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Post by martin44 on Oct 24, 2017 13:19:17 GMT
You should be grateful you don't have to endure all the trips to Marbella and similarly ghastly places." , one complements the other.  It does... I hope they enjoyed the trips with their fees.... Anagram. ' My la la land bender' Says it all. 
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Post by robberbaron on Oct 24, 2017 14:00:21 GMT
You really would expect LY to check the LR before lending £ 3,250,000  Good luck explaining this one Lendy Support As if providing explanations was part of what Lendy considers to be its duties...
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littleoldlady
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Post by littleoldlady on Oct 24, 2017 16:00:20 GMT
PLEASE NOTEGuys, please ignore my previous post. There was split around the same time the borrower bought the land - he does own what was previously a ransom strip, and SSSH has a charge at the LR If that's true why couldn't Ly tell us that we were barking up the wrong tree - even if they are not prepared to tell us what the issue really is? (Actually I still suspect this has something to do with it.)
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guff
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Post by guff on Oct 24, 2017 16:31:06 GMT
PLEASE NOTEGuys, please ignore my previous post. There was split around the same time the borrower bought the land - he does own what was previously a ransom strip, and SSSH has a charge at the LR If that's true why couldn't Ly tell us that we were barking up the wrong tree - even if they are not prepared to tell us what the issue really is? (Actually I still suspect this has something to do with it.) If Lendy were more open and honest, people wouldn't have to spend time trying to find out what the h**l is going on with their money: Sometimes the information found (or not found) will lead to the wrong conclusions being drawn, but that is no discredit to the people who are putting the effort into trying to understand the situation, rather a criticism of Lendy for not being more forthcoming. Don't be too hard on yourself cooling_dude .
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seeingred
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Post by seeingred on Oct 24, 2017 16:32:24 GMT
The borrower (let's call him Mr Woeful) paid £2.75million plus a sum for the ransom strip that runs across the end of W******* View . The sum paid for the ransom strip is undisclosed according to the land registry. But there may also be a problematic access issue along part of W View itself.
If this is indeed the case then there are questions for the valuers, for Lendy's DD, and not least for all those 'connected' people on the Island who have had their fingers in various pies and parcels of land for decades. Many people knew full well every issue surrounding access to this land. One day we shall be told, until then we can speculate (albeit largely in private) about who knew what, who didn't tell whom, etc.
The Oxford college that sold the land did very well (£2.6 million net proceeds show in their accounts for 11 marshy acres), the three people who sold the ransom strip to Mr Woeful did perhaps exceedingly well. One of the three is a local builder who probably knows every inch of Ryde land and who has control over it.
There is a long history to the ransom strip - back as far as 2002 when its initial purpose was to control further development of W View.
In the meantime we await a few words of illumination from Lendy - the case is likely 'in legals' for a while yet.
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oldgrumpy
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Post by oldgrumpy on Oct 24, 2017 16:55:36 GMT
...If Lendy were more open and honest, people wouldn't have to spend time trying to find out what the h**l is going on with their money...
...In the meantime we await a few words of illumination from Lendy.
Lendy don't do that.
They have decided to ignore my website contact question of 24 September which asks them to "please explain what issues have surfaced which affect security value of £5m, such that I have seen it on sale at a guide price of £900K. Better, just email me a copy of the report. You have told me why the £5M valuation cannot be seen, but what has reduced the value to less than 20%?"
By the way, Lendy, many of us can now see the valuation, so why not just put it back?
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littleoldlady
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Post by littleoldlady on Oct 24, 2017 16:58:45 GMT
By the way, Lendy, many of us can now see the valuation, so why not just put it back?
In fact anyone who can do a PM.
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seeingred
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Post by seeingred on Oct 27, 2017 14:07:05 GMT
Part of recent update:
"We are also currently reviewing an offer to acquire the property from a third party."
Do they mean:
"We are also currently reviewing an offer from a third party to acquire the property."
I wonder if the third party is one who can exercise or grant access rights?
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littleoldlady
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Post by littleoldlady on Oct 27, 2017 15:58:31 GMT
Part of recent update: "We are also currently reviewing an offer to acquire the property from a third party." Do they mean: "We are also currently reviewing an offer from a third party to acquire the property." I wonder if the third party is one who can exercise or grant access rights? Yes, and probably (maybe indirectly).
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seeingred
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Post by seeingred on Oct 28, 2017 9:51:02 GMT
Interesting to watch this one and see who does buy the land. Even more interesting to document the full series of events, once the veil of legal obscurity is lifted. There may be some hard (albeit basic) lessons for P2P platforms, and for investors.  |
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Post by wightknight on Nov 14, 2017 15:56:40 GMT
Hi All, I know I said I'd take a look at the site, but just haven't been able to get to that part of the Island in the normal course of business this month. Haven't heard anything on the local jungle drums either.
I would have made a special trip to look around but there doesn't seem to be much of a point in doing so; in putting the land up for sale for 20% of the security value, Lendy has already crystallised the loss - unless they are sure of getting the balance back from the developer. Who is the loan actually to? Is it W****** group? Lots of holes in the information available on the loan site.
In the absence of any information from Lendy - anyone got any insight on this?
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Post by GSV3MIaC on Nov 14, 2017 16:38:41 GMT
Hi All, I know I said I'd take a look at the site, but just haven't been able to get to that part of the Island in the normal course of business this month. Haven't heard anything on the local jungle drums either. I would have made a special trip to look around but there doesn't seem to be much of a point in doing so; in putting the land up for sale for 20% of the security value, Lendy has already crystallised the loss - unless they are sure of getting the balance back from the developer. Who is the loan actually to? Is it W****** group? Lots of holes in the information available on the loan site. In the absence of any information from Lendy - anyone got any insight on this? Please do not name, attempt to name, or attempt to get other people to attempt to name, borrowers or their assets (it's up there in the rules) on the open forum. If you are a registered Lendy lender you can rather easily see who the loan was to, but you still can't spell it out here.
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Post by wightknight on Nov 14, 2017 16:50:04 GMT
Hi All, I know I said I'd take a look at the site, but just haven't been able to get to that part of the Island in the normal course of business this month. Haven't heard anything on the local jungle drums either. I would have made a special trip to look around but there doesn't seem to be much of a point in doing so; in putting the land up for sale for 20% of the security value, Lendy has already crystallised the loss - unless they are sure of getting the balance back from the developer. Who is the loan actually to? Is it W****** group? Lots of holes in the information available on the loan site. In the absence of any information from Lendy - anyone got any insight on this? Please do not name, attempt to name, or attempt to get other people to attempt to name, borrowers or their assets (it's up there in the rules) on the open forum. If you are a registered Lendy lender you can rather easily see who the loan was to, but you still can't spell it out here. Sorry about that. Got carried away there!
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seeingred
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Post by seeingred on Nov 16, 2017 22:22:48 GMT
Ahoy there Lendy Support. Anything you can (or not) tell us about what is going on? This loan is one of the largest potential losses for Lendy investors and it is in your backyard. Just confirm to us what is the issue at the heart of the massive devaluation - that would be a step forward. |
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Post by skint4achange on Nov 17, 2017 10:31:25 GMT
Hi All, I know I said I'd take a look at the site, but just haven't been able to get to that part of the Island in the normal course of business this month. Haven't heard anything on the local jungle drums either. I would have made a special trip to look around but there doesn't seem to be much of a point in doing so; in putting the land up for sale for 20% of the security value, Lendy has already crystallised the loss - unless they are sure of getting the balance back from the developer. Who is the loan actually to? Is it W****** group? Lots of holes in the information available on the loan site. In the absence of any information from Lendy - anyone got any insight on this? The loan is to an individual, not the W***** G****. If you look at the update for 7/7/17, it states there that they screwed up and thought it was a group (Well, they said that their "System" screwed up and not any actual human being!) when in fact it was an individual.
It would appear to me that L**** have been had over on this one and the developer has managed to get past their "Very stringent 49 step DD"!! IMHO
I really do feel for anyone who had a slice of this, but that is part of P2P and we all know it. Doesn't make it right though.
Hopefully, they can have legal recourse against the developer, but I would not expect them to go shouting about it on here, or even on their own platform. If they say anything that could implicate them or anyone else, it may damage everyone's chances of getting anything back
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