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Post by skint4achange on Feb 1, 2018 8:20:50 GMT
Sold to the highest bidder - who is  ?? For the princely sum of £ ? EDIT - I put a series of question marks and I get a smiley, without asking for one! If they are "Smileys" I would hate to see you with a big default!! 
P.s. Happens to me too! Think the 2 question marks produces that Emoji
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Post by cyrilmadrid on Mar 16, 2018 18:34:20 GMT
Well done to whoever did the appraisal and to Lendy for accepting it!
Security value of 5,000,000 GBP and an offer to buy it now that it's in default...at a fraction of that.
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Post by wottalot on Mar 16, 2018 18:41:12 GMT
This looks like yet another proof that valuations are over-optimistic, and also that 70% LTVs are too dangerous to invest in at just 12%.
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11025
Member of DD Central
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Post by 11025 on Mar 16, 2018 19:02:53 GMT
"We were also advised that due to planning issues not identified by the relevant parties during our initial due diligence period, any sale of the Property was significantly restricted"
Well someone carried out some good work ,
I wonder what the "relevant parties" were paid for this and if there is any recourse against them ....
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Post by dualinvestor on Mar 16, 2018 20:29:15 GMT
"We were also advised that due to planning issues not identified by the relevant parties during our initial due diligence period, any sale of the Property was significantly restricted"
Well someone carried out some good work ,
I wonder what the "relevant parties" were paid for this and if there is any recourse against them .... I wonder if all Lendy's disclaimers will withstand legal challenge 
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Post by Proptechfish on Mar 16, 2018 21:55:04 GMT
'issue with planning which will likely have a significant, adverse impact on the value of the property'.
Whats the issue ? I don't see any information on it and depending on the specifics, it could have an effect on the way I choose to vote
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steve11523
Member of DD Central
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Post by steve11523 on Mar 16, 2018 22:49:29 GMT
Any views on which of the options to vote for? I am likely to vote for 1, get some money back now with the expectation that Lendy, in time, recovers the balance.
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on Mar 16, 2018 22:49:51 GMT
I am inclined to vote to sell and take a 38.5% haircut, Deadline 0900 on 19/3.
BTW if we vote for this L will not admit that there has been any loss, and will kick the can down the road indefinitely whilst pretending to be seeking further recovery. It remains to be seen what they will report to HMRC re our tax returns.
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Post by Badly Drawn Stickman on Mar 16, 2018 23:16:48 GMT
Any views on which of the options to vote for? I am likely to vote for 1, get some money back now with the expectation that Lendy, in time, recovers the balance. As grim choices go, option 1 makes most sense to me. Logically the returned funds can be put to work earning some interest, and who knows, just maybe some of the outstanding might turn up one day. The other options just delay the inevitable.
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dovap
Member of DD Central
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Post by dovap on Mar 16, 2018 23:44:25 GMT
Altho not in this particular festering turd of a loan
(which despite due diligence etc etc)
If there is a vote, of some sort, on how this is to be handled -
is it publicised on the Lendy site ?
I don't expect to have a vote (optional whether lendy acts on the outcome) but as it has material effect on the platform I'd expect details to be on site
maybe I've missed it ?
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Liz
Member of DD Central
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Post by Liz on Mar 16, 2018 23:53:02 GMT
I chose option x and voted with my feet.
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Liz
Member of DD Central
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Post by Liz on Mar 17, 2018 0:00:11 GMT
£2m does look like a good deal for lenders. If rejected and planning allowed to lapse, the value would plummet IMO.
Just my opinion. Not advice.
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Post by Proptechfish on Mar 17, 2018 0:12:44 GMT
Any views on which of the options to vote for? I am likely to vote for 1, get some money back now with the expectation that Lendy, in time, recovers the balance. I'm thinking 1 tbh. Purely because i'm in aggressive drawn-down right now (have been for a while), the sooner i'm out of LY the better as far as i'm concerned, even if it means losses. As for LY recovering further balance in time, personally i would be inclined to believe that would be closer to a fantasy, unfortunately.
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Jeepers
Member of DD Central
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Post by Jeepers on Mar 17, 2018 0:16:09 GMT
Think yourself lucky to take a 38.5% loss.
Those in the Welsh castle only recovered that percentage in total.
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11025
Member of DD Central
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Post by 11025 on Mar 17, 2018 0:18:18 GMT
I think this gives a us all clear message about how things are at Lendy now and for the future...
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??
