dermot
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Post by dermot on Jul 6, 2018 15:58:02 GMT
That's the DFL002 update ...
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GeorgeT
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Post by GeorgeT on Jul 6, 2018 17:54:25 GMT
That's the DFL002 update ... The updates have been updated so that this update now appears against this loan as well.
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mary
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Post by mary on Jul 6, 2018 18:23:01 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."Not really, he's discovered a figure that Lendy have agreed to settle at (which from prior offers must be way below par), then at the last minute he drops it again to see if that really is Lendy's line in the sand (presumably knowing that Lendy is on the hook, for any shortfall). Its who blinks first, except already Lendy did, by accepting an offer in principle, which he reneged on! This will likely run and run a way more.
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hazellend
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Post by hazellend on Jul 6, 2018 21:00:15 GMT
'which would have substantially reduced the return to investors.' Don't think so since I'll be recovering the full debt from the borrower- Lendy. The longer it drags on, the greater the effect on Lendy since interest is accruing on its debt all the while. Out of interest how would you plan on recovering any shortfall if Lendy interpreted things differently? Lawyer will charge 500/hour
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Post by charliebrown on Jul 7, 2018 0:30:21 GMT
No surprises on the repayment falling through, as suspected none of us need to eat our hats.
I don’t believe there ever was any offer of settlement. After defaulting the loan and letting the development lapse and most likely deteriorate why would the borrower suddenly step up and offer settlement. Which other lender would refinance a failed development for much more than it’s worth.
i also don’t believe we’ve got a prayer of LY accepting responsibility and repaying us. There’s just no way on earth that’s going to happen. Could they even afford to do that, and since when did LY ever do the right thing by borrowers.
i expect this to drag on indefinitely.
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agent69
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Post by agent69 on Jul 7, 2018 9:01:58 GMT
Out of interest how would you plan on recovering any shortfall if Lendy interpreted things differently? Lawyer will charge 500/hour FOS Will cost me £0 Will cost Lendy £550 Even if you had to use a lawyer, you wouldn't pay 500/hour. Legal costs would be recovered from the losing party which would obviously be Lendy. Lenders lent to Lendy, therefore Lendy is responsible as the borrower. Case closed. Pleas let us know when you have instigated legal proceeding, as there are probably lots of people who would like to follow your progress.
My bet would be that you will lose more in court than you will loose in this loan.
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Post by buttchopf23 on Jul 8, 2018 19:13:17 GMT
The update has changed since Friday, if I am not mistaken:
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averageguy
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Post by averageguy on Jul 8, 2018 19:51:54 GMT
The update has changed since Friday, if I am not mistaken: Well I am in DFL002....and the update on that one is the above and hasn't changed since Friday, if thats any help
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Post by buttchopf23 on Jul 10, 2018 7:50:00 GMT
Thanks  |
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dermot
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Post by dermot on Jul 10, 2018 12:28:24 GMT
That's the DFL002 update ... The updates have been updated so that this update now appears against this loan as well. Are you sure you've updated the updates that have been updated, so you are fully updated - at least until the next (updated) update?
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Monetus
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Post by Monetus on Jul 20, 2018 14:56:13 GMT
Im on tenterhooks for this weeks update.....
Why do I get the feeling we're about to go round in circles again?
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GeorgeT
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Post by GeorgeT on Jul 20, 2018 14:59:05 GMT
Im on tenterhooks for this weeks update..... Why do I get the feeling we're about to go round in circles again? And we are entering the time of year when updates contain phrases like solicitors are on holiday.
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GeorgeT
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Post by GeorgeT on Jul 20, 2018 15:51:42 GMT
The latest update is targeting a completion date in August so let's hope this one might be met.
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averageguy
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Post by averageguy on Jul 20, 2018 17:17:19 GMT
The latest update is targeting a completion date in August so let's hope this one might be met. Did they mention which year?
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nsinvestor
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Post by nsinvestor on Jul 20, 2018 17:17:20 GMT
Interesting that the weekly update implies we are only going to find out about the negotiated settlement once it has actually happened. I wonder why no vote on this haircut?
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