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Post by Proptechfish on Mar 17, 2018 0:21:18 GMT
Think yourself lucky to take a 38.5% loss. Those in the Welsh castle only recovered that percentage in total. Exactly. I'm also anticipating further losses from multiple loans at this time.
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dovap
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Post by dovap on Mar 17, 2018 0:42:30 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 ? It's on the loan page (under the voting tab found on the loan page) Anyone can see the vote, but only investors can vote Ta - foolishly I'd only looked on the main landing page and the updates from yesterday. Guess you have to open each and every duff loan to check ho hum
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Post by dualinvestor on Mar 17, 2018 0:50:45 GMT
With two seven figure losses confirmed in two weeks and a third about to happen (Leatherhead) I am honestly surprised anyone is contemplating lending through this platform uunder any circumstances whatsoever and am astounded by the number of threads on new loans that show some people are.
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Liz
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Post by Liz on Mar 17, 2018 2:32:14 GMT
With two seven figure losses confirmed in two weeks and a third about to happen (Leatherhead) I am honestly surprised anyone is contemplating lending through this platform uunder any circumstances whatsoever and am astounded by the number of threads on new loans that show some people are. I'm surprised too. Some folk are just suckers for pain. What is they say about fools and their money 😆
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webwizard
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Post by webwizard on Mar 17, 2018 6:36:45 GMT
Given the assertion by Lendy on their excellent due diligence, it is amazing that there is an issue with planning, or more likely who exactly owns what on the land registry.
However, the use of a vote to canvas opinion is a positive move and at least there is information provided to inform the choices.
Not an ideal situation but making the most of where it is all at.
Go Lendy! Keep chasing those borrowers. Lets all move forwards.
As Churchill said: "This is not the end, nor is it the beginning of the end, but perhaps the end of the beginning."
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rocky1
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Post by rocky1 on Mar 17, 2018 7:49:32 GMT
i also chose option 1 and will just have to take theloss and see if LENDY DO continue to chase borrowers. other options will just draw this out and cost us more in fees and recovery.this is as good as it gets it seems to me.lots more of this to come as they work their way through the IA SUS/DEF loans and we will see the true extent of these GDV/LTVs and and all the other BS we were given to throw our money away into these buttered up loans.LIAM/TIM/LENDY have got a lot to answer for [but they have no concience we have served our purpose]they are now going to screw the latest bunch of recruits who will fall for it just like we did
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indy
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Post by indy on Mar 17, 2018 9:09:04 GMT
I am also voting for no1, at least I can pull a bit more money out of Lendy. No mention of the provision fund and as for chasing the remaining money i'm not holding my breath......but it would be a nice bonus.
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Post by dualinvestor on Mar 17, 2018 9:18:29 GMT
With two seven figure losses confirmed in two weeks and a third about to happen (Leatherhead) I am honestly surprised anyone is contemplating lending through this platform uunder any circumstances whatsoever and am astounded by the number of threads on new loans that show some people are. I'm surprised too. Some folk are just suckers for pain. What is they say about fools and their money 😆 oh and I forgot to mention DFL1/2 add that in probably over £10 million. Well they still say nobody has lost a penny, certainly Mssrs Brooke and Gordon haven't 
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Post by brightspark on Mar 17, 2018 9:41:30 GMT
Given the assertion by Lendy on their excellent due diligence, it is amazing that there is an issue with planning, or more likely who exactly owns what on the land registry. However, the use of a vote to canvas opinion is a positive move and at least there is information provided to inform the choices. Not an ideal situation but making the most of where it is all at. Go Lendy! Keep chasing those borrowers. Lets all move forwards. As Churchill said: "This is not the end, nor is it the beginning of the end, but perhaps the end of the beginning." Lendy T & C's disclaim the accuracy of any information provided to lenders. Lendy act only as a conduit between willing borrowers and lenders. Voting is an invitation for lenders to chose a least worse option. Thankfully i am not in this loan.
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Post by wottalot on Mar 17, 2018 9:51:51 GMT
How is it possible to make any informed voting choice when the 'informed' aspect is totally missing from Lendy's description of the situation - like what are the planning issues ?
"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."
From the phraseology used in 'The three options' it is clear that Lendy don't want to be bothered with options 2 & 3, so I'd guess at an 80+% of the vote being in favour of option 1.
You literally 'pays your money and makes your choice' and in the present circumstances, my choice will probably be for option 1.
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hazellend
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Post by hazellend on Mar 17, 2018 9:52:57 GMT
I'm not in this loan but would appreciate it if somebody could state what the options are?
60% recovery sounds far better than people feared.
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indy
Member of DD Central
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Post by indy on Mar 17, 2018 9:55:42 GMT
I'm not in this loan but would appreciate it if somebody could state what the options are? 60% recovery sounds far better than people feared. Proceed with the sale of the property at £2,000,000 which would result in approximately 61.5% of capital being returned to investors within the next couple of weeks following the sale with the balance of capital, accrued interest and bonus accrual to be recovered from claims against relevant parties, which Lendy’s lawyers have advised have a good prospect of success. Reject the offer of purchase at £2,000,000 and keep the property on the market in the hope of receiving an improved offer notwithstanding the issue with planning which will likely have a significant, adverse impact on the value of the property. Reject the offer of purchase at £2,000,000 and instruct a planning consultant to provide an opinion on how best to maximize the value of the land and dispose of the same. In our experience, this is likely to take at least 12-24 months, and does not guarantee any recovery as this would be subject to the local authority approving any amended planning proposal.
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hazellend
Member of DD Central
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Post by hazellend on Mar 17, 2018 9:57:49 GMT
I'm not in this loan but would appreciate it if somebody could state what the options are? 60% recovery sounds far better than people feared. Proceed with the sale of the property at £2,000,000 which would result in approximately 61.5% of capital being returned to investors within the next couple of weeks following the sale with the balance of capital, accrued interest and bonus accrual to be recovered from claims against relevant parties, which Lendy’s lawyers have advised have a good prospect of success. Reject the offer of purchase at £2,000,000 and keep the property on the market in the hope of receiving an improved offer notwithstanding the issue with planning which will likely have a significant, adverse impact on the value of the property. Reject the offer of purchase at £2,000,000 and instruct a planning consultant to provide an opinion on how best to maximize the value of the land and dispose of the same. In our experience, this is likely to take at least 12-24 months, and does not guarantee any recovery as this would be subject to the local authority approving any amended planning proposal. Thanks. Option 1 sounds like a no brainer.
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rocky1
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Post by rocky1 on Mar 17, 2018 10:22:20 GMT
my other option is that i have requested from LENDY support over a week ago the details and contacts for the borrowers who owe me £0000s in IA/SUS/DEF loans as i intend to pursue these debts with high court writs and the HCEO i would rather pay their fees myself and know that something will be done against these conmen p**s taking people i have had enough of LENDYS arrogance and incompetance and have already spoken with people off the record.i am awaiting LENDY reply to see where it says in their T/Cs that i cannot do this.i will also post this on TRUST PILOT as they seem to answer more quickly.stop stalling and get back to me LENDY.
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IFISAcava
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Post by IFISAcava on Mar 17, 2018 10:41:19 GMT
Why didn't we get a similar vote on the Welsh castle ? I don't think any investor would have accepted £1.35m recovery on a loan of £3.7m To save us from ourselves - since people often seem to vote against their own best economic interests on emotional grounds (see also: Brexit).
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