seeingred
Member of DD Central
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Likes: 664
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Post by seeingred on Sept 13, 2017 17:39:13 GMT
Paul64 , the link to the VR on this loan doesn't seem to be working, would it be possible to get it fixed please? I'd like to see the valuation on this too please , it has been hanging about for ages as a default, time we saw what is proposed and how this stacks up against the original documents.
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seeingred
Member of DD Central
Posts: 470
Likes: 664
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Post by seeingred on Sept 14, 2017 23:36:11 GMT
I hope investors will be allowed to see the Valuation Report on this, as it was and remains a material document in our decision to invest. I have several thousand in this and need answers: was I materially misled by a manifestly inadequate valuation?
I have been told that the VR was removed from the Lendy website on the INSTRUCTIONS OF THE VALUER. This seems wholly unacceptable.
Lendy please clarify the above .
This is not a building project gone wrong mid stream, which does sometimes happen, but a valuation of a site with full planning consents. The LTV IS ONLY 65% , was the valuation so wrong as to be risible? What has changed between the valuation date and now?? Repayment is now almost 300 days overdue.
LENDY PLEASE RESPOND.
Investors need to have some measure of confidence in the VR documentation especially for these multimillion pound projects. We have seen too many examples recently where valuations have been a joke. The P2P sector cannot continue like this, confidence can quickly be lost and growth prospects for platforms adversely impacted.
We need a meaningful update too.
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sirius
Member of DD Central
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Likes: 141
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Post by sirius on Sept 15, 2017 7:54:26 GMT
I am not in this loan, but if they have removed it, Lendy need reminding that they have a Fiduciary Duty of Care to lenders NOT to the 'Valuer' and should put the VR back in plain sight.
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Post by genialharry on Sept 24, 2017 11:01:42 GMT
is it right that this has been put up for sale at under a million pounds? is that for part of the site? The security is listed as £5 million but Lendy don't show how the valuation is made up. I cant find that document has it gone? This scares me of bothering with Lendy.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Sept 24, 2017 12:57:51 GMT
is it right that this has been put up for sale at under a million pounds? is that for part of the site? T Yes, I will pm you the link.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 24, 2017 15:04:45 GMT
I have a new business plan... - Set up SPV.
- Use it to buy a property at a knock-down price.
- Find a valuer who will provide a generous VR.
- Find a lender who will provide a loan at a high enough LTV to cover more than 100% of the purchase price.
- Default on the loan.
- Let the lender call in the receivers and sell the property at a knock-down price.
- Pocket the profit.
Repeat.
Would anyone here be interested in backing me?
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Post by Butch Cassidy on Sept 24, 2017 15:10:33 GMT
I have a new business plan... - Set up SPV.
- Use it to buy a property at a knock-down price.
- Find a valuer who will provide a generous VR.
- Find a lender who will provide a loan at a high enough LTV to cover more than 100% of the purchase price.
- Default on the loan.
- Let the lender call in the receivers and sell the property at a knock-down price.
- Pocket the profit.
Repeat.
Would anyone here be interested in backing me?
Whilst this is no doubt a genius & profitable scheme I can't help thinking I have already seen it somewhere before 
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Sept 24, 2017 15:28:39 GMT
I have a new business plan... - Set up SPV.
- Use it to buy a property at a knock-down price.
- Find a valuer who will provide a generous VR.
- Find a lender who will provide a loan at a high enough LTV to cover more than 100% of the purchase price.
- Default on the loan.
- Let the lender call in the receivers and sell the property at a knock-down price.
- Pocket the profit.
Repeat.
Would anyone here be interested in backing me?
Great scheme! I can help you with the tricky step 3. Sign a lease with another SPV controlled by you at a colossal rent and ask the valuer to value the property on a NPV basis using the rental figure. (Actually not my own idea. Some of you might recognise it from another loan on a different platform.)
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Post by charliebrown on Sept 24, 2017 15:30:38 GMT
is it right that this has been put up for sale at under a million pounds? is that for part of the site? T Yes, I will pm you the link. This is truly awful. Up for sale at 20% of valuation. This is shocking, even in an environment where Lendy provide us with plenty of shocks. This type of valuation discrepancy is either gross negligence or it’s fraud. Right now, Lendy is looking like a sinking ship. That’s not a reference to Cowes weeks but a reference to the state of the loan book.
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mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
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Post by mikes1531 on Sept 24, 2017 15:34:52 GMT
I can help you with the tricky step 3. Sign a lease with another SPV controlled by you at a colossal rent and ask the valuer to value the property on a NPV basis using the rental figure. (Actually not my own idea. Some of you might recognise it from another loan on a different platform.) That's funny. I thought I recognised that idea from another loan on this platform. I must be misremembering.
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guff
Posts: 730
Likes: 707
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Post by guff on Sept 24, 2017 15:45:35 GMT
I can help you with the tricky step 3. Sign a lease with another SPV controlled by you at a colossal rent and ask the valuer to value the property on a NPV basis using the rental figure. (Actually not my own idea. Some of you might recognise it from another loan on a different platform.) That's funny. I thought I recognised that idea from another loan on this platform. I must be misremembering. Des… picable.
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elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
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Post by elliotn on Sept 24, 2017 16:30:24 GMT
I have a new business plan... - Set up SPV.
- Use it to buy a property at a knock-down price.
- Find a valuer who will provide a generous VR.
- Find a lender who will provide a loan at a high enough LTV to cover more than 100% of the purchase price.
- Default on the loan.
- Let the lender call in the receivers and sell the property at a knock-down price.
- Pocket the profit.
Repeat.
Would anyone here be interested in backing me?
Will the interest be retained?
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ben
Posts: 2,020
Likes: 589
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Post by ben on Sept 24, 2017 16:35:30 GMT
I have a new business plan... - Set up SPV.
- Use it to buy a property at a knock-down price.
- Find a valuer who will provide a generous VR.
- Find a lender who will provide a loan at a high enough LTV to cover more than 100% of the purchase price.
- Default on the loan.
- Let the lender call in the receivers and sell the property at a knock-down price.
- Pocket the profit.
Repeat.
Would anyone here be interested in backing me?
Will the interest be retained? We can be generous and let Lendy keep that. Not to worry though they are all highly trained and experienced so they will spot that obvious con a mile away. After all nobody would be stupid enough to lend more against an asset for more then they paid for it.
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Post by genialharry on Sept 24, 2017 17:28:25 GMT
is it right that this has been put up for sale at under a million pounds? is that for part of the site? T Yes, I will pm you the link. thankyou very much
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Post by martin44 on Sept 24, 2017 19:10:25 GMT
I hope investors will be allowed to see the Valuation Report on this, as it was and remains a material document in our decision to invest. I have several thousand in this and need answers: was I materially misled by a manifestly inadequate valuation? I have been told that the VR was removed from the Lendy website on the INSTRUCTIONS OF THE VALUER. This seems wholly unacceptable. Lendy please clarify the above . This is not a building project gone wrong mid stream, which does sometimes happen, but a valuation of a site with full planning consents. The LTV IS ONLY 65% , was the valuation so wrong as to be risible? What has changed between the valuation date and now?? Repayment is now almost 300 days overdue. LENDY PLEASE RESPOND. Investors need to have some measure of confidence in the VR documentation especially for these multimillion pound projects. We have seen too many examples recently where valuations have been a joke. The P2P sector cannot continue like this, confidence can quickly be lost and growth prospects for platforms adversely impacted. We need a meaningful update too. .... above please at your earliest convenience.
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