izigor
Member of DD Central
Posts: 162 
Likes: 86
|
Post by izigor on Dec 22, 2017 13:08:01 GMT
Amended £6M offer from the borrower rejected. Investigation on build-out offer carries on and results are expected in the new year (? what does that mean? circa middle to end of January?). Also wondering out aloud, was £6M to £7M not the original offer. In any case, looking forward to the results from IMS.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Dec 22, 2017 17:14:55 GMT
AIUI the offer of £6m is for both sites for which he borrowed in total c£9m so would represent a one third haircut. Accepting it in that form would give Lendy a headache in apportioning the loss between the two loans so I suppose they will ask for two separate offers.
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Dec 22, 2017 18:43:47 GMT
AIUI the offer of £6m is for both sites for which he borrowed in total c£9m so would represent a one third haircut. Accepting it in that form would give Lendy a headache in apportioning the loss between the two loans so I suppose they will ask for two separate offers. Thinking about it.If Lendy were to accept the offer for closure from the original borrower it could be seen as making a final offer and therefore close all opportunity to pursue the borrower for the remaining difference. On that basis, I support them finding the best option even if that means getting detailed information on a build out option. I seem to recall (but cannot find the text) that the developer posted on this thread that completion could be 4 weeks of effort.
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Dec 22, 2017 22:18:58 GMT
Does anyone have any idea whether this 'default' could appear in the capital losses in ones tax statement or is that a bit early at the moment ? For next year (ie 2016-2017) possibly. : I think you're falling behind!  My diary says I'm in Dec.'17 now, so ISTM that the current tax year is 2017-2018.
|
|
littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
|
Post by littleoldlady on Dec 23, 2017 9:10:59 GMT
Does anyone have any idea whether this 'default' could appear in the capital losses in ones tax statement or is that a bit early at the moment ? IMHO the only 'safe' way is to submit the same figures that the platform does. It is obliged to tell you what they are.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Feb 2, 2018 17:59:48 GMT
Latest update: "The IMS’ report has now been received and reviewed by Lendy. We will now be proceeding to obtain quotes from contractors to build out the site."
Can some of you please educate me a little. I naively thought the IMS report would have included the quotes as .. that seems to be the crucial piece of info required here. What exactly was the purpose of the IMS report and what kind of content was it providing?
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on Feb 2, 2018 18:57:22 GMT
The significant thing seems to be that somehow they have been told the build-out option is the least worst.
Have Lendy actually had any projects where they have had to do it themselves? Seem to be entering a new ball park to me, and of course incompetence in cost or time over-runs is basically coming out of our pocket as we will end up receiving less.
|
|
izigor
Member of DD Central
Posts: 162
Likes: 86
|
Post by izigor on Feb 2, 2018 19:19:44 GMT
The significant thing seems to be that somehow they have been told the build-out option is the least worst.
Have Lendy actually had any projects where they have had to do it themselves? Seem to be entering a new ball park to me, and of course incompetence in cost or time over-runs is basically coming out of our pocket as we will end up receiving less. I now don't believe that's what the IMS report tells them because without quotes of a build-out, they would not have enough information to reach such a conclusion. My own humble opinion is that selling smaller chunks of the project means more prospective bidders/buyers. They can only do that if they build-out. If they try to sell the big incomplete site, we are, very likely, to be in a much worst position.
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Feb 3, 2018 5:43:27 GMT
Latest update: "The IMS’ report has now been received and reviewed by Lendy. We will now be proceeding to obtain quotes from contractors to build out the site." Can some of you please educate me a little. I naively thought the IMS report would have included the quotes as .. that seems to be the crucial piece of info required here. What exactly was the purpose of the IMS report and what kind of content was it providing? I too was convinced the report would be a complete analysis (including costs). Without costs, this 'report' is another complete waste of time and kicking the can down the road. The IMS report establishes viability and what is required to achieve practical completion. Ly can now tender for development completion based on these requirements and the developers will budget their own costs to do so (the IMS will not be second guessing different developers’ cost bases).
|
|
|
|
Post by loftankerman on Feb 3, 2018 9:49:20 GMT
The significant thing seems to be that somehow they have been told the build-out option is the least worst. Have Lendy actually had any projects where they have had to do it themselves? Seem to be entering a new ball park to me, and of course incompetence in cost or time over-runs is basically coming out of our pocket as we will end up receiving less. Well, on the up-side they doped around long enough to avoid getting Carillion to build it out for them.
|
|
TitoPuente
Member of DD Central
Posts: 624
Likes: 655
|
Post by TitoPuente on Feb 3, 2018 10:10:51 GMT
The update is positive. The build-out option has been loudly demanded here.
The outcome is still totally uncertain and investors may be in for a long process with many pitfalls, but Lendy is signaling that they will at least attempt to honour what they stated they would do in a case like this one (and 002).
|
|
agent69
Member of DD Central
Posts: 6,053
Likes: 4,441
|
Post by agent69 on Feb 3, 2018 10:24:23 GMT
The update is positive. The build-out option has been loudly demanded here. Have Ly given any indication of where the money to build out would come from. Also has the access issue been resolved?
|
|
hector
Member of DD Central
Posts: 122
Likes: 162
|
Post by hector on Feb 3, 2018 11:10:30 GMT
The significant thing seems to be that somehow they have been told the build-out option is the least worst. Have Lendy actually had any projects where they have had to do it themselves? Seem to be entering a new ball park to me, and of course incompetence in cost or time over-runs is basically coming out of our pocket as we will end up receiving less. Well, on the up-side they doped around long enough to avoid getting Carillion to build it out for them. Irrelevant post the Companies collapse in the case of Carillion, but for future reference should a similar contractor appear, I'm not sure you are correct in that, when it came to build projects, Corillion appeared to do a good job & delivered better than good value for money to the client. It was just that too many better than good value to the client contracts eventually could only result in one outcome. 🤔 I suppose a bit like P2P platforms & serial borrowers 🤔
|
|
|
|
Post by dualinvestor on Feb 3, 2018 14:03:20 GMT
Has Lendy started the bankruptcy proceedings against the borrower? This is the VERY FIRST THING to do when you see no progress in the potential negotiations. If you want to lose all your money. Bankruptcy is a very poor debt recovery method. In any event Lendy could only petition for the Bankruptcy of the debtor if it can prove there is a shortfall on its security as only unsecured creditors may issue procedings.
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Feb 3, 2018 17:00:01 GMT
Lets see if there is more detailed information in the near future.
A build option so that completed units can be sold individually has to be better than trying to sell on a whole development that is part built, unless it is at a significant discount.
|
|
