other loans on platform as they all AFIACS are to distinct SPV.
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withnell
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Post by withnell on Oct 2, 2018 8:30:01 GMT
There's a debenture over the borrower, so by allowing 002 to refinance without 001 weakens the security for 001 - the two loans have always been intrinsically linked because of the cross-collateralisation
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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 Oct 2, 2018 8:46:38 GMT
There's a debenture over the borrower, so by allowing 002 to refinance without 001 weakens the security for 001 - the two loans have always been intrinsically linked because of the cross-collateralisation Can you have a debenture over an individual?
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withnell
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Post by withnell on Oct 2, 2018 8:56:34 GMT
There's a debenture over the borrower, so by allowing 002 to refinance without 001 weakens the security for 001 - the two loans have always been intrinsically linked because of the cross-collateralisation Can you have a debenture over an individual? Well according to the loan particulars: SECONDARY SECURITY PGs, Debenture I can't see anything on the loan description to say if the loan is to an individual or company, but the presence of a debenture implies a company
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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 Oct 2, 2018 10:06:01 GMT
Can you have a debenture over an individual? Well according to the loan particulars: SECONDARY SECURITY PGs, Debenture I can't see anything on the loan description to say if the loan is to an individual or company, but the presence of a debenture implies a company DFL001 is to an individual, DFL002 to a company but I'm suspicious by the lack of LPA appointment so might be to individual now. There are debentures over several SPV. 1 for DFL001 (Lendy). 3 for DFL002 (Lendy & SSSH), 1 possibly on FH, 2 over LH elements of the site. No recovery action documented against DFL001 SPV or FH DFL002 SPV, just the two LH SPV.
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averageguy
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Post by averageguy on Nov 1, 2018 18:38:07 GMT
.....I'm beginning to think they have a pot with bits of paper in it..and on them is written a list of excuses......and then someone gets the dubious pleasure of picking one out for the monthly update....tell me Lendy what happened to the negotiated settlement you mentioned three months ago and then the one two months ago when you said it was concluding at the beginning of September....garbage
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invester
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Post by invester on Nov 1, 2018 19:09:39 GMT
I have a feeling that this will never be settled because of the old t&C's.
Lendy could theoretically afford to crystallise losses on any other load apart from this.
If Lendy goes bust then enforcing the contract might be difficult as there will be nothing left.
The updates here are a myth IMO....the borrower dangling settlements and refinances and Lendy believing it because they want to, but in reality just passing time until they fail.
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