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Post by charliebrown on Feb 1, 2019 12:10:23 GMT
 I'm so disappointed, I really thought the Enhanced Recoveries Team would be able to make some progress and actually recover a loan in the first months. Maybe my first thought was correct when I first saw the word Enhanced and they are the same old team just with a nice boobjob paid for by my unpaid interest. The Enhanced Recoveries Team is not Enhanced and has made no Recoveries. I therefore believe it should simply be called The Team.
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rocky1
Member of DD Central
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Post by rocky1 on Feb 1, 2019 12:53:57 GMT
The only thing that will be enhanced will be their salaries for as long as Liam/lendy can sustain them.no rush to sort this mess out and put ourselves out of a cushy little earner is there.
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Monetus
Member of DD Central
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Post by Monetus on Feb 1, 2019 16:01:38 GMT
Latest update: "We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month"
So this loan has gone from "full repayment expected by end of January" straight into recovery now?
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neal
Member of DD Central
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Post by neal on Feb 1, 2019 17:44:14 GMT
Latest update: "We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month"
So this loan has gone from "full repayment expected by end of January" straight into recovery now? But we will know by valentine's day for sure, think of all the flowers we can buy...
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
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Post by sussexlender on Feb 1, 2019 19:26:04 GMT
We have to face the reality that every single investor has been had over in this dodgy vastly over valued loan with a Borrower who has no intention of paying anything back. Nothing is ever going to be built by him on this site.
Many may think that there is clearly no JV capital floating around this waste site.
It is obvious smoke and mirrors designed to deflect from the fact that the borrower is doing nothing apart from sitting on this land using investors cash for some other project. It is quite a clever move as Lendy seem incapable of calling their bluff.
If this was any other country investors would have occupied the site by now and would be protesting outside this suspect Borrowers office.
In the UK we settle for accepting the same rubbish every month from this suspect borrower and Lendy.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
Posts: 3,168
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Post by ozboy on Feb 1, 2019 20:32:17 GMT
We have to face the reality that every single investor has been had over in this dodgy vastly over valued loan with a Borrower who has no intention of paying anything back. Nothing is ever going to be built by him on this site. Many may think that there is clearly no JV capital floating around this waste site. It is obvious smoke and mirrors designed to deflect from the fact that the borrower is doing nothing apart from sitting on this land using investors cash for some other project. It is quite a clever move as Lendy seem incapable of calling their bluff. If this was any other country investors would have occupied the site by now and would be protesting outside this suspect Borrowers office.
In the UK we settle for accepting the same rubbish every month from this suspect borrower and Lendy. Yep. 
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
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Post by Godanubis on Feb 1, 2019 20:48:50 GMT
Latest update: "We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month"
So this loan has gone from "full repayment expected by end of January" straight into recovery now? But we will know by valentine's day for sure, think of all the flowers we can buy... Order roses 🌹 now for delivery Valentine’s Day . That way you miss the hike in prices.  You you can always redirect if things go south.
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Godanubis
Member of DD Central
Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
Posts: 2,011
Likes: 1,013
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Post by Godanubis on Feb 1, 2019 20:53:03 GMT
We have to face the reality that every single investor has been had over in this dodgy vastly over valued loan with a Borrower who has no intention of paying anything back. Nothing is ever going to be built by him on this site. Many may think that there is clearly no JV capital floating around this waste site. It is obvious smoke and mirrors designed to deflect from the fact that the borrower is doing nothing apart from sitting on this land using investors cash for some other project. It is quite a clever move as Lendy seem incapable of calling their bluff. If this was any other country investors would have occupied the site by now and would be protesting outside this suspect Borrowers office. In the UK we settle for accepting the same rubbish every month from this suspect borrower and Lendy. Move FS Park Homes to the site. Sell them at premium and kill 2 birds with one stone 🤪
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Post by brightspark on Feb 2, 2019 9:44:03 GMT
Latest update: "We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month"
So this loan has gone from "full repayment expected by end of January" straight into recovery now? Could it be that the new team rather than revisiting the evasions of the past is actually trying to bring matters to what for many investors will be an unpalateable head. As a non-investor this looks completely like a salvage operation with substantial losses to be crystallised so all can move on. Further shilly-shallying and procrastination is not in the interest of lenders.
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Post by charliebrown on Feb 3, 2019 3:43:03 GMT
Latest update: "We are awaiting an update on this loan from our external legal and recoveries partners. We hope to release this update during the early part of this month"
So this loan has gone from "full repayment expected by end of January" straight into recovery now? Could it be that the new team rather than revisiting the evasions of the past is actually trying to bring matters to what for many investors will be an unpalateable head. As a non-investor this looks completely like a salvage operation with substantial losses to be crystallised so all can move on. Further shilly-shallying and procrastination is not in the interest of lenders. I agree. There’s no value in waiting. This is a piece of wasteland that is significantly overvalued. If we wait another 5 years it’s still going to be a piece of wasteland that is significantly overvalued. Unfortunately the only thing we can do is sell it to the highest bidder and take the losses on the chin. Then take the route of suing the borrower and the valuer, as per usual course of action.
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Monetus
Member of DD Central
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Post by Monetus on Feb 13, 2019 10:44:26 GMT
We're getting quite deep into February.... what still classifies as the "early part of this month"? |
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Post by picanto on Feb 13, 2019 11:53:59 GMT
We're getting quite deep into February.... what still classifies as the "early part of this month"? In Lendy's world, it means the end of February...
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Post by charliebrown on Feb 13, 2019 12:46:14 GMT
We're getting quite deep into February.... what still classifies as the "early part of this month"? In Lendy's world, it means the end of February... It means we don’t say what we do and we don’t do what we say.
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sussexlender
Member of DD Central
Cheat seeking missile
Posts: 550
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Post by sussexlender on Feb 13, 2019 18:17:13 GMT
Lendy bull**** translator (2019 improved version ) It also means "we don't know what to do about these con men highly successful developers so we are keeping very quiet and hope lenders will forget all about this mess".
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richox
Member of DD Central
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Post by richox on Feb 13, 2019 23:10:53 GMT
So it finally happened, Lendy had to admit that they don't know how to deal with defaulting "successful developers". And guess what, they are now being strung along by the "external advisers" who they've brought in to dig them out of their mess. You've got it, due diligence is not exactly Lendy's strong point. No doubt these highly skilled (aren't they just worth their fees) professionals told Lendy they would be well on the way to resolving the mess within a week. So guess what, Lendy accepted what they were told without question and passed the bull on to us. After all that's what Lendy are good at. And guess what, no doubt the professionals are now telling them that it will take a bit longer to sort things out, and, by the way, cost quite a bit more as well. Not that Lendy are planning to pay out of their own hard earned cash of course, but as always, when things begin to veer away from plan Lendy just don't know what to do or what to say. Client management and communications are also not exactly Lendy's strong points. You never know though, if there is anything left after this extra layer of worthies take their cut we just might get some (sort of) good news in the weeks or months to come. Then again, pigs might fly.
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I'm so disappointed, I really thought the Enhanced Recoveries Team would be able to make some progress and actually recover a loan in the first months. Maybe my first thought was correct when I first saw the word Enhanced and they are the same old team just with a nice boobjob paid for by my unpaid interest. 
