izigor
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Post by izigor on Apr 27, 2018 15:17:34 GMT
"A deal in principle has been agreed with the borrower and we expect to receive Heads of Terms from solicitors acting for the borrower shortly. Further details of the agreement will be released as and when we are able however, at the current time, we cannot release any further information in relation to the deal in principle due to the adverse risk of doing so." That's almost exactly what I thought the update would be   . I suppose the only thing I got wrong was I thought they were expecting to receive a " Tale Tail of Terms" from the borrower's solicitors. Now watch the situation to totally revert back to 'no deal' and build-out back on the table in two six weeks (the two updates within the four weeks being 'awaiting terms from solicitors'. I'm prepared to bet my grandad's pipe on it! |
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invester
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Post by invester on Apr 27, 2018 15:28:20 GMT
They are stuffed, aren't they? I would have thought cutting a deal would preclude them making any other claims against them. Given that these properties haven't ended up on the market valuations are irrelevant.
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jwatson
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Post by jwatson on Apr 27, 2018 15:34:19 GMT
Yes, it's a shame nobody else nobody seems to have been willing to buy the site. They could have gone after the borrower for the shortfall then.
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littleoldlady
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Post by littleoldlady on Apr 28, 2018 8:24:09 GMT
The site is worth more to the borrower than any other developer because he knows the state of play. Anyone else is buying a potential pig in a poke.
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Jeepers
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Post by Jeepers on Apr 28, 2018 9:09:11 GMT
Yes, it's a shame nobody else nobody seems to have been willing to buy the site. They could have gone after the borrower for the shortfall then. just glad more money wasn't ploughed in for a build out and then be in the same situation with no buyers once complete.
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agent69
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Post by agent69 on Apr 28, 2018 9:23:12 GMT
No indication of the size of the haircut though.
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Post by spareapennyor2 on Apr 28, 2018 9:46:25 GMT
update 21/12/2017 "was received for the combined sum of £6m." 1/3 haircut or buy DFL001 get DFL002 free edit give or take 100k don`t see it being much more Jeepers |
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Jeepers
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Post by Jeepers on Apr 28, 2018 10:33:19 GMT
£6m was declined. Lendy accounts show ,provision for liabilities at £2.85m so that's most likely the expected haircut they're having to fund.
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littleoldlady
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Post by littleoldlady on Apr 28, 2018 10:35:26 GMT
"A deal in principle has been agreed with the borrower and we expect to receive Heads of Terms from solicitors acting for the borrower shortly. Further details of the agreement will be released as and when we are able however, at the current time, we cannot release any further information in relation to the deal in principle due to the adverse risk of doing so." That's almost exactly what I thought the update would be . I suppose the only thing I got wrong was I thought they were expecting to receive a " Tale Tail of Terms" from the borrower's solicitors. Now watch the situation to totally revert back to 'no deal' and build-out back on the table in two six weeks (the two updates within the four weeks being 'awaiting terms from solicitors'. I'm prepared to bet my grandad's pipe on it! Based on past performance of can kicking you may well be right. But I have a sneaking feeling that this might be the loan where they finally give up the charade of "nobody has lost money". There may be pressure from the FCA and they must realise that any delay will only increase the eventual loss. So I am prepared to put up my grandmother's pipe against your wager. May the best person win.
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littleoldlady
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Post by littleoldlady on Apr 28, 2018 10:39:02 GMT
£6m was declined. Lendy accounts show ,provision for liabilities at £2.85m so that's most likely the expected haircut they're having to fund. And the interesting thing will be how they divide the loss between the two loans. Many lenders will be in only one of them and any perceived unfairness will lead to howls of complaint, but it will require the wisdom of Solomon to come up with a division which keeps everyone happy.
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littleoldlady
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Post by littleoldlady on Apr 28, 2018 12:22:09 GMT
And the interesting thing will be how they divide the loss between the two loans. Many lenders will be in only one of them and any perceived unfairness will lead to howls of complaint, but it will require the wisdom of Solomon to come up with a division which keeps everyone happy. It's irrelevant. Lendy is the borrower on both loans and therefore liable to make up 100% of the capital and interest. If you believe that will you buy my parts at 10% discount?
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xpubman1
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Post by xpubman1 on Apr 28, 2018 12:30:56 GMT
"A deal in principle has been agreed with the borrower and we expect to receive Heads of Terms from solicitors acting for the borrower shortly. Further details of the agreement will be released as and when we are able however, at the current time, we cannot release any further information in relation to the deal in principle due to the adverse risk of doing so." That's almost exactly what I thought the update would be . I suppose the only thing I got wrong was I thought they were expecting to receive a " Tale Tail of Terms" from the borrower's solicitors. Now watch the situation to totally revert back to 'no deal' and build-out back on the table in two six weeks (the two updates within the four weeks being 'awaiting terms from solicitors'. I'm prepared to bet my grandad's pipe on it!
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xpubman1
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Post by xpubman1 on Apr 28, 2018 12:33:36 GMT
Well, that was some smart thinking.... maybe next time, put your thoughts into that pipe and smoke it...
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invester
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Post by invester on Apr 28, 2018 13:13:05 GMT
It's irrelevant. Lendy is the borrower on both loans and therefore liable to make up 100% of the capital and interest. If you believe that will you buy my parts at 10% discount? Contractually that is correct though isn't it? We lent money to SS, who then lent it out. Whether they might try and renege on this is another thing. I have a feeling they may gamble and hope that enough people don't have deep enough pockets to enforce it. But it's obvious that there is something different about this one, had it been anything else it would have gone to a vote. I don't think they want to risk a build out and then the houses being worth nothing near what the valuations suggested.
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hazellend
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Post by hazellend on Apr 28, 2018 13:18:50 GMT
If you believe that will you buy my parts at 10% discount? Contractually that is correct though isn't it? We lent money to SS, who then lent it out. Whether they might try and renege on this is another thing. I have a feeling they may gamble and hope that enough people don't have deep enough pockets to enforce it. But it's obvious that there is something different about this one, had it been anything else it would have gone to a vote. I don't think they want to risk a build out and then the houses being worth nothing near what the valuations suggested. Watching with interest. I will be surprised if Lendy make up the shortfall and don’t think they should unless it is a cast iron legal thing.
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. I suppose the only thing I got wrong was I thought they were expecting to receive a "
