spiral
Member of DD Central
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Post by spiral on Jul 21, 2016 18:00:01 GMT
The only PG worth having is the one you put in your cup.
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guff
Posts: 730
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Post by guff on Jul 21, 2016 18:11:40 GMT
The only PG worth having is the one you put in your cup. Top tip.
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rocky1
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Post by rocky1 on Mar 19, 2018 14:55:24 GMT
welcome back COOLING DUDE the place has been falling apart are you back to help us sort out this mess cos we sure do need some help out here
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gwenynwyr
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Post by gwenynwyr on Mar 19, 2018 16:18:38 GMT
It was good to see this repaid, although a tad disappointed that there was a shortfall. Luckily, it doesn't seem to have affected investors, nor the Provision Fund. Very good  Confused yet? Well, so am I. This "repaid" to investors 09/2016, but the appointment of the receiver was October 2016 (i.e. after the repayment) and only ceased December 2017. Security was recently sold earlier this year (at a fairly hefty shortfall).You can see the above on the borrowers CH page. Lendy Support - care to comment? While we are at it - PBL075 is still very much an LY loan despite being "repaid". I know that it is good to see money returned to investors, but this is increasingly looking like LY are hiding losses from investors in teh hope that fees from new loans cover up older bad loans. These are 2 example, but I'm sure there are more My Bold. Lendy quote dated 21/7/16 "He also has extensive assets behind him and has given us a PG so we have full recourse. " So, what is there to worry about?
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webwizard
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Post by webwizard on Mar 19, 2018 18:42:04 GMT
On 28 Sept 2017 planning permission for the property was refused by Stockport planning team for a 22 bed residential unit. Not sure if this was the same owners.
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Post by mrclondon on Mar 19, 2018 19:42:52 GMT
I've added the companies house links to DD Central for those with access.
In summary, the facts appear to be:
The loan for £350k drew down March 2015 on a six month term, extended by c. 7 months to mid April 2016, and repaid 5th Sept 2016 (negative 139 days).
The residual value valution was £500k as per Feb 2015 VR
Lendy initiated receiver action in Oct 2016, which terminated in Dec 2017. The receiver in their October 2017 abstract of receipts and payments shows the site sold for £235k
Dividend for secured creditor (Lendy) was c. £218k (c. 38% capital loss)
Companies house records suggests the sale was achieved in January 2017.
The trigger for Lendy repaying and carrying the loan on their balance sheet was probably knowledge that the sister SPV (holding the adjacent sites) was about to be subject to receiver action (which infact occured the following day).
Any planning application in 2017 would be by the new owners, after they had purchased the site.
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webwizard
Member of DD Central
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Post by webwizard on Mar 19, 2018 20:06:44 GMT
So Lendy repaid all the investors out of their own funds (there is no mention against the provision fund) and have then been chasing the borrower ever since.
I am amazed that they have not publicised this fact that they repaid this loan in full, without using the PF, rather than passing the hit onto lenders.
Equally, PBL075 was repaid in full in May 2017 to investors and yet, the repossession process was going to take 6 months from then. Zoopla (which may not be up to date) does not show the property sold in 2017. Both of these seem to be examples (as pointed out by CD above) that Lendy have not been transparent about the repayment of these loans. If they are carrying more like these on their books that could risk the company as a whole, so I hope these 2 were the learning point and that practice stopped.
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