TitoPuente
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Post by TitoPuente on Aug 2, 2017 13:29:20 GMT
Paul64, we NEED answers here. Please don't ignore this.
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bfish
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Post by bfish on Aug 2, 2017 14:46:45 GMT
For what it is worth, the Estate Agent confirms that 1 house is finished (showhouse), and the other 9 are near enough to accept viewings.
Asking price is £800k each - subject to negotiation.
No sales yet !
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GeorgeT
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Post by GeorgeT on Aug 2, 2017 16:27:03 GMT
Paul64 , we NEED answers here. Please don't ignore this. I'm sure there'll be boat-loads of answers to this question and more in Friday's update. Once you've trawled past all the nautically nuanced anecdotes on how freaking awesome Lendy Cowes Week was, of course.  Yes, I'm sure this matter won't sail past Paul's attention and he will bow to the request for a full update ASAP. Indeed, I'm sure he will drop anchor at his desk and make this loan his first port of call upon his return to the office. No doubt he will make some very stern enquiries and if he doesn't get satisfactory answers he will not keel over and if necessary he will deck the borrower. Let's hope it doesn't turn out there's not a yacht Lendy can do and they take whatever steps they mast to bring this loan to a satisfactory conclusion.
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izigor
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Post by izigor on Aug 2, 2017 19:48:02 GMT
Yes, I'm sure this matter won't sail past Paul's attention and he will bow to the request for a full update ASAP. Indeed, I'm sure he will drop anchor at his desk and make this loan his first port of call upon his return to the office. No doubt he will make some very stern enquiries and if he doesn't get satisfactory answers he will not keel over and if necessary he will deck the borrower. Let's hope it doesn't turn out there's not a yacht Lendy can do and they take whatever steps they mast to bring this loan to a satisfactory conclusion. At some point I stopped reading and started looking for the sea-sailing references instead. I then started reading again only to get fixated to the references once more like a ship heading towards the lighthouse. I gave up after the fifth attempt.
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warn
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Curmudgeon
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Post by warn on Aug 2, 2017 22:15:45 GMT
YAW-n
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 2, 2017 22:21:22 GMT
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warn
Member of DD Central
Curmudgeon
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Post by warn on Aug 2, 2017 22:23:44 GMT
No, just a tack-y reference from my ding[h]y past 
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Post by martin44 on Aug 2, 2017 22:27:52 GMT
No, just a tack-y reference from my ding[h]y past Rudd(er)y hell.
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seeingred
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Post by seeingred on Aug 3, 2017 16:54:08 GMT
For what it is worth, the Estate Agent confirms that 1 house is finished (showhouse), and the other 9 are near enough to accept viewings. Asking price is £800k each - subject to negotiation. No sales yet ! may not be very much. The show house is certainly finished because viewings are offered. As for the rest, 3 more seem to be almost there from what I can see across the field. Will try and update in a week or so, maybe less. By the way. Which Estate Agent told you this? Doesn't matter I guess, none of them ever tell porkies. It's against their code of honour. 
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guff
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Post by guff on Aug 3, 2017 17:16:48 GMT
Would it be possible to take some photographs while you're there seeingred? If you could post them up, they may save a few thousand words. |
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agent69
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Post by agent69 on Aug 3, 2017 18:06:17 GMT
Would it be possible to take some photographs while you're there seeingred ? If you could post them up, they may save a few thousand words. I wandered past earlier in the week and nothing appears to have changed since the photos in my post of 18th July. They are nice looking houses, but realistically who want's to pay £800k for a house and then spend the next 2 months living in the middle of a building site? Units 5 - 10 may be available for viewing, but are only likely to attract attention from people with an unnatural interest in scaffold!
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seeingred
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Post by seeingred on Aug 3, 2017 20:35:54 GMT
"the next 2 months living in the middle of a building site? Units 5 - 10 may be available for viewing, but are only likely to attract attention from people with an unnatural interest in scaffold!"
2 months did you say?
Now be fair - you'd be on the EDGE of a building site - albeit with all the construction traffic rumbling past your front door for the next........
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bfish
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Post by bfish on Aug 3, 2017 23:24:42 GMT
For what it is worth may not be very much. The show house is certainly finished because viewings are offered. As for the rest, 3 more seem to be almost there from what I can see across the field. Will try and update in a week or so, maybe less. By the way. Which Estate Agent told you this? Doesn't matter I guess, none of them ever tell porkies. It's against their code of honour. Whitton & Laing - 01392-976721... I share your reservations about Est. Agents, but to be fair in this instance, the lady I spoke to admitted she didn't deal with R**** C**** herself !
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seeingred
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Post by seeingred on Aug 4, 2017 13:34:05 GMT
Update:  The borrower has advised that he is in discussions with alternative funders in order to try to refinance the existing loan and obtain enough funds to complete the first 4 units. We have advised Borrower that recovery proceedings will commence if documentary evidence is not received within the next few days. Oh dear me..........   As advised by the local Estate Agent, these look almost ready for viewing. Seriously, whatever can have happened on this site to merit the above update?  |
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izigor
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Post by izigor on Aug 4, 2017 17:30:46 GMT
So with latest updates, I am currently deducing the following:
1. The first 4 units are NOT yet complete. (So the 'showhouse' isn't finished at all unlike what the estate agent stated?)
2. Lendy won't be lending the money because there's no security available from the borrower to lend against (So how is the borrower going to get extra funding)
3. As explained above, I don't believe the borrower has any chance of getting extra funding, so recovery is imminent.
4. The money is gone, What we will recover is an unfinished job which therefore isn't going to be per development value.
5. Therefore there is a possibility we are not going to get all the money back, unless Lendy get the project developed under their own initiative (Tell me I'm wrong please).
So please tell me if I am correct above Sherlocks? Because I'm going Ele'MENTAL!!
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