mickj
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Post by mickj on Feb 24, 2018 15:19:29 GMT
Thanks Grumps, top banana. I did work through the comments a while ago, but the article is December 18th, I don't expect much happened over the holiday but still plenty of time for progress since mid January.
Is the site locked down or did work recommence second week of January as suggested elsewhere? - anyone.
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locutus
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Post by locutus on Feb 24, 2018 15:25:33 GMT
Work has most definitely not recommenced.
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oldgrumpy
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Post by oldgrumpy on Feb 24, 2018 15:44:14 GMT
Thanks Grumps, top banana. I did work through the comments a while ago, but the article is December 18th, I don't expect much happened over the holiday but still plenty of time for progress since mid January. Is the site locked down or did work recommence second week of January as suggested elsewhere? - anyone. No doubt you absorbed the implications of Faseeha's concerns, especially the one from two days ago.
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mickj
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Post by mickj on Feb 24, 2018 16:07:05 GMT
Thanks locutus, I would have been surprised if it had, I have seen references to the accommodation being 80% occupied, wondering how that can be correct.
Also just stumbled on to a couple of facebook pages. I am not much money in this one and it seemed to be doing so well until close to the promised finish date in 2017, looks like start of academic year 2018 is being talked around. Do feel for anyone who has expected to own a unit in this block, it appears to be close and I would expect finishing would be the main objective, hope they can work something out.
Hope I am not infringing any forum rules, I am making an effort not to post url's or names.
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guff
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Post by guff on Feb 24, 2018 16:18:27 GMT
A search for "S** Building, Stoke - Investor Group" on F***B***† makes for interesting‡ reading.
† Other social media sites are available
‡ More interesting in comparison to other media platitudes
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mickj
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Post by mickj on Feb 24, 2018 16:22:28 GMT
Thanks Grumps, top banana. I did work through the comments a while ago, but the article is December 18th, I don't expect much happened over the holiday but still plenty of time for progress since mid January. Is the site locked down or did work recommence second week of January as suggested elsewhere? - anyone. No doubt you absorbed the implications of Faseeha's concerns, especially the one from two days ago. Thanks again Grumps, the comments do jump date wise and some are quite up to date, lets hope Lendy are up to date as well, seem to have a lot on the plate at the moment.
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Post by mrclondon on Feb 24, 2018 16:46:16 GMT
A search for "S** Building, Stoke - Investor Group" on F***B***† makes for interesting‡ reading. † Other social media sites are available ‡ More interesting in comparison to other media platitudes Links to the local media article and this Investor Group are now on DD Central for those with access, and I've pasted the update issued by the investor group dated 8th Feb in its entirety.
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hazellend
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Post by hazellend on Feb 24, 2018 18:18:45 GMT
I will be very interested to read Lendy's next update. Don't make it bland, Paul64 . Spades are spades, you know, (they don't spin very well) and some people are much more aware than Lendy (apparently) seems to think. Probably worthy of a 'exceptional' (eg: non full loan book, fortnightly) update, IMV. So is this still accruing bonus interest now that is beyond the tolerance period or not. Can somebody please tag Lendy to answer
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mary
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Post by mary on Feb 24, 2018 18:55:39 GMT
A search for "S** Building, Stoke - Investor Group" on F***B***† makes for interesting‡ reading. † Other social media sites are available ‡ More interesting in comparison to other media platitudes Links to the local media article and this Investor Group are now on DD Central for those with access, and I've pasted the update issued by the investor group dated 8th Feb in its entirety. What a fiasco! I used to be of the opinion that these student developments were a sure thing, especially when substantially built, just shows how wrong you can be. No wonder Lendy has had to hire in all those recovery experts, there so much for them to do, did they know how much s**t there was to attempt to clean up before they signed up?
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hazellend
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Post by hazellend on Feb 24, 2018 19:33:33 GMT
So is this still accruing bonus interest now that is beyond the tolerance period or not. Can somebody please tag Lendy to answer Once the overdue period reaches 180 days and beyond, the Bonus Accrual stops increasing and remains at the maximum available for a loan depending on the loan's rate: in this case, it's a 12% loan so the max BA should be 3% as per the FAQ article, although in practice 2.96% is the maximum applied rate according the Lendy loan listings. I say 'is' but that should more accurately be 'was', as it appears Lendy systems are having a bit of a wobbly such that most / all the BA rates have been knocked backwards. Hence 12% loans showing more than 179 days overdue are (currently) reading 2.5% Lendy Support - please confirm and advise re: the 2.5% / 2.96% / 3% issue. Thank you. Seems bizarre, so Lendy are now benefiting from this going beyond the tolerance period given good chance of fulll recovery?
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mikes1531
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Post by mikes1531 on Feb 24, 2018 19:52:47 GMT
Taking control of the building and selling it (to an interested party that can finish it off) ... ...does seem to be the most sensible approach to take, especially as the project would appear to be quite progressed. However, there are some things I really don't understand. The main one relates to the deposits taken from buyers and how those affect the finances. If the part-built project is sold, is the Lendy loan paid off with the first part of the proceeds because we have the first charge? Or does money have to be put aside first in recognition of buyers deposits? If the latter, are the remaining proceeds likely to be enough to repay the Lendy loan and its accrued interest? I presume that any developer buying the project would want to pay a price that reflected the amounts owing to Lendy, the amounts already received from buyers, the estimated costs to complete the project, something to cover their own overheads, an amount to allow for contingencies to remediate anything the original builder might have done that isn't up to the new builder's standards, and to undo any damage caused because the works were suspended before the building was weather-tight, not to mention a profit element for the new developer. (And I may have missed some things as well!) The ultimate question is what someone might be willing to pay for this part-built project, and what that might mean for Lendy and their investors?
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mikes1531
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Post by mikes1531 on Feb 24, 2018 20:03:27 GMT
Seems bizarre, so Lendy are now benefiting from this going beyond the tolerance period given good chance of fulll recovery? We can't know for sure, because we don't know what Lendy's loan agreement says about extra payments incurred when a borrower doesn't repay on time. At this point I haven't a clue whether or not this loan has a "good chance of fulll recovery". What I do know is that I'd be most grateful if this loan could be wrapped up in 2018 and I would receive all the interest I had accrued since the loan became overdue plus an additional 3% of Bonus Accrual. If Lendy could achieve that, I really wouldn't care if they managed to make a tidy profit for themselves!
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jcb208
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Post by jcb208 on Feb 24, 2018 20:57:44 GMT
A shame this building has come to a stop,it was my favourite loan in the early days, even though I don't hold it now would like to see it finished with a positive result for investors
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Post by charliebrown on Feb 25, 2018 2:08:09 GMT
Yet another LY loan that has hit the rocks and is now shrouded in secrecy. I’m not suggesting LY are to blame on this one, but it’s just their usual “keep them in the dark” attitude that we are all too familiar with.
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mary
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Post by mary on Feb 26, 2018 18:53:08 GMT
To me, this seems a reasonable bet for full recovery, inc all interest. I almost wish I didn't get cold feet and sell out, but I am still awaiting my IA.
The GDV is ~£14m, and approx £3m is required to complete the build, with the outstanding loan and interest at less than £2m with 1st charge priority. Details in DDcentral.
Clearly, that the build funds have run out, the prior contractor is going to court and there and many units that have already exchanged or completed on the sale, means too many parties with claims on the whole.
As always the big question is when monies will be recovered?
Edit - I am completely discounting the borrowers claimed £15m+ nett worth from the original loan guff due to the unpaid contractors, but, as above, should not be needed anyway.
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