averageguy
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Post by averageguy on Sept 7, 2018 8:53:12 GMT
All being well, there shouldn't need to be any further update on this one. The last update was clear - "this is now likely to complete early September 2018".
I took that to mean this week - after all, next week is Mon 10th to Fri 14th Sept which is more mid September than early September. Early Sept should mean a completion by the end of this week and then a full repayment to investors shortly afterwards. Although the size of the settlement deal struck with the borrower and hence the size of LY's contribution to the repayment are the big unknowns.
Keeping my fingers crossed that LY can deliver on this. This Devonian pair are my last 2 LY loans and I'm desperate to escape the clutches of LY for good.
Slight flaw ...you are applying logic to a Lendy loan Todays the last day for your reasoning
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izigor
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Post by izigor on Sept 10, 2018 10:27:57 GMT
Slight flaw ...you are applying logic to a Lendy loan Todays the last day for your reasoning To be fair, I believe in the last update, the estimated 'completion' referred was of some legal documentation being completed. It is also possible, that after the 'documentation' they had in mind are completed .. there are some other admin 'documentation' that will require to be completed.. Then after that who knows of the number of 'tasks' required before all completions are completed ..
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GeorgeT
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Post by GeorgeT on Sept 12, 2018 15:33:22 GMT
It's already 12th September so we are almost in mid September and definitely fast running out of early September - regardless of how you choose to define that. On that basis I remain confident that there will be some good news by the end of this week. If there isn't then it means that Lendy have failed to deliver and let us down yet again.
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Post by charliebrown on Sept 14, 2018 11:52:07 GMT
Still no sign of any repayment. I have no words to say that haven’t already been said. All I can say is  |
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rs
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Post by rs on Sept 14, 2018 12:11:44 GMT
Go do some yoga.
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wuzimu
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Post by wuzimu on Sept 14, 2018 23:10:46 GMT
FWIW I passed the site today,,,, crossed the ransom strip to have a ganders thru the railings,, all exactly the same as a fortnite ago. Feels like impasse
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GeorgeT
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Post by GeorgeT on Sept 15, 2018 11:01:27 GMT
I know things arise and last-minute hitches can cause delays but this is all getting ridiculous, this is the umpteenth time we have been told to expect completion in a certain time frame and it hasn't happened and there has been no explanation or update to lenders like my good self whos hard-earned is AWOL. Of course if completion did take place in the last couple of days but Lendy have not bothered to inform us then I apologise but I think that unlikely and it is the continuing lack of information and seeming contempt with which they treat the investors. When you have promised a major event by mid-september and it does not happen then how long does it take to send a short email or put a short update on the website. I feel that at Lendy towers they are sitting there thinking we're alright Jack and there is no thought or empathy with the investors and how they are worrying about their missing money. The sooner I have got this last of my money away from this lot the better.
I wonder what the betting is for late September.
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kaya
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Post by kaya on Sept 15, 2018 12:53:16 GMT
Your last will & testament may be a better bet  |
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Monetus
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Post by Monetus on Sept 18, 2018 8:20:15 GMT
Anyone placing their bets on October then?  |
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invester
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Post by invester on Sept 18, 2018 8:47:20 GMT
I'm gonna bet that the deal was changed at the last moment (again).
If you were the borrower where is the motivation to complete this? If there were serious buyers for this development I am sure they would have been found now. The access problem seems to be a fairly significant one.
It is fair to say we might have a declining market in terms of these house prices, Brexit uncertainty, and (IMO) question marks over the solvency of the whole platform. If I were the borrower I would think the chances would be pretty good that the longer I could string this out, the better my position gets.
Let us also not forget that there probably is some bad blood as well, was it not the case that he posted here saying Lendy were threatening him with 'losing his shirt' (or words to that effect) if he didn't accept their proposals.... I don't think the irony is lost on anyone that the tables have completely turned, as owing to the loan conditions Lendy will be on the hook for this one.
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Post by charliebrown on Sept 18, 2018 9:00:09 GMT
I'm gonna bet that the deal was changed at the last moment (again). If you were the borrower where is the motivation to complete this? If there were serious buyers for this development I am sure they would have been found now. The access problem seems to be a fairly significant one. It is fair to say we might have a declining market in terms of these house prices, Brexit uncertainty, and (IMO) question marks over the solvency of the whole platform. If I were the borrower I would think the chances would be pretty good that the longer I could string this out, the better my position gets. Let us also not forget that there probably is some bad blood as well, was it not the case that he posted here saying Lendy were threatening him with 'losing his shirt' (or words to that effect) if he didn't accept their proposals.... I don't think the irony is lost on anyone that the tables have completely turned, as owing to the loan conditions Lendy will be on the hook for this one. I doubt there ever was a serious deal on the table here. Just another LY empty update. With more loans defaulting this week (< 0 days) the outlook just gets worse and worse. I have serious doubts about how long LY can survive in its current form. If people really do think LY are on the hook for these Exeter loans then this could just contribute to them throwing the towel in.
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micky
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Post by micky on Sept 18, 2018 9:03:02 GMT
This will be cleared up very soon. Watch this space... Do you have some specific info on this or is it just a hunch? Still waiting and watching Jeepers???
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Sept 18, 2018 9:52:31 GMT
I'm gonna bet that the deal was changed at the last moment (again).
If you were the borrower where is the motivation to complete this? If there were serious buyers for this development I am sure they would have been found now. The access problem seems to be a fairly significant one.
It is fair to say we might have a declining market in terms of these house prices, Brexit uncertainty, and (IMO) question marks over the solvency of the whole platform. If I were the borrower I would think the chances would be pretty good that the longer I could string this out, the better my position gets.Let us also not forget that there probably is some bad blood as well, was it not the case that he posted here saying Lendy were threatening him with 'losing his shirt' (or words to that effect) if he didn't accept their proposals.... I don't think the irony is lost on anyone that the tables have completely turned, as owing to the loan conditions Lendy will be on the hook for this one. Fair points, but on the other hand the buildings will be deteriorating and he has missed a wonderful summer for construction.
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Monetus
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Post by Monetus on Sept 18, 2018 13:13:47 GMT
Still waiting and watching Jeepers??? looks like most investors in this loan will end up getting screwed over... Only "most"? I cannot wait for the details of the "settlement agreement" once they finally reveal themselves..
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sarahcount
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Post by sarahcount on Sept 18, 2018 19:26:29 GMT
Would investors be better off if DFL001 and DFL002 were not treated as a package?
From memory DFL002 was a viable watertight near finished block in a desirable location.
If the borrower continues to give Lendy the run around wouldn't it be better for lenders if DFL002 could be sold on or built out?
It is DFL001 that is the problematic one with the access issues.
This seems to be Lendy's best hope of extracting a decent settlement with the borrower.
Although kicking the can down the road to avoid any Old Terms liabilities seems to be Lendy's main focus despite the bad PR that comes with this approach.
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