GeorgeT
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Post by GeorgeT on Jun 8, 2018 16:07:36 GMT
8 June 2018: "The borrower has received terms on the proposed refinance and details of this have now been shared with Lendy. All parties are progressing the refinance and we are continuing to chase all parties for the scheduled completion date."
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jwatson
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Post by jwatson on Jun 8, 2018 16:55:14 GMT
There's still been no repayment figures disclosed then...
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Jeepers
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Post by Jeepers on Jun 8, 2018 18:20:26 GMT
There's still been no repayment figures disclosed then... 100%.
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izigor
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Post by izigor on Jun 9, 2018 6:08:10 GMT
This and DFL002 is in some danger of being refinanced ... unless one us celebrates too much, too early so as to jinx it ...
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littleoldlady
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Post by littleoldlady on Jun 16, 2018 19:34:39 GMT
The loan particulars say "Gross Development Value of £8,610,000 (£861,000 per unit x 10)" but the first one seems to be on sale for £675,000 with Kingbourne & Co.
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agent69
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Post by agent69 on Jun 16, 2018 20:58:52 GMT
I can't remember the details but I seem to remember the borrower (or his dad) had their main residence on site and was causing some issues for Lendy about an access road? Ive forgot now so can someone fill in the gaps? Anyway, it looks like the borrower is having to sell his house as well as it's on rightmove, under offer  From memory the PP required the existing entrance road to be widened, and the land required to do this was part of an adjacent property owned by the borrowers son.
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izigor
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Post by izigor on Jun 18, 2018 1:26:09 GMT
The loan particulars say "Gross Development Value of £8,610,000 (£861,000 per unit x 10)" but the first one seems to be on sale for £675,000 with Kingbourne & Co. Ok, rose-tinted glasses on - check. Full optimistic mode switched on - check. Ratchet up the positive thinking - check. Here goes, The loan for DFL001 was for £5,988,911. If they manage to sell one or two at £675k around an unfinished site, they can use the money to finish the others. Once they are all done in a nice setting, it will then possibly fetch a little more than that. Even if they sell the rest at £675k each, it still leaves an extra £761k over the original capital - IF the refinance goes through, we'll probably never know how this story ends. "Anyway, it looks like the borrower is having to sell his house as well as it's on rightmove, under offer" - Jeepers. I wonder if that is part of their refinance with the new Lender.
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Jeepers
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Post by Jeepers on Jun 22, 2018 15:35:10 GMT
Completion set for 30th June. Who writes this BS? That's 8 days away... on a SATURDAY  |
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mary
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Post by mary on Jun 22, 2018 18:37:50 GMT
Completion set for 30th June. Who writes this BS? That's 8 days away... on a SATURDAY Seems there not going to be a vote option to accept or reject, therefore I'm assuming we'll be getting 100% of Capital retuned. I'm prepared to forego overdue interest and bonus on this one, but as it's on Old T&Cs, nothing less.
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Jeepers
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Post by Jeepers on Jun 22, 2018 18:42:58 GMT
Why forego the interest? I'm accepting nothing less than capital + interest.
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invester
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Post by invester on Jun 22, 2018 19:31:16 GMT
Smells like a delaying tactic to me...... the longer the borrower can draw this out the weaker Lendy's position becomes and the more likely they will be to simply accept a poorer offer.
Who completes a deal on Saturday? Really sounds to me that the borrower has simply told Lendy the completion date is at the end of the month and they have taken it too literally.
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averageguy
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Post by averageguy on Jun 22, 2018 20:21:54 GMT
Completion set for 30th June. Who writes this BS? That's 8 days away... on a SATURDAY Least they didnt report June 31st 
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GeorgeT
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Post by GeorgeT on Jun 22, 2018 22:27:46 GMT
Given these two loans are the only LY loans I am still stuck in and given they are on the old (lending to LY) terms and conditions I am determined to feel optimistic that something may be concluded around the end of the month and hence we may get all our capital and interest back in the not too distant future.
Unfortunately however LY does have something of a track record of over promising and then delivering disappointment.
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izigor
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Post by izigor on Jun 23, 2018 9:45:41 GMT
I don't see why any of us should be prepared to 'forego' any interest that easily. This is business, we should only forego anything when it makes business sense, not when we can't cope emotionally (i.e.fear). What we are due is the return of the captital + all interest. If/When the borrower has refinanced the loan, he will be in receipt of finance .. this will be Lendy's opportunity to recover what is due (IF they didn't pay up). Saying all that, I am still quite sceptical about the update. 'Targeting a completion date' can be anything .. I mean I've been targeting to lose a few pounds since 5 Christmas's ago - it's still not happened .. if anything I've gone the other way. "Seeking the LPA receiver's advice in relation to the start of legals" - I don't understand this .. I hope just mean they are humbly/politely requesting LPA to give 'permission?' for them to go this way ..If not and its literal .. then why do they need "advice"?
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Monetus
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Post by Monetus on Jul 6, 2018 15:16:11 GMT
What a surprise in the latest update:
"Whilst the borrower was targeting completion of the refinance on or around 30 June 2018, this was not achieved due to the borrower seeking to renegotiate the agreed settlement sum and make it subject to reserved matters which would have substantially reduced the return to investors. In light of this, and after lengthy discussions with the borrower, we have confirmed that unless he agrees to pay the previously negotiated settlement sum, we will proceed with alternative exit options. We are in preliminary discussions with an interested third party."
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