ton27
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Post by ton27 on Sept 25, 2017 19:43:21 GMT
24 hours later and no responseon an issue that mustbe key to many investors here - come on Lendy, give us a response!
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Post by scepticalinvestor on Sept 25, 2017 20:19:53 GMT
Hi, please would you mind PMing me the link as well? Thanks. 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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seeingred
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Post by seeingred on Sept 25, 2017 20:39:08 GMT
Still trying to come to terms with the fact (if it is a fact) that a site valued at £5 million and with £3 million + loaned against it, can suddenly become worth less than £1 million and yet nothing on site has changed?
WHAT has changed. Is someone going to be sued for incompetence? Who is going to stand this magnitude of loss?
We were told: (apologies for the Lendy spelling error).
There is significant demand for elderley care home facilities on the Isle of Wight; we are content that there are multiple exit routes for this loan from substantiated evidence provided by the client and also from our own due diligence and local market knowledge.
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oldgrumpy
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Post by oldgrumpy on Sept 25, 2017 20:49:31 GMT
Their own due WHAT?
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Monetus
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Post by Monetus on Sept 25, 2017 20:51:03 GMT
Hi, please would you mind PMing me the link as well? Thanks. Yes, I will pm you the link. Me too please!
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seeingred
Member of DD Central
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Post by seeingred on Sept 25, 2017 21:05:07 GMT
decided decrepitude?
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seeingred
Member of DD Central
Posts: 470
Likes: 664
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Post by seeingred on Sept 25, 2017 21:08:49 GMT
What can reduce the value of a building site in a prime area from £5 million to £1 million or less - other than a ransom strip issue that maybe was not picked up by valuers - if indeed they were ever asked to include this in a valuation?
But surely access is a fundamental element of valuation?
When are lendy going to comment?
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dovap
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Post by dovap on Sept 25, 2017 22:17:30 GMT
now now - as we've seen from an earlier post that would be the infamous "49-step due-dilgence (sic) process"
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GeorgeT
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Post by GeorgeT on Sept 26, 2017 0:13:07 GMT
now now - as we've seen from an earlier post that would be the infamous "49-step due-dilgence (sic) process" Very glad to be well out of this one. Sold out months ago. Concerned for people still in it and consequences for the platform. When people talk about 49 step this or 25 step that, I'm afraid it just screams PR b****** to me. Every case is different. It's not one size fits all. Some proposals may take 100 checks / investigations. Others much fewer.
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jaswells
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Post by jaswells on Sept 26, 2017 1:09:23 GMT
As a loyal lender to Lendy for well over a year and investor in this loan I hope for 2 things:
1) That Lendy is open and transparent with this and other loans which are going bad. Any attempt to hide potential losses or disguise failures of the process/DD will only be bad for the company. The future should be a company for investors with a risk appetite and willing to take the good and bad times.
2) That they learn that they cannot cut rates below the original attractive 12% returns. 7 and 8% is simply unacceptable for the types of loans being offered on this platform and the risks involved.
I can accept capital loss as long as Lendy remains open and honest and any pretense losses will not be occurred is disingenuous. Complaints by many members are just gripes that they are unlikely to get the 12% return advertised. This was always a risky game and priority number one MUST be that Lendy pursues a long term survival strategy and avoids platform risks which would lead to a very messy ending for everyone.
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guff
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Post by guff on Sept 26, 2017 9:56:38 GMT
Still trying to come to terms with the fact (if it is a fact) that a site valued at £5 million and with £3 million + loaned against it, can suddenly become worth less than £1 million and yet nothing on site has changed? WHAT has changed. Is someone going to be sued for incompetence? <snip> Unlikely to be the valuer as the cop-out-clause was limited to £1M IIRC.
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invester
P2P Blogger
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Post by invester on Sept 26, 2017 10:13:01 GMT
Did anyone manage to download the valuation report for this while it was still up.
Really sad state of affairs that you can't trust people not to fudge with them, it may be prudent to download the relevant reports for the loans that you are in.
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Post by martin44 on Sept 26, 2017 11:18:30 GMT
Still trying to come to terms with the fact (if it is a fact) that a site valued at £5 million and with £3 million + loaned against it, can suddenly become worth less than £1 million and yet nothing on site has changed? WHAT has changed. Is someone going to be sued for incompetence? <snip> Unlikely to be the valuer as the cop-out-clause was limited to £1M IIRC. Which is a surprise, why would Lendy take on a £3m+ loan on a piece of land valued at £5m with only £1m of RICS insurance in place... anyone??.  I do hope that valuation turns up.
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guff
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Post by guff on Sept 26, 2017 11:54:12 GMT
Unlikely to be the valuer as the cop-out-clause was limited to £1M IIRC. Which is a surprise, why would Lendy take on a £3m+ loan on a piece of land valued at £5m with only £1m of RICS insurance in place... anyone??. I do hope that valuation turns up. I'm sure I can't be the only one who keeps a copy of everything related to Lendy loans… I don't have a copy any more as I'm a long time out of this one, but there's probably a copy lurking on my backup drive in Spain.
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oldgrumpy
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Post by oldgrumpy on Sept 26, 2017 12:11:06 GMT
Which is a surprise, why would Lendy take on a £3m+ loan on a piece of land valued at £5m with only £1m of RICS insurance in place... anyone??. I do hope that valuation turns up. I'm sure I can't be the only one who keeps a copy of everything related to Lendy loans… I don't have a copy any more as I'm a long time out of this one, but there's probably a copy lurking on my backup drive in Spain. Well if Lendy won't show us the extent of the valuation mess, sure as anything someone will find it somewhere in an archive, so the sooner Lendy explain everything the better.
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I do hope that valuation turns up.