sussexlender
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Post by sussexlender on Sept 28, 2018 14:32:36 GMT
Hi zccax77
I don't feel that it in our interests to let Lendy think any of us is going to accept anything other than a full return of Capital at the very least.
Don't let them think you have given up - they are hoping we will all just go away.
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zccax77
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Post by zccax77 on Sept 28, 2018 14:41:59 GMT
Hi zccax77
I don't feel that it in our interests to let Lendy think any of us is going to accept anything other than a full return of Capital at the very least.
Don't let them think you have given up - they are hoping we will all just go away. Apart from starving them of any future investments, what else can we do?
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Post by brightspark on Sept 28, 2018 14:42:02 GMT
I have already written down my investment in this by 70%, suggest you do the same. After yesterdays news on DFL017 I have decided to prepare for the worst on my entire portfolio (though I still think a recovery on DFL017/16 will be significant). Lendy have lent our money to a bunch of crooks and chancers. What is yesterdays news on DFL017? i am in this loan but have received no update - I am beginning to think I live on another planet!
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zccax77
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Post by zccax77 on Sept 28, 2018 14:45:50 GMT
Prepare to have your weekend ruined.
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dawn
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Post by dawn on Sept 29, 2018 7:45:57 GMT
I have already written down my investment in this by 70%, suggest you do the same. After yesterdays news on DFL017 I have decided to prepare for the worst on my entire portfolio (though I still think a recovery on DFL017/16 will be significant). Lendy have lent our money to a bunch of crooks and chancers. What is yesterdays news on DFL017? i am in this loan but have received no update - I am beginning to think I live on another planet! - if you have received no emails from Lendy this week about these loans and you are invested in either DFL016 or DFL017 I suggest you contact them about your email settings urgently.
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sussexlender
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Post by sussexlender on Oct 1, 2018 11:46:00 GMT
So no payments, either capital or the missing 400 + days interest, just as expected.
But at least Lendy have a charge over the drawings, that were supposed to have been done over 18 months ago but did not surface until months later.
Some might think that the Lendy team is still too busy sobering up from Cowes week to do anything about all the required recoveries?
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sussexlender
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Post by sussexlender on Oct 17, 2018 8:08:42 GMT
Hello Lendy Only 494 days with no payments.
It is now half way through October. Have you established the identity / existence of the Joint Venture funding ? It failed to materialize last time round.
As Lendy have allowed this tardy Borrower to reuse the same reason for failing to repay (first given 12 months ago) it might be a good idea to crank up the over heating Lendy excuse machine early this month - you have used up your normal stock of BS.
Relying on repeated excuses will mean that more investors will catch on to your failure to take action.
SXLR
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Post by p2plender on Oct 17, 2018 8:15:41 GMT
NOW NOW, you'll upset the Lendy cheerleaders with such negative talk..
Think positive.
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sussexlender
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Post by sussexlender on Oct 21, 2018 19:24:48 GMT
Drove past this expensive waste site today.
Some of the security fence is now missing, lots of good quality weed growth and a man on a bmx bike enjoying the freedom of the plot.
So much for the "experienced professional property developer" and his second time around "Groundhog Day" nonsense of yet another promised unidentified JV.
Many might think it is just a total fantasy, force fed to the brilliant minds at Lendy who then simply regurgitate this rubbish to investors as if it makes everything ok.
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sussexlender
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Post by sussexlender on Oct 29, 2018 12:04:42 GMT
Just 3 more working days until we can all enjoy the new excuse for the failure of Lendy to secure repayment of the capital and interest on this loan after 506 Days with nothing.
Place your bets; the JV has disappeared (never existed) / the Autumn sunshine has caused the borrower sunstroke / the rats have taken over the site and the borrower is unable to communicate with them?
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sussexlender
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Post by sussexlender on Nov 1, 2018 8:22:50 GMT
Time is up (again and again) for Lendy to achieve the "expected" full repayment of this loan after 509 days failure to take action
No doubt this months massive dose of Bull**** will blame the fact that they are far too busy counting the money they have drawn into Lendy Wealth and / or running around removing fake Trustpilot reviews and / or dealing with the London Loan mess - to bother with recovery of funds for long serving investors who have trusted Lendy over so many years.
This loan clearly exposes the total inability of Lendy to control their loans or borrowers.
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sussexlender
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Post by sussexlender on Nov 1, 2018 22:16:27 GMT
The end of month Bulls*** "We have been maintaining regular contact with the borrower. We have been made aware that minor changes to the planning consent are now being sought by the borrower, which may take three or four weeks to be submitted and approved. When these variations to the existing planning consent have been approved, the refinance/joint venture (to fully repay the loan) is expected to complete relatively soon afterwards. The borrower expects to fully repay the loan before Christmas. "
Note that the clever chaps at Lendy have not said which Christmas.
So we are returning to excuse number 2 once again i.e. issues with the plans and the need to submit new material. There is absolutely no guarantee that these issues will even be considered by the planning department or committee before Easter 2019.
Lendy boasted recently that they had a charge / hold over the existing plans so they must have known of the proposed "minor changes" when they obtained custody of the plans. They failed to tell investors of this obvious delaying tactic. The issue of problems with the plans was an excuse first used over 12 months ago.
Just default this wretched loan and sell the land off to someone who is a real developer instead of this obvious bulls***er and (some might think) non existent JV.
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sussexlender
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Post by sussexlender on Nov 6, 2018 19:22:56 GMT
So what is being done to get this tardy borrower to repay all the money he owes on this loan?
The borrower clearly has funds to continue to pay his architect and solicitor and planning fees. Why has he been allowed to spend money on his own selfish interests instead of paying back what he owes to all the investors?
We all know that the planning issues have been the constant lame excuse used to fail to repay investors for 514 days, and simply accepted by the inadequate recovery team employed by Lendy.
Have the courage to admit a failure and default this loan.
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Post by charliebrown on Nov 7, 2018 13:23:34 GMT
This loan should have been defaulted a year ago. With 514 days of accrued interest and late payment fees I doubt very much that this borrower is suddenly going to pay up in full. Allowing loans to drag on for a year or 2 helps no one. I suspect LY has sight of an accurate valuation that shows the security is overvalued (as per usual) and hence they’d rather bury their head in the sand and continue to accept the same old excuses.
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sussexlender
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Post by sussexlender on Nov 7, 2018 19:46:10 GMT
Hi CB. Thanks for adding to this thread.
We need to keep this badly managed loan in the public domain as Lendy are clearly playing lip service to loyal lenders and have shown no guts dealing with this highly skilful defaulting borrower.
He has set the precedent that once an excuse has been accepted all that is needed is to last for 12 months with no payments of any money then the same excuses can be used again (in fact 2 excuses in this case i.e. JV that failed to appear and delay in the plans) which the feeble management at Lendy will just accept.
It may not be the biggest loan that is horribly late but it is the clearest example of the way a clever borrower can easily out manoeuvre Lendy (and their legal team) and how Lendy have lost control of a fairly simple development project.
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