mary
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Post by mary on Apr 27, 2018 18:12:50 GMT
"The ninth and final tranche of development funding was added to the platform this week. The borrower has been pursuing several repayment options, however these negotiations are not expected to be concluded before the loan matures in July 2018 and we have therefore agreed to extend the loan by two months, through to September 2018. The borrower expects to be in a position to fully repay the loan on or before the extended loan maturity date, through either the sale or refinance of the scheme. We have had sight of two of the repayment offers and are satisfied that the total loan funding will be less than 40% of the Gross Development Value of the scheme at the time that full repayment is achieved. The borrower has also advised that construction work on site is starting to focus on the interior as the studio apartments take shape." Well, that sounds terrifyingly familiar with its ultra positive vibes being so reminiscent of DFLs 004 and 005. Except that these final tranches only take the LTV to well below 40%, and the borrower already proved their ability by completing the first block and repaying in full. I think these are among the best loans on the platform. I would invest more were I not already over my limit, and that Lendy are failing to get other overdue loans repaid satisfactorily so I am not adding to my platform exposure.
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hazellend
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Post by hazellend on Apr 27, 2018 20:17:08 GMT
Well, that sounds terrifyingly familiar with its ultra positive vibes being so reminiscent of DFLs 004 and 005. Except that these final tranches only take the LTV to well below 40%, and the borrower already proved their ability by completing the first block and repaying in full. I think these are among the best loans on the platform. I would invest more were I not already over my limit, and that Lendy are failing to get other overdue loans repaid satisfactorily so I am not adding to my platform exposure. Hmm, you must have missed the huge loans that have repaid like J** and cement works. You can't fail at getting an overdue loan repaid. It either will or it won't, nothing to do with Lendy. All they can do is manage the recovery process efficiently, but again, the amount reclaimed is mostly beyond their control (and possibly negatively impacted by discussions on this forum).
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sussexlender
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Post by sussexlender on Apr 29, 2018 8:07:04 GMT
Thanks for the link [it was to a local newspaper but it has just been removed].
There is apparently a transgression of the original grant of permission being committed i.e. these are student accommodation only and thus no council tax, not for rental by the day.
Lendy, now this has been drawn to your attention, please act quickly on this to establish what is going on, who is behind the overnight lettings, who is collecting the cash, and where it is going.
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hazellend
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Post by hazellend on Apr 29, 2018 8:15:23 GMT
Thanks for the link [it was to a local newspaper but it has just been removed].
There is apparently a transgression of the original grant of permission being committed i.e. these are student accommodation only and thus no council tax, not for rental by the day.
Lendy, now this has been drawn to your attention, please act quickly on this to establish what is going on, who is behind the overnight lettings, who is collecting the cash, and where it is going. Isn’t the article about one of the completed blocks? I didn’t find anything particularly concerning in it.
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sussexlender
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Post by sussexlender on Apr 29, 2018 8:21:06 GMT
The loans promoted to investors via Lendy and the granted planning permission was for permanent student accommodation, not for AirB&B overnight rentals.
Lendy should still check it out
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Post by loftankerman on Apr 29, 2018 9:03:51 GMT
I got caught up in reading the article and when I returned to the forum page the link had gone. I had bookmarked the article in any case. I have just been further confused by the fact that is has now returned, possibly temporarily. I imagine that the removal might have been prompted by some of the extensive reader comments which name names. It is possibly thought that comments might have been defamatory and were best avoided.
EDIT: Yep! Temporarily. It has gone again and interesting as it was, deletion was probably the safest call.
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Post by loftankerman on Apr 29, 2018 9:16:32 GMT
Some weeks ago I had a comment magically disappear. I asked if the new T&C that stated Lendy had no need to monitor loans or confirm that they were being used for the stated purpose of the loan, meant that our money could be used for criminality or worse and we'd never know unless it was confiscated as the proceeds of crime.
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Post by GSV3MIaC on Apr 29, 2018 9:29:38 GMT
/mod hat on The link IDs the borrower / assets thus falls foul of the open forum rules. I moved the post to DDC, so anyone with access can read it there .. if you, maybe in2tense will PM it to you if you ask nicely. Or you could Google the local area and the asset and probably arrive at the article, although all you really need to know if that the student flats seem to be being let as overnight stay rooms, in violation of their planning consents. |
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Post by loftankerman on Apr 29, 2018 11:22:34 GMT
/mod hat on The link IDs the borrower / assets thus falls foul of the open forum rules. I moved the post to DDC, so anyone with access can read it there .. if you, maybe in2tense will PM it to you if you ask nicely. Or you could Google the local area and the asset and probably arrive at the article, although all you really need to know if that the student flats seem to be being let as overnight stay rooms, in violation of their planning consents. Well, it's a bit juicier than that, as the place is allegedly being used as a base for drug dealing and prostitution while blatantly in breach of its planning permission and being advertised and reviewed on B*****gs.com. It brings a broader view to the concept of innovative finance. The general content of the local newspaper made a great read too.
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hazellend
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Post by hazellend on Apr 29, 2018 11:31:42 GMT
/mod hat on The link IDs the borrower / assets thus falls foul of the open forum rules. I moved the post to DDC, so anyone with access can read it there .. if you, maybe in2tense will PM it to you if you ask nicely. Or you could Google the local area and the asset and probably arrive at the article, although all you really need to know if that the student flats seem to be being let as overnight stay rooms, in violation of their planning consents. Well, it's a bit juicier than that, as the place is allegedly being used as a base for drug dealing and prostitution while blatantly in breach of its planning permission and being advertised and reviewed on B*****gs.com. It brings a broader view to the concept of innovative finance. The general content of the local newspaper made a great read too. Seemed like fake news to me
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Post by mrclondon on Apr 29, 2018 12:11:11 GMT
I've not had chance to read the media report that is being discussed here, but I think its worth noting that most accomodation classified as "student accomodation" can be let on a per room per night basis during the university vacations. Of course there may be specific clauses in the T&C's of this particular development which prevents this, but that would devalue the units as an investment property. I've stayed several times at the University of Kent via several major reputable booking agencies (walking distance to Canterbury centre) during the vacations - the standard of the accomodation is a world a way from my hall of residence of c. 40 years ago (Bloomsbury, Central London), which at the time was the most expensive in the country. |
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Post by loftankerman on Apr 29, 2018 13:46:11 GMT
I've not had chance to read the media report that is being discussed here, but I think its worth noting that most accomodation classified as "student accomodation" can be let on a per room per night basis during the university vacations. Of course there may be specific clauses in the T&C's of this particular development which prevents this, but that would devalue the units as an investment property. I've stayed several times at the University of Kent via several major reputable booking agencies (walking distance to Canterbury centre) during the vacations - the standard of the accomodation is a world a way from my hall of residence of c. 40 years ago (Bloomsbury, Central London), which at the time was the most expensive in the country. What you say is not uncommon, but the readers' comments following the article suggest that students are concerned for their security and safety because the transient non students have unrestricted access to the student accommodation seemingly at all times. It is worth reading the report and the comments. If it is all fake news it has been very well constructed.
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gwenynwyr
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Post by gwenynwyr on Apr 29, 2018 15:05:07 GMT
I may be getting my blocks mixed up, but I thought that Block B was still unfinished and that the completed block is Block C.
Then again I've mixed up these blocks previously.
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sussexlender
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Post by sussexlender on May 2, 2018 12:22:19 GMT
/mod hat on The link IDs the borrower / assets thus falls foul of the open forum rules. I moved the post to DDC, so anyone with access can read it there ... Many thanks for preserving the link on the Lendy DDC. Very helpful. SXLR
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Post by Deleted on May 22, 2018 8:38:50 GMT
Loan has been extended till September?
Thought they should've been fully occupied by September (start of academic year for Uni)
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