PBL103 - Site with PP nr Hastings DEFAULT (Partial Recovery)

And then it all falls through with the fictitious  potential purchaser every time. We all know it is total rubbish.

It is simply a repeat of all the previous promises and deliberate failures to repay. It is a very transparent ploy by this Borrower and his partners to which the great minds at Lendy are permitting a continuation month after month. If they simply defaulted the loan, they could put it in for public auction so more people could bid.

We have not heard that anyone from Lendy HQ as ever had the inclination to visit this waste site.

There is no sign of anything being done. Most of the very poor quality fencing has fallen away in the recent storm.  A call to the supposed Estate Agents drew a total blank of any progress.

The new external recoveries team obviously have no experience whatsoever in dealing with this type of sharp clever delaying tactic. 

Instead of the unproductive "almost daily" telephone chats why not send someone from Lendy to the Borrowers office in Canterbury to demand to see his other major developments?  Some will doubt that he has ever managed to develop anything at all except an increased bank account probably earning interest. Lenders are getting nothing at all.

Despite the boasts on the now out of date website, this Borrower clearly does not have access to cash rich JV capitalists or a line of credit with the ability to pay our cash back. Lendy have demonstrated that they have no intention of trying to get the money back for us. They have had their fees so they have no interest in doing anything.

I have no problem with taking a risk (win some / lose some) but this loan has a stink about it that makes one think that it is now become worthy of investigation by another agency. 

Anyone place a bet that this Borrower will be invited to Cowes week as a special guest of Lendy - after all he is one of their long term Borrowers? The fact that he has failed to pay anything back for a very long time can simply be cover up forgotten in the publicity that will accompany Lendy and the forthcoming week of self promotion.

Perhaps someone with an insight into the local I of W press could manage to print a very simple and truthful advert during Cowes week reproducing the current schedule of the many £ millions of cash now in default "non performing" together with the amount of days late for each loan.

It might make life a bit more interesting for the CEO if he is challenged about them by the multitude of Lendy Wealth clients flocking to Cowes week in search of the promised profits.