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Post by charliebrown on Nov 2, 2018 0:14:58 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. If we believe the “old T&C” theory then Lendy has been in default to us investors for over 500 days and we’ve done nothing about it. That makes us the fools not them.
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lofty
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Post by lofty on Nov 2, 2018 3:46:58 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. If we believe the “old T&C” theory then Lendy has been in default to us investors for over 500 days and we’ve done nothing about it. That makes us the fools not them. Maybe they're building a legal case to sue us all for fraud? 
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averageguy
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Post by averageguy on Dec 3, 2018 21:47:28 GMT
So latest update exactly the same as last month....have they just been having a chat for the last two months.....then of course the previous two months suggested hope......that seems to have evaporated ...not that I expected anything more
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Post by wightknight on Dec 22, 2018 12:14:00 GMT
So latest update exactly the same as last month....have they just been having a chat for the last two months.....then of course the previous two months suggested hope......that seems to have evaporated ...not that I expected anything more Does anyone know what the state of play is on the ground - or is all chat about this in DD Central now?
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Post by wightknight on Dec 22, 2018 14:46:23 GMT
I think Lendy has had ample opportunity to provide repayment to all investors in the old structured loans, including this one. You can either sit back and continue to read the BS or take action against Lendy to get what you’re owed. Persistence pays! Have you had some success in getting Lendy to payout on this?
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tombraider
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Post by tombraider on Dec 22, 2018 14:55:23 GMT
would you care to clarify what you mean by persistence pays
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Mr_N
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Post by Mr_N on Dec 22, 2018 19:44:58 GMT
would you care to clarify what you mean by persistence pays Seems self explanatory Son
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tombraider
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Post by tombraider on Dec 22, 2018 23:47:47 GMT
would you care to clarify what you mean by persistence pays Seems self explanatory Son No if he is saying he has had money out of this loan then this needs bringing to the attention of all investors. That is what the question is.....
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averageguy
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Post by averageguy on Dec 23, 2018 0:27:09 GMT
I think Lendy has had ample opportunity to provide repayment to all investors in the old structured loans, including this one. You can either sit back and continue to read the BS or take action against Lendy to get what you’re owed. Persistence pays! What action do you suggest ..and what evidence re persistence pays in respect of Lendy
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averageguy
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Post by averageguy on Dec 23, 2018 0:27:57 GMT
I think Lendy has had ample opportunity to provide repayment to all investors in the old structured loans, including this one. You can either sit back and continue to read the BS or take action against Lendy to get what you’re owed. Persistence pays! What action do you suggest ..and what evidence re persistence pays in respect of Lendy Exactly
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averageguy
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Post by averageguy on Dec 23, 2018 0:28:42 GMT
would you care to clarify what you mean by persistence pays Seems self explanatory Son Not really Sis
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Post by charliebrown on Dec 23, 2018 2:59:36 GMT
I imagine what was meant is that neither the borrower nor LY have any intentions to repay these Exeter loans. There has been a lot of talk on the forum from people saying under old T&Cs it is LY that borrowed this money from us investors and it is LY that owes us a repayment. However, AFAIK, it’s just been talk and no one has put that theory to the test by sending LY a demand for repayment. The loans are -554 days overdue and LY has done absolutely nothing that is visible to us to recover any money, just the usual false hope and empty promises that allows them to keep the problem buried month after month.
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averageguy
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Post by averageguy on Dec 23, 2018 13:09:37 GMT
I imagine what was meant is that neither the borrower nor LY have any intentions to repay these Exeter loans. There has been a lot of talk on the forum from people saying under old T&Cs it is LY that borrowed this money from us investors and it is LY that owes us a repayment. However, AFAIK, it’s just been talk and no one has put that theory to the test by sending LY a demand for repayment. The loans are -554 days overdue and LY has done absolutely nothing that is visible to us to recover any money, just the usual false hope and empty promises that allows them to keep the problem buried month after month. Kinda guessed that bit....its the persistence bit....I'm curious about
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adrianc
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Post by adrianc on Dec 23, 2018 13:38:05 GMT
I imagine what was meant is that neither the borrower nor LY have any intentions to repay these Exeter loans. ... The loans are -554 days overdue and LY has done absolutely nothing that is visible to us to recover any money, just the usual false hope and empty promises that allows them to keep the problem buried month after month. Well, hold on a minute...
You say they've done "absolutely nothing that is visible", but let's look back at the loan update history.
554 days ago was 17th June 2017.
On 23rd June, we were told the loan had been extended to the end of July. So is "554" the right date? Well, no - DFL2 is currently -510, 31st July.
By 6th July, one commercial unit was in legals for sale, and the residentials were being refinanced - Ly were requesting proof of that.
By 21st July, that proof hadn't been produced.
By 18th August, two weeks after the expiry of the extension, the borrower was requesting a reduced settlement - Ly refused.
By 1st September, a month after the expiry of the extension, formal demands were issued, and discussion on administration was underway.
By 15th September, administrators had been appointed.
By 27th September, a fortnight after the administrators, it started to become clear the borrower had been lying - the apartments were occupied.
By 26th October, the previous sale had clearly failed to happen, but another offer had been accepted on one of the commercial units.
By 23rd November, there were two purchase offers on the table - one from the borrower, one from somebody else.
By 7th December, that other offer had been refused because of the conditions around it, and build-out was being considered.
By 21st December, the borrower's offer to purchase DFL1 & 2 (£6m against £9m debt) had been refused.
By 2nd February, the IMS report around build-out was in place, and looking to be the likely route. The commercial sale was still underway.
By 29th March, the borrower was back at the table.
By 27th April, a deal had been struck with the borrower.
By 8th June, the borrower had produced proof of financing.
By 22nd June, completion was a week away.
By 6th July, the borrower had pulled a fast one and tried to reduce the offer at the last minute... Another buyer was on the cards.
By 20th July, the borrower had agreed to pay the original amount, and it was likely for August completion.
By 31st August, it was still ongoing for September.
By 28th September, there was a sticking point with DFL1. There's an update for that on the same date, saying the valuation for that was a problem.
By 1st Nov, DFL1 had a revised valuation.
And that's where it's at now.
Looks to me like Ly are trying very hard to get this resolved, but the borrower is playing silly buggers. They're trying to find alternative buyers, but they aren't forthcoming. So then what? Tell the one person who's interested to sling his hook? Tempting though it is, he clearly wants to get his project back on track. Sounds like the only arguing now is how much is on the table to do so. It's a year since we were looking at a 1/3 haircut, which was refused. So is the current arguing north of there? Should that have been taken, in retrospect? <shrug> But to say Ly are doing nothing is ignoring the information we have available.
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Post by captainconfident on Dec 23, 2018 14:11:20 GMT
thanks to @adrainc for the work that went into the above post.
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