mary
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Post by mary on Oct 30, 2017 14:49:28 GMT
The offer is for DFL01 and DFL02, which total just under £9m in loans for both, vs GDV of £12.6m. So £2.3m guaranteed loss, plus costs, unless you want to punt on the £3.3m loss with a further promised £2m maybe sometime never based on unclear future events. I didn't spot the offer was for DFL002 as well. At first I thought the offer was a get out of jail free card. Lenders really do need regular IMS reports for development projects like these to ensure spend doesn't go off track and the LTV doesn't breach agreed levels. Sadly not a get out free card. Hard to see how Lendy can generate a higher offer quickly, but then I don't know what cards they think they have?
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agent69
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Post by agent69 on Oct 30, 2017 15:06:26 GMT
Am I the only one that thinks this is all a bit strange.
Who is actually offering the money to buy the development? If it's the original developer, then why are the sites being handed over to a new developer for completion. If it's the new developer, then why is the current developer singing the praises of the deal to the receiver. What's in it for him?
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mary
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Post by mary on Oct 30, 2017 15:12:20 GMT
Am I the only one that thinks this is all a bit strange. Who is actually offering the money to buy the development? If it's the original developer, then why are the sites being handed over to a new developer for completion. If it's the new developer, then why is the current developer singing the praises of the deal to the receiver. What's in it for him?
At least he admits his interest, and I assume that the offer is from a connected party and conditional on his PGs being discharged and lenders taking the hit, else Lendy could pursue him for the shortfall via the PG.
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dandy
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Post by dandy on Oct 30, 2017 15:32:54 GMT
Please come back to me by return with a definite decision as to whether the current offers on the table are to be accepted or not. Thanks for your offer. We will rely on the security and your PG. Hope that puts your very active mind at rest so that you can now focus on reality.
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fp
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Post by fp on Oct 30, 2017 15:50:12 GMT
Where is a that new member who was having a good old sniff round here a few weeks ago and then promptly vanished when it was suggested he look at some other boards?
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mikes1531
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Post by mikes1531 on Oct 30, 2017 15:56:26 GMT
Where is a that new member who was having a good old sniff round here a few weeks ago and then promptly vanished when it was suggested he look at some other boards? Maybe they followed that advice?
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oldgrumpy
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Post by oldgrumpy on Oct 30, 2017 16:17:37 GMT
Where is a that new member who was having a good old sniff round here a few weeks ago and then promptly vanished when it was suggested he look at some other boards? Maybe they followed that advice? You mean Mr Reaper? he was online yesterday, so he's probably lurking. 
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treeman
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Post by treeman on Oct 30, 2017 16:36:05 GMT
Quite what the developer hopes will happen as a result of this posting eludes me  Are we all supposed to inundate L with votes of support? Based on a rather desperate sounding one-side-of-the-story plea from about the least unbiased source possible ? REALLY !?!?!?! Though what he's looking to achieve seems reasonably easy to figure out ........ |
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Post by lendinglawyer on Oct 30, 2017 16:36:28 GMT
Maybe he just wants Lendy to sell at a good price so that the “only” claim under his PGs is the £2.5m or whatever rather than the significantly larger number it could be if Lendy mess around until after winter (if you take his allegations at face value - which could be rubbish as he could just be a bad developer!)? Lendy does have a duty to sell for the highest amount possible here rather than do whatever it wants then “squeeze the PGs”, so if it’s right that waiting until after winter would cause a worse result they should indeed act fast... That said, I am 100% against any sale to someone he is involved with if a release of the PGs is a condition to that sale. developer please release the full Ts&Cs of the offers in question so we can review, rather than your selective correspondence which of course attempts to cast you in a favourable light. |
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seeingred
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Post by seeingred on Oct 30, 2017 16:54:49 GMT
developer stated "Lendy’s knee jerk reaction by quickly appointing receivers over the Exeter projects instead of trading out of the default situation caused by the liquidation of the main contractor is compounding an unfortunate situation." What caused the main contractor to go into liquidation? He presumably signed a contract to undertake work on DFL001/2 , DFL002 is almost complete (little problem there except the proposed selling prices are too high) and in respect of DFL001, it is roughly half built and all the money has gone? Who is at fault? Certainly Lendy didn't seem to undertake proper appraisals during the site build or else the over spend would have been spotted earlier. But who did the overspending and failed to undertake proper project costing and control? Not the first time developers have had a starry eyed view of how much their developments should be worth, but it doesn't usually end up in this sort of mess?
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Liz
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Post by Liz on Oct 30, 2017 17:08:48 GMT
The talk of wanting to reduce the exposure to a PG is bogus IMO. The lawyers will get the borroy out of paying out on a PG, we have seen it time and time again in p2p. Just google how to get out of a personal guarantee.
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Post by Badly Drawn Stickman on Oct 30, 2017 17:17:44 GMT
Maybe they followed that advice? You mean Mr Reaper? he was online yesterday, so he's probably lurking. Its pure coincidence obviously, but given that somebody with a not dissimilar name is 'following' Developer, I wonder if the IP addresses are much the same. If only there was some way to check, something like a forum activity log.
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username
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Post by username on Oct 30, 2017 17:27:50 GMT
This is getting bloody messy.
As an investor I wouldn't be happy to lose money on this and see the developer still make a profit - I'd rather lose a bit more and let someone else have it.
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fp
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Post by fp on Oct 30, 2017 17:28:49 GMT
You mean Mr Reaper? he was online yesterday, so he's probably lurking. Its pure coincidence obviously, but given that somebody with a not dissimilar name is 'following' Developer, I wonder if the IP addresses are much the same. If only there was some way to check, something like a forum activity log. I doubt they have the same ip address, but they are almost definitely in bed together IMHO
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Liz
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Post by Liz on Oct 30, 2017 17:34:15 GMT
This is getting bloody messy. As an investor I wouldn't be happy to lose money on this and see the developer still make a profit - I'd rather lose a bit more and let someone else have it. For the sake of all of the other Lendy loans, you do have to take a hard line.
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