ptr120
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Post by ptr120 on May 8, 2018 16:33:02 GMT
looked over the fence today photo linkThanks. Any sign of any activity or any plant on site?
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Post by masquedefer on May 8, 2018 21:52:23 GMT
These are the show houses. Look at the grass. The site is obviously deserted!
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izigor
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Post by izigor on May 11, 2018 19:22:37 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! Winning that bet so far ...
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Post by buttchopf23 on May 11, 2018 20:48:43 GMT
What are Heads of Terms?
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1stwaz
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Post by 1stwaz on May 11, 2018 21:45:47 GMT
The terms of the deal in principle.
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rrrupert
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Post by rrrupert on May 11, 2018 22:08:31 GMT
As suggested above. It does not really take 2 weeks to draw up Heads of Terms. I would assume they (borrower) are delaying for some reason.
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Post by charliebrown on May 12, 2018 0:32:13 GMT
If the borrower has defaulted this loan and washed his hands of it, why then would he be playing silly beggars and making offers? Unless the offer is significantly less than the loan or site valuation and he’s trying his luck. Personally I think nothing will come of this offer apart from us having lost 6 months taking no action. I also don’t think LY have the appetite for a build out.
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ptr120
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Post by ptr120 on May 12, 2018 7:59:01 GMT
If the borrower has defaulted this loan and washed his hands of it, why then would he be playing silly beggars and making offers? Unless the offer is significantly less than the loan or site valuation and he’s trying his luck. Personally I think nothing will come of this offer apart from us having lost 6 months taking no action. I also don’t think LY have the appetite for a build out. The borrower has given a PG which is why he is making offers.
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on May 12, 2018 15:27:33 GMT
If the borrower has defaulted this loan and washed his hands of it, why then would he be playing silly beggars and making offers? Unless the offer is significantly less than the loan or site valuation and he’s trying his luck. Personally I think nothing will come of this offer apart from us having lost 6 months taking no action. I also don’t think LY have the appetite for a build out. Maybe the borrower would rather walk away than pay off the full loan as he would not make any profit. But he knows that Lendy do not have the capability to build out the project and if he can get the loan partially written off he can profitably finish it himself.
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Post by Whitbourne on May 12, 2018 15:31:54 GMT
If the borrower has defaulted this loan and washed his hands of it, why then would he be playing silly beggars and making offers? Unless the offer is significantly less than the loan or site valuation and he’s trying his luck. Personally I think nothing will come of this offer apart from us having lost 6 months taking no action. I also don’t think LY have the appetite for a build out. The borrower has given a PG which is why he is making offers. Exactly. 'Playing silly beggars' is a little unkind - this borrower (and others) are stuck with a project that cannot possibly bear the weight of the capital, accrued interest and hefty fees that have been incurred. Yet they have given a PG. So it is in their interest to make the very best offer they can to complete the project, which although it will not pay any bonus or interest (and maybe not even all the capital) will be better than selling at auction, especially given the auction costs. Personally I wish that Lendy would put these offers to investors as soon as they are received, for a vote.
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ptr120
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Post by ptr120 on May 12, 2018 16:02:19 GMT
Whitbourne don't forget that the loan is also under the 'old' terms and conditions - so we made the loan to Lendy. As such, I fully expect them to make up all capital interest and bonus that they are unable to extract from the borrower. The borrower also knows this, so I think there is clearly some brinkmanship going on on both sides.
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izigor
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Post by izigor on May 12, 2018 16:06:07 GMT
I believe (From my failing memory) that the borrower was warned he could lose his "pants" over this project if he didn't get his act together. He then, with a bruised ego, stopped all works at the site and then tried to orchestrate a revolt among investors here. This didn't work and he has since realised his pants would be on offer, right next after this site, in some future auction..
Spending the pants in this development is far better than losing it in an auction (both for ego and financial credibility)
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mary
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Post by mary on May 24, 2018 11:05:28 GMT
When are we likely to get an update on the Heads of Terms? Surely it doesn't take over 2 weeks to prepare and sign an agreed document. Sounds like more savingstream bullshit And a vote?
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ptr120
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Post by ptr120 on May 24, 2018 11:26:15 GMT
I don't think we'll ever see a vote on this loan. As it is on the old terms and conditions that'd be like Turkeys voting for Christmas.
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Post by charliebrown on May 24, 2018 11:48:25 GMT
Outcome yet to be seen, but do you think they’ve put more effort into trying to recover these Exeter loans because (allegedly) they’d be liable to investors for any shortfall? Do you also think they’d top up any shortfall from the PF to absolve themselves of any liability. I really hope we can get a positive outcome on these Exeter loans. However, I’ll only believe it when I see it, really don’t want to attach any hope to LY updates.
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. I suppose the only thing I got wrong was I thought they were expecting to receive a "
