seeingred
Member of DD Central
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Post by seeingred on Sept 27, 2017 12:33:09 GMT
Yes this is DFL001 -it can be accessed only via one entrance.
DFL002 is public access all the way around the building.
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Post by jimreaper on Sept 27, 2017 13:28:45 GMT
My first post so hello all!
"developer" refers to the cottage owned by his son. Its an LLP in his sons name and 'developer" appears to have resigned from another LLP that owned part of the sons LLP consequently, the cottage and adjacent single plot too. Two registered charges from two bridging companies as recent as 22/09/17....intriguing.
More to follow....
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Post by jimreaper on Sept 27, 2017 13:41:12 GMT
Cottage held under DNxxxxxx - currently on the market asking £700,000 - no chance.
Separate building plot between the cottage and the site....has permission for a four storey house, included within the charge, interesting.
Land being developed DNxxxxxx - title plan shows the access from Old Rydon Lane is included but I wonder? Was "developer" supposed to take some of DNxxxxxx land away and create wider access for the site? Has "developer" created a ransom strip blighting the site?
Site visit required....
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izigor
Member of DD Central
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Post by izigor on Sept 27, 2017 13:52:47 GMT
The main access is controlled by the Developer's son. And the latter will not be allowing access to the site?!?
Does that mean we are properly and utterly shafted?
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invester
P2P Blogger
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Post by invester on Sept 27, 2017 14:16:49 GMT
Can someone point me to the specific regulatory requirement that says a loan must be suspended if there is change to the risk profile?
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,334
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Post by ilmoro on Sept 27, 2017 14:22:35 GMT
Cottage held under DNxxxxxx - currently on the market asking £700,000 - no chance. Separate building plot between the cottage and the site....has permission for a four storey house, included within the charge, interesting. Land being developed DNxxxxxx - title plan shows the access from Old Rydon Lane is included but I wonder? Was "developer" supposed to take some of DNxxxxxx land away and create wider access for the site? Has "developer" created a ransom strip blighting the site? Site visit required.... This was known at the time to loan launched, either that or build the other road. Question I assume Lendy are investigating is whether they actually did take it. The charge docs for the son's property are inconclusive on this point as they dont cover the exisitng road pavement.
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guff
Posts: 730
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Post by guff on Sept 27, 2017 14:25:41 GMT
It's fortuitous for investors that this is an 'old Ts & Cs' loan.
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Monetus
Member of DD Central
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Post by Monetus on Sept 27, 2017 14:58:17 GMT
It's fortuitous for investors that this is an 'old Ts & Cs' loan. Maybe. Maybe not. If being forced to pay out a huge capital loss + interest out of their own pocket puts Lendy in financial jeopardy then we all end up losers.
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Post by bracknellboy on Sept 27, 2017 15:30:39 GMT
can anyone recommend somewhere they might be able to borrow the money from if need be ?  I am of course joking |
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Post by jimreaper on Sept 27, 2017 15:51:51 GMT
Tell me, under the 'old T&C's" or for that matter, current T&C's, is the borrower personally liable for say, a shortfall?
Having visited the site today, it appears the old driveway which is shared by both Bricknell's bungalow ("developer"/Lendy site) and B********* H**** (completely separate), there appears to be a widening with new asphalt (new feather board fencing and turf) . I've extracted an up to date title plan from the LR and measured the access road from O*** R**** L***, it appears that the registered plan does not include the new widening and make of that, what you will.....
Not relevant perhaps but B********* C****** ('son") has a registered charge on it as recent as 22/09/17 - that's two but perhaps the new bridging loan was to pay back the first one dated last year and the papers have yet to reach companies house.
Meantime, having had some experience of sites being repossessed, who will buy it? How easy will it be to get certification on the houses in order for the properties to be saleable let alone mortgageable and with other developments around it being proposed, will the GDV ever be realised? I'm sceptical and having read the valuation reports, a bit confused. The comparables, I would argue, are not comparable. They were based on the Heritage development at Holland Park where properties sold for an average £600K and are in a parkland setting, behind a golf course and nowhere near the noisy M5 motorway.
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dp
Member of DD Central
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Post by dp on Sept 27, 2017 15:54:58 GMT
Tell me, under the 'old T&C's" or for that matter, current T&C's, is the borrower personally liable for say, a shortfall? Having visited the site today, it appears the old driveway which is shared by both Bricknell's bungalow ("developer"/Lendy site) and B********* H**** (completely separate), there appears to be a widening with new asphalt (new feather board fencing and turf) . I've extracted an up to date title plan from the LR and measured the access road from O*** R**** L***, it appears that the registered plan does not include the new widening and make of that, what you will..... Not relevant perhaps but B********* C****** ('son") has a registered charge on it as recent as 22/09/17 - that's two but perhaps the new bridging loan was to pay back the first one dated last year and the papers have yet to reach companies house. Meantime, having had some experience of sites being repossessed, who will buy it? How easy will it be to get certification on the houses in order for the properties to be saleable let alone mortgageable and with other developments around it being proposed, will the GDV ever be realised? I'm sceptical and having read the valuation reports, a bit confused. The comparables, I would argue, are not comparable. They were based on the Heritage development at Holland Park where properties sold for an average £600K and are in a parkland setting, behind a golf course and nowhere near the noisy M5 motorway. Any photos from you "said" visit?
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Post by jimreaper on Sept 27, 2017 15:55:37 GMT
Can someone point me to the specific regulatory requirement that says a loan must be suspended if there is change to the risk profile? I believe that bridging loans are not regulated in which case, irrelevant.
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Post by jimreaper on Sept 27, 2017 16:11:52 GMT
Anyone know who the LPA receiver is?
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Post by jimreaper on Sept 27, 2017 16:12:39 GMT
I believe that bridging loans are not regulated in which case, irrelevant. But being a retail investment product provider / operator of an electronic system in relation to lending, is regulated. So probably something there, methinks. Yes, indeed.
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izigor
Member of DD Central
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Post by izigor on Sept 27, 2017 16:13:33 GMT
The main access is controlled by the Developer's son. And the latter will not be allowing access to the site?!? Does that mean we are properly and utterly shafted? As a lender, you should have an email explaining Lendy's view on the (alleged) access restriction. (It's a copy of the content on the loan's most recent website update also issued today.) I would post that email content here, but understandable uncertainty exists around sharing lender-specific comms, so won't. I did get an email but it is just the update that they have posted on their site too. No more information. I'm just finding it hard to believe I understand what's being said. So for example, if someone were to have bought one of the houses. Then does it mean they would have needed the developer's son's permission to access their house?
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I am of course joking