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Post by charliebrown on May 27, 2018 1:30:46 GMT
No one's DD would have been able to have included Lendy failing to protect investors, refusing to provide information or letting the loan run on for nearly a full year without taking any action. That’s Lendy’s default behaviour. I’ve got 2k in this loan which I’ve written off in full. The way investors are being treated on this loan in particular is outrageous, but treating investors as fools and keeping them in the dark has always been Lendy’s style and always will be.
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Monetus
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Post by Monetus on Jun 6, 2018 18:31:55 GMT
331 days overdue with no interest, loan suspended without a full explanation, zero enforcement action taken, investors totally in the dark and Lendy have "seen a copy of a letter"
The management of this loan beggars belief.
And Lendy wonder why we're not funding new loans/tranches!
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invester
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Post by invester on Jun 8, 2018 16:07:17 GMT
I knew that fortnightly BS would not produce anything, although they are clearly reading the forum.
Basically it's like pushing a reset button, we'll get a few more months of the same old stuff.
Since when has 'costs associated with enforcement action' been a deterrent? I think that rather translates them being scared of the capital losses.
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Post by loftankerman on Jun 8, 2018 18:15:17 GMT
Would seem to be a pretty good deterrent for anyone who had worked out that the security was next to worthless and the borrower didn't have a bean they could lay their hands on to any real effect.
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Post by charliebrown on Jun 9, 2018 2:18:21 GMT
-333 days overdue and they’re continuing to work with the borrower. They’re very charitable with our money aren’t they. Like all Politicians they just don’t ever deliver bad news.
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Post by p2plender on Jun 9, 2018 4:55:33 GMT
Word on the street must be Lendy will take an offer these days. Very poor if you have a lot of the lemon loans..
On the flip side, give yourself a nice pat on the back, you've been very charitable as far a field as Gloucester all the way up to bonnie Scotland. Well done.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Jun 19, 2018 14:32:39 GMT
I drove past this site on Friday and discovered that poor quality metal crowd control barriers and wooden fencing is in place on the roadside with a number of very rusty iron gates at 2 "access" positions.
Anyone (including children) would be able to get over these totally inadequate barriers and get on to the site.
This would play havoc with any insurance cover if an argument arose from liability for negligence - if there is something dangerous on the land such as hidden wells / holes or ditches etc which are the result of the total neglect of this piece of land.
Clearly nothing has been in or out of this site for a very long time as substantial vegetation has grown around the gates.
What have these borrowers got to offer that has made Lendy hold back from bringing in the Administrators?
No new plans have appeared on the Hastings Planning department website so the constant cry of "we are waiting for the slow planning dept to do something" is just utter rubbish.
It is clear that Lendy are simply going to do nothing at all to protect our investment, as seen in the many other defaults detailed on this forum. don't bother with Trustpilot get busy on this forum to bring attention to Lendy's continuing failures.
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Monetus
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Post by Monetus on Jun 20, 2018 7:23:34 GMT
Borrower details, planning portal link and some older news articles for this loan have been added to DD Central.
Looks like some additional planning drawing submissions were made on June 14th?
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sussexlender
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Post by sussexlender on Jun 20, 2018 8:08:15 GMT
Many thanks for taking the time to post the above details and in the Lendy DD area.
It proves that investors have been fed a number of inaccurate details concerning the submission of new plans.
The update of 28.09.2017 stated for the first time that documents were missing and that they were being "recreated" and then a decision was expected "within 2 weeks". Obvious misstatement ? A Redemption figure has been requested several times according to up dates. Obvious stalling tactic? A JV partner was floated in updates but came to nothing. Obvious ploy?
It has not been the delay of the planning department but the clear failure by the developer to submit up to date plans until June 2018 - nearly 3 years after the news articles of his firm taking on this site using cash from Lendy investors. Some might think it was astonishing that Lendy did not ask to see the "existing plans" before promoting this loan.
Perhaps something will now be done by Lendy to get some interest paid by this tardy borrower. If this loan gets turned into a development loan I doubt many will take up the offer.
Regards, SXLR
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Monetus
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Post by Monetus on Jun 22, 2018 15:35:22 GMT
Seems like we're finally seeing some progress: "Positive news has been received from Hastings Borough Council who have confirmed in writing that “the development has lawfully commenced” and that they do not “intend to contest this further”. The borrower has been advised by the Council to apply for a Minor Material Amendment to the original planning consent, to substitute an amended phasing plan, site layout plan and a revision to the level 4 plan and confirms that the fact that the existing extant permission does not have a plans condition, which sets out approved plan numbers, does not prevent the submission and approval of revised plans. The Head of Lending had a meeting with the borrower earlier this week to discuss the borrower’s plans to repay the loan and we are awaiting written detail of their proposals."Does this mean they can un-suspend the loan now? Wishful thinking?  |
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mary
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Post by mary on Jun 22, 2018 18:48:08 GMT
Seems like we're finally seeing some progress: "Positive news has been received from Hastings Borough Council who have confirmed in writing that “the development has lawfully commenced” and that they do not “intend to contest this further”. The borrower has been advised by the Council to apply for a Minor Material Amendment to the original planning consent, to substitute an amended phasing plan, site layout plan and a revision to the level 4 plan and confirms that the fact that the existing extant permission does not have a plans condition, which sets out approved plan numbers, does not prevent the submission and approval of revised plans. The Head of Lending had a meeting with the borrower earlier this week to discuss the borrower’s plans to repay the loan and we are awaiting written detail of their proposals."Does this mean they can un-suspend the loan now? Wishful thinking? I agree that this is positive news, and it appears, on first reading, Lendy may have been correct to provide some period of forbearance. However, at over a year overdue, with zero interest being paid, I now will not accept anything less than 100% of Capital and all overdue interest and bonus! Any attempt to settle for less (as several borrowers are trying to on other projects) is now unacceptable, this development has a potential GDV of £45m!
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Monetus
Member of DD Central
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Post by Monetus on Jul 6, 2018 15:17:52 GMT
Latest update. Can it really be?  "Following the Head of Lending’s meeting with the borrower two weeks ago we are pleased to advise that we expect fully repayment of this loan before the end of July 2018. " |
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Post by GSV3MIaC on Jul 6, 2018 18:02:13 GMT
/mod hat off
That they 'expect'? Yeah sure, that can certainly be.
Some people can expect 7 impossible things before breakfast .. even after DFL004 and 005 failed to meet expectations .. Hope Springs .. (just up the road from Alice Springs, iirc, no paddle required).
Would they bet their life on it? Hmm ..
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mary
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Post by mary on Jul 6, 2018 19:08:58 GMT
Latest update. Can it really be? "Following the Head of Lending’s meeting with the borrower two weeks ago we are pleased to advise that we expect fully repayment of this loan before the end of July 2018. "So that's full repayment of Capital and 12+ months interest and Bonus Interest, within 25 days. One hopes that Lendy have learnt their lesson of prior promises not delivered.
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withnell
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Post by withnell on Jul 6, 2018 19:22:48 GMT
The fact that the development has lawfully commenced means that it went from a site with previous planning to active permission and work has started - so clearly is now in a position to get Development financing whereas before it was not
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