ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on May 9, 2018 10:29:25 GMT
No vote as I cut & run a while ago but this one reminds me of BH on MT. Partially finished building, disputes with contractor, legal complexities with unit purchasers and thats not looking good for anything other than a major haircut. Receiver would have to presumably go to court to get clean title to sell before anyone else would touch it and that doesnt look straightforward. Should also be noted that one of the borrowing parties (supporting debenture) is being compulsorily liquidated as part of the disputes.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on May 9, 2018 11:18:00 GMT
No vote as I cut & run a while ago but this one reminds me of BH on MT. Partially finished building, disputes with contractor, legal complexities with unit purchasers and thats not looking good for anything other than a major haircut. Receiver would have to presumably go to court to get clean title to sell before anyone else would touch it and that doesnt look straightforward. Should also be noted that one of the borrowing parties (supporting debenture) is being compulsorily liquidated as part of the disputes. The situation may be similar but the amount outstanding to lenders is a fraction of the B*****H*** first charge debt on MT. In the case of PBL120 the investors could easily buy out our/Lendy's first charge. The lawyers representing the investors could also offer to sell a portion of the freehold to investors. That would generate enough money to pay off Lendy and get the building to an advanced stage. The lawyers representing the investors could then raise a new loan against the unsold apartments in order to complete the development.
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Brainer
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Post by Brainer on May 9, 2018 11:34:17 GMT
There could well be unilateral notices on a number of the room sales, which may take preference over Lendy's charge. All of this information should form part of the voting text so lenders know what they are really voting for. They don't. The Lendy charge predates the UNs. That's why our security is so strong. Is this confirmed / checkable somehow? The initial loan details said, "they have currently exchanged on 56 units (as of 5th April 2016) i.e c£1.5m." So potentially these 56 could rank ahead?
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Brainer
Member of DD Central
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Post by Brainer on May 9, 2018 11:45:14 GMT
There's a "cashflow projection" on the marketer's website showing as of 25th Sept 2017, £6.76m had been spent and £2.54m was required to complete. Not sure any more work was done after this date so this should be a relatively close approximation of the state of play (minus any depreciation since, and costs incurred to take over a project). I've put a link in DD-C.
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Mousey
Member of DD Central
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Post by Mousey on May 9, 2018 11:50:05 GMT
I suspect Lendy have already decided what to do. I imagine it will be in Lendy’s best interest to have the money returned to the platform where they hope it will be used to fund other tranches.
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Mousey
Member of DD Central
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Post by Mousey on May 9, 2018 12:03:39 GMT
I imagine so they can say: “No one at Lendy has lost money apart from accured interest in 120 and that’s only because the lenders voted for it”.
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NSFW
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Post by NSFW on May 9, 2018 12:19:20 GMT
I imagine so they can say: “No one at Lendy has lost money apart from accured interest in 120 and that’s only because the lenders voted for it”. PBL081...
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Post by charliebrown on May 9, 2018 12:49:51 GMT
I voted to accept. I feel any deal that sees a quick return of capital from LY is a stellar result. The alternative is expecting LY to sell the asset and attempt to recover interest and bonus, which they said will take 18 months. Does anyone trust them to do that? A lot of people don’t even think LY will be around in 18 months. My personal preference is my capital back ASAP, I don’t have the appetite for 18 months worth of meaningless updates from LY just to secure some lost interest. Lost interest is the least of my worries.
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Mousey
Member of DD Central
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Post by Mousey on May 9, 2018 12:50:56 GMT
I imagine so they can say: “No one at Lendy has lost money apart from accured interest in 120 and that’s only because the lenders voted for it”. PBL081... Haha yep! Although "Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing" It is Lendy's best interests to maintain that "no Lendy investor has been subject to any loss of capital" and if they can delaying completely resolving 081 et al or in this case return all capital I think they will. ETA: Although I see that the "no Lendy investor has been subject to any loss of capital" has been removed from some of their pages...
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Post by picanto on May 9, 2018 13:50:14 GMT
I find it surprising that so many people are voting no to the deal. Considering so many people wish to pull out of Lendy ASAP then surely it would make sense for these people to accept the loss of interest (and be pleased that they haven't lost capital) and withdraw their funds once the capital is paid back in the next few weeks? Unless people are considering sticking around for a further 18 months (which doesn't seem the general consensus from what most forum members say), but if I was wanting to get out ASAP then I know which option I would choose...
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Post by Companion Cube on May 9, 2018 13:55:06 GMT
I would like to vote no but the vote button remains greyed out whatever option I choose. Does anyone else have this issue?
I'm not in this loan but I received the email addressed to me, by name, inviting me to vote.
I wonder if this is a technical issue or a competence one.
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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: 11,333
Likes: 11,555
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Post by ilmoro on May 9, 2018 14:04:49 GMT
I would like to vote no but the vote button remains greyed out whatever option I choose. Does anyone else have this issue? I'm not in this loan but I received the email addressed to me, by name, inviting me to vote. I wonder if this is a technical issue or a competence one. Yes, seem here. Your vote wouldnt have any value because its weighted on loan parts held and that doesnt take into account interest owed so the system has automatically suspended the vote button. I suspect the email has been sent to all investors who have oustanding sums due which would include interest accrued or maybe even all investors (cant remember when I bailed). Its effectively a loan book update communication.
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NSFW
Posts: 118
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Post by NSFW on May 9, 2018 14:06:17 GMT
I would like to vote no but the vote button remains greyed out whatever option I choose. Does anyone else have this issue? I'm not in this loan but I received the email addressed to me, by name, inviting me to vote. I wonder if this is a technical issue or a competence one. These days Lendy seems to just email everyone. Could try a different browser I guess.
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Post by charliebrown on May 9, 2018 14:06:59 GMT
I would like to vote no but the vote button remains greyed out whatever option I choose. Does anyone else have this issue? I'm not in this loan but I received the email addressed to me, by name, inviting me to vote. I wonder if this is a technical issue or a competence one. Why do you think you should be able to vote when you’re not in the loan? And why would you want to vote when you’re not in the loan?
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Post by Companion Cube on May 9, 2018 14:18:16 GMT
I would like to vote no but the vote button remains greyed out whatever option I choose. Does anyone else have this issue? I'm not in this loan but I received the email addressed to me, by name, inviting me to vote. I wonder if this is a technical issue or a competence one. Why do you think you should be able to vote when you’re not in the loan? And why would you want to vote when you’re not in the loan? I didn't say at any time that I should be able to vote, just that I would like to vote. However I do have an issue with being invited to vote and then being figuratively told to bug**r off. I don't like being pis**d about. Having said that, I may well be involved in the next such loan in this situation and I would like to play a part in shaping the way that Lendy deals with such situations generally speaking.
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