r00lish67
Member of DD Central
Posts: 2,692 
Likes: 4,048
|
Post by r00lish67 on Oct 27, 2017 16:03:24 GMT
What is it with this one anyway? The council has lost some drawings. Lost, really? That must have been a fun conversation.
"Really sorry Mr Developer, your project can't go ahead now as we appear to have used your drawings as scrap paper by mistake. We did upload an electronic copy too, but Dave in Back Office was playing spider solitaire and accidentally deleted the office network drive. Don't worry though, Bob from receivables is a dab hand on Photoshop, we'll get right on it..
|
|
GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
|
Post by GeorgeT on Oct 27, 2017 16:07:34 GMT
What is it with this one anyway? The council has lost some drawings. Lost, really? That must have been a fun conversation. "Really sorry Mr Developer, your project can't go ahead now as we appear to have used your drawings as scrap paper by mistake. We did upload an electronic copy too, but Dave in Back Office was playing spider solitaire and accidentally deleted the office network drive. Don't worry though, Bob from receivables is a dab hand on Photoshop, we'll get right on it.. Maybe they did lose some stuff, but that should be irrelevant. Why wouldn't the developer just furnish them with a new set.
|
|
GeorgeT
Member of DD Central
Posts: 1,322
Likes: 1,576
|
Post by GeorgeT on Oct 27, 2017 23:00:26 GMT
I can't help but note that the fee for this valuation was a whopping £15,000. Thats a massive hourly rate. I'm sure a local valuer would have provided a VR for a lot lot less and with the benefit of local knowledge. I wonder what 15k buys you as a borrower.
|
|
bfish
Member of DD Central
Posts: 106
Likes: 131
|
Post by bfish on Oct 27, 2017 23:15:11 GMT
Lendy tell us:
'We have been alerted to the borrower having delays in receiving affirmation of their existing planning permission from the Council.'
Is there not a slight contradiction here... ?
|
|
|
|
Post by charliebrown on Oct 28, 2017 1:46:14 GMT
Suspended! This did not appear in my Update list, only discovered by checking manually each of my loans, very inefficient (or well hidden?)! This was listed as “with planning”. How can they list it as “with planning” when it doesn’t have planning. Someone else had posted recently that dealing with LY is like dealing with gangsters, I can see why that comment was made. in addition, we urgently need a “suspended” tab. Suspended is the new default. We can’t easily see which loans have been suspended. I think we also need to quickly calculate the IA, non-performing, suspended and defaulted loans against the loan book, or whatever terms LY uses to try to obfuscate the fact the loan is heading into a black hole. At this point I feel really uneasy about the future of LY. There’s been almost no good news in months, the pipeline is dry apart from more tranches of existing loans and loans are continuing to go bad on a very regular basis. Anyone else got an Armageddon feeling? I don’t see any positives here.
|
|
elliotn
Member of DD Central
Posts: 3,064
Likes: 2,681
|
Post by elliotn on Oct 28, 2017 5:34:25 GMT
Suspended! This did not appear in my Update list, only discovered by checking manually each of my loans, very inefficient (or well hidden?)! This was listed as “with planning”. How can they list it as “with planning” when it doesn’t have planning. Someone else had posted recently that dealing with LY is like dealing with gangsters, I can see why that comment was made. in addition, we urgently need a “suspended” tab. Suspended is the new default. We can’t easily see which loans have been suspended. I think we also need to quickly calculate the IA, non-performing, suspended and defaulted loans against the loan book, or whatever terms LY uses to try to obfuscate the fact the loan is heading into a black hole. At this point I feel really uneasy about the future of LY. There’s been almost no good news in months, the pipeline is dry apart from more tranches of existing loans and loans are continuing to go bad on a very regular basis. Anyone else got an Armageddon feeling? I don’t see any positives here. They urgently need a Suspended tab for transparency given this apparent latest regulatory treatment ahead of any FCA authorisation. I think it’s still possible to pluck out some positives though: - bonus accrual during tolerance period to help address the ageing of the loan book; - pausing the avalanche of new, low rate loans in Q1/2 is a roundabout positive if Ly were listening and slowed down origination to focus on fulfilling ongoing, large development loans; - some repayment of loans without investors (currently) suffering any of the capital shortfalls incurred; - substantial repayments of J** and the caravans were unadulterated positives after a good interest innings. The negatives, of course, are well documented and for many outweigh the positives although we should concede it’s not ALL bad 😊 .
|
|
|
|
Post by dan1 on Oct 28, 2017 7:51:48 GMT
I can't help but note that the fee for this valuation was a whopping £15,000. Thats a massive hourly rate. I'm sure a local valuer would have provided a VR for a lot lot less and with the benefit of local knowledge. I wonder what 15k buys you as a borrower. A whopping level of PI, we hope!
|
|
mikes1531
Member of DD Central
Posts: 6,453
Likes: 2,320
|
Post by mikes1531 on Oct 28, 2017 13:53:29 GMT
Someone else had posted recently that dealing with LY is like dealing with gangsters, I can see why that comment was made. They urgently need a Suspended tab for transparency given this apparent latest regulatory treatment ahead of any FCA authorisation. I think it’s still possible to pluck out some positives though: - bonus accrual during tolerance period to help address the ageing of the loan book; Except that Lendy seem to have taken a decision that they're not really going to pay out any of the bonus interest. PBL142 has been accruing bonus interest on the website for nearly a month -- which encouraged people to invest in an overdue loan -- but now that the loan has been repaid Lendy have said they're not going to pay the bonus interest. For recently repaid overdue loans, Lendy have said the bonus interest will be paid if, having already sold the security, they can obtain more proceeds from the borrower. But the current shortfall in proceeds includes all the normal interest for the loan. IMHO, the chances of recovering enough additional to pay investors their normal interest and still having something left to pay the bonus accruals is rather slim.
|
|
|
|
Post by loftankerman on Oct 28, 2017 16:09:48 GMT
I anticipate hearing that any outstanding interest owed will be delivered to lenders' stockings at Xmas by Santa and in the meantime they can confidently continue to invest.
|
|
garfield
Member of DD Central
Posts: 490 
Likes: 268
|
Post by garfield on Oct 28, 2017 16:33:52 GMT
I anticipate hearing that any outstanding interest owed will be delivered to lenders' stockings at Xmas by Santa and in the meantime they can confidently continue to invest. Which Christmas?
|
|
|
|
Post by ladywhitenap on Jan 4, 2018 11:43:08 GMT
Just been doing a bit of digging online for this one.
Planning permission was granted Feb 1989 and a certificate of lawfulness covering the start of the development was issued in 2006 as stated in the VR and this latter item is the most recent document on the Hastings planning portal. Perhaps not that surprising that a few documents have gone missing.
So what ever current planning activity is going on currently, it does not seem to appear on the council website.
LW
|
|
ingwer
Member of DD Central
Posts: 121
Likes: 47
|
Post by ingwer on Jan 5, 2018 10:28:56 GMT
It would be useful to get a more expansive update later today but I dont think that will be forthcoming. Also this will be visible on the Default loan page once it reaches 180 days - currently -178 - adding £2.1m.
|
|
|
|
Post by ladywhitenap on Jan 5, 2018 10:45:15 GMT
I've found more info about the planning situation but can't link to it here and comply with forum rules.
My route was to take the street address with house number and google for that and read various reports in the local paper, one of which links back to the local planning portal and a new entry for the property. This new entry did not come up when I searched the planning portal in the first place.
In essence although PP was given years ago and a start made on the job and a certificate issued showing it to be legal, the planners lost documents that showed what was proposed such that they can no longer confirm compliance with the original plans. Time has moved on and these days more documents/plans are needed for things like environmental impact and, somewhat worryingly, showing that a nearly cliff won't be affected. BR detail obviously has to meet current standards and in doing so "could" change the visual appearance but without the old plans to refer to, the council cannot judge. No doubt that whoever presided over the original PP and document loss will be long gone.
It looks like the developer (borrower?) needs to just face up to providing the new details. Messy situation.
LW
|
|
ingwer
Member of DD Central
Posts: 121
Likes: 47
|
Post by ingwer on Jan 5, 2018 11:57:43 GMT
A few basic questions (I am being probably naive) like why not bite the bullet and submit new plans, how long will it take to get that approval, is there a suggestion that planning would not be forthcoming now, why is the borrower not paying interest on the loan ? Funds could be locked up in this loan for years. So can Lendy do anything ?
|
|
dp
Member of DD Central
Posts: 189
Likes: 84
|
Post by dp on Jan 5, 2018 13:00:21 GMT
Submitting new plans would involve a fee and at the very least an 8/9 week turnaround, and that's if it all goes smoothly.
Separate issue here in Liverpool although probably affects others: as funding has been cut so has personnel working for the planning department. Planning departments are stretched and generally slow to response and miss suggested turnaround targets frequently, with little or no regard to the submitter. Which knocks on to client, developer, funder.....
|
|
