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Post by Deleted on Jun 6, 2016 9:05:48 GMT
Curiosity killed the cat...So I'm now £6 out of pocket... There are 2 titles under the charge that Lendy Ltd has against PBL20; WSX2****5 (land adjoining T****** Nurseries) & WSX2****6 (T****** Nurseries). On the documents I downloaded, both our borrower (As Registered Owner), and Lendy Ltd (As Lender) is indicated. The amount paid for these are as follows... WSX2*****5
| : | £ 575,000 | WSX2*****6
| : | £ 900,000 | | Total | : | £ 1,475,000 |
Add 12% to that total, and you get mighty close to the loan amount. Savingstream have some questions to answer...  This is something I don't like, or understand. If you have a very recent sale on that property, you should use IT as a definite guide on its value. Given this data is readily available, I wonder how any sensible valuer can not consider it in its valuation??? Once again it looks to me like the responsible for this loan mismanagement are the valuators and this is a costly mistake that SS should persue in the strongest way agains the people who signed the PBL20 valuation documents (and certainly should not be giving them more work for the sale of the property itself!!!!!).
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Post by earthbound on Jun 6, 2016 9:31:52 GMT
Anther puzzling aspect, the original valuers are the ones now selling the place for SS at £1.9m.  |
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Post by GSV3MIaC on Jun 6, 2016 9:35:29 GMT
Mmm pity i cant change my polling vote, i'm now of the mind to vote 100% capital and interest returned. You CAN change your vote, you just have to un-tick the old one first (only one can be ticked at once).
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Post by earthbound on Jun 6, 2016 9:40:03 GMT
Mmm pity i cant change my polling vote, i'm now of the mind to vote 100% capital and interest returned. You CAN change your vote, you just have to un-tick the old one first (only one can be ticked at once). Thanks.. didn't know you could do that, and now i have. 
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
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Post by littleoldlady on Jun 6, 2016 9:56:47 GMT
There has been £70k+ on the SM for some days. The owners of this will not be accruing any interest which suggests that they do not share the optimism of the majority of respondents to this poll.
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Post by earthbound on Jun 6, 2016 10:10:15 GMT
On the basis of that, ISTM pretty clear that the borrower is a person, not a company. Edit As far as I know the director(s) did not guarantee the Lendy Ltd loan and it is entirely possible, probable even, that they have not personally guaranteed any other debts of the company so will be able to walk away from the company not owing anyone anything. There seem to be info from 4 days ago that the Ltd co is now in administration. edit.. and another LTD co registered at the garden place was dissolved 26 april 2016. not sure if any of this is relevant, but interesting nevertheless. typo
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853 
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Post by cooling_dude on Jun 6, 2016 10:33:30 GMT
Curiosity killed the cat...So I'm now £6 out of pocket... There are 2 titles under the charge that Lendy Ltd has against PBL20; WSX2****5 (land adjoining T****** Nurseries) & WSX2****6 (T****** Nurseries). On the documents I downloaded, both our borrower (As Registered Owner), and Lendy Ltd (As Lender) is indicated. The amount paid for these are as follows... WSX2*****5
| : | £ 575,000 | WSX2*****6
| : | £ 900,000 | | Total | : | £ 1,475,000 |
Add 12% to that total, and you get mighty close to the loan amount. Savingstream have some questions to answer... This is something I don't like, or understand. If you have a very recent sale on that property, you should use IT as a definite guide on its value. Given this data is readily available, I wonder how any sensible valuer can not consider it in its valuation??? Once again it looks to me like the responsible for this loan mismanagement are the valuators and this is a costly mistake that SS should persue in the strongest way agains the people who signed the PBL20 valuation documents (and certainly should not be giving them more work for the sale of the property itself!!!!!). The problem I see with the current situation is that the information I found is information any potential purchaser is going to be able to easily find out (for £6... or £600 if they have a solicitor do it for them  ) After one year, the site is no better off; it has had no improvements and no additional PP. Why the hell, 1 year after the above sale at 1.5mill, will a new purchaser pay more than that. With a bridging loan, Lendy Ltd should have seen that coming. It seems to me they were simply hedging their bets that PP was going to be approved  . Like you said; the valuation reports should have at least taken into account the (at the time of the valuation report) proposed sale price. However, Lendy Ltd would have known what the purchase price was going to be, and to offer 100% of the finance to a company that is only (at the time) a year old... You know, I make the actual LTV of this loan 115%. I've come to accept that Lendy Ltd don't use (when available) 90 days Market vale as an indication of LTV, but with the facts now at hand, there is no way they should have been offering finance in this situation. So many questions... and as goopy mentioned... how many other loans are in the same boat...
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Post by dodgeydave on Jun 6, 2016 11:02:03 GMT
Saving Stream really should issue a statement to clear this whole episode up.
To many wild theories are being banded about.
They are not doing themselves any favours.
At the moment "the silence is deafening".
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Post by dualinvestor on Jun 6, 2016 13:21:07 GMT
Saving Stream really should issue a statement to clear this whole episode up. To many wild theories are being banded about. They are not doing themselves any favours. At the moment "the silence is deafening". If they were simply theories, wild or otherwise, it wouldn't be a problem, they are actually facts that are in the public domain. All of the items below are very easily verifiable facts in the public domain The freehold property was purchased for £1.475m The loan was for £1.7million "Lendy Finance Limited" (a company not registered in the UK) owns 10% of the borrower (or did at 16 August 2015) The Lendy "Bridging Loan Particulars" state a) the value is £2.43million and b)the loan represents 70% LTV The same particulars state that the site has "full planning permission for extensive redevelopment" 6 months interest was deducted from the loan (making the nett loan ££1.547million) Theories can and have been extrapolated from those facts, savingstream could comment on them but if it has exercised its mind on the subject and taken leggal advice has probably been told not to. They are not answerable to this forum but might be to the FCA if those facts are presented to them.
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Post by dualinvestor on Jun 6, 2016 13:23:48 GMT
You CAN change your vote, you just have to un-tick the old one first (only one can be ticked at once). Thanks.. didn't know you could do that, and now i have. For very different reasons I believe there will not be a realisation from this loan to lenders.
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Post by dodgeydave on Jun 6, 2016 13:48:55 GMT
If they were simply theories, wild or otherwise, it wouldn't be a problem, they are actually facts that are in the public domain. All of the items below are very easily verifiable facts in the public domain The freehold property was purchased for £1.475m The loan was for £1.7million "Lendy Finance Limited" (a company not registered in the UK) owns 10% of the borrower (or did at 16 August 2015) The Lendy "Bridging Loan Particulars" state a) the value is £2.43million and b)the loan represents 70% LTV The same particulars state that the site has "full planning permission for extensive redevelopment" 6 months interest was deducted from the loan (making the nett loan ££1.598million) Theories can and have been extrapolated from those facts, savingstream could comment on them but if it has exercised its mind on the subject and taken leggal advice has probably been told not to. They are not answerable to this forum but might be to the FCA if those facts are presented to them. I am not disputing any of the claims you and others have made. Am lucky i jumped out of this loan along while ago. But it does affect my thoughts and actions on my future investment . My suggestion is that Saving Stream should not hide behind all of this. The facts need to be explained .
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Post by dualinvestor on Jun 6, 2016 13:56:53 GMT
My suggestion is that Saving Stream should not hide behind all of this. The facts need to be explained . I fully agree but in today's world I do not expect it to happen 
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Post by lb on Jun 6, 2016 14:01:20 GMT
GSV3MIaC Thanks.. didn't know you could do that, and now i have. For very different reasons I believe there will not be a realisation from this loan to lenders. Do you mean 0 recovery of capital? (I see there are a couple of votes for this) If so, why?? the security is going to be worth something! What am I missing??
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on Jun 6, 2016 14:04:21 GMT
Lendy Finance are the trading name of Lendy Ltd and probably the entity that the borrower dealt with so looks like when the return has been filed the wrong name has been used.
What do we make of the directors other company, established 2 days after the administration, which they promptly resigned from the day after and apppointed their wives, daughters? in their stead?
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littleoldlady
Member of DD Central
Running down all platforms due to age
Posts: 3,045
Likes: 1,862
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Post by littleoldlady on Jun 6, 2016 14:07:24 GMT
For very different reasons I believe there will not be a realisation from this loan to lenders. Do you mean 0 recovery of capital? (I see there are a couple of votes for this) If so, why?? the security is going to be worth something! What am I missing?? It does happen, although I hope not on this loan. It is easy for the Administrators' fees to eat up all the proceeds from a forced sale.
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