Balder
Member of DD Central
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Post by Balder on Oct 1, 2018 13:55:19 GMT
Now what was the outcome of the vote again? Any "no" voters want to buy my loan part for 70%? If not then why vote "No". £15K available.....
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Post by GSV3MIaC on Oct 1, 2018 15:10:26 GMT
Sadly Ly don't offer us (or you) that option .. yet (but it has been talked about).
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Post by loftankerman on Oct 9, 2018 15:31:04 GMT
Personally I think the build out is a bit of a bluff here. It seems expensive and long-winded. The block doesn't seem to know what it is. Is it apartments for professionals, students, serviced apartments for short-lets, or council housing? It seems to have marketed themselves at all of these groups, all of which have differing needs. I can't seem to think of a set-up like it, and for good reason, it doesn't work. For the security to be disposed of I think some of the apartments would have to be reconfigured, and that's on top of the outstanding works that needs to be done. My own prediction is the original developer will end up getting it for a cut-down price. There doesn't seem to be much of a shortage of flats here, and given you could pick up a city centre 2-bed for c£90k or even a house for £100k, the price for these would have to be much less, as going on the few pictures the flats look smaller and in a worse location. It would be more lucrative to rent these out but then Lendy have the risk of paying to build it out and there being no takers for it, at which point they would have to cut a deal anyway. It shouldn't work like this, but the other bad loans cross-contaminate others. Hypothetically speaking a deal for 80% return now would be much more tempting now than the summer given what other problems have arose since then. Along the lines of some concerns I have expressed. My forecast is that ultimately this will become a 'no go' area for the refined folk of Wolverhampton and after demolition some P2P outfit will be trying to raise money on a development not too different to the aspirations this one had was sold to us on.
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Post by p2plender on Oct 9, 2018 23:04:18 GMT
Come on Lendy support, you read the forum so what's the answer as you won't tell investors via email. You can't carry on this game before you are hauled in.
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micky
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Post by micky on Oct 10, 2018 9:38:58 GMT
Decision delayed until Friday as the court needs more time to consider the case.
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Post by charliebrown on Oct 11, 2018 10:39:30 GMT
For this loan, and a few others, LY have hinted that they’re contemplating a build out. I have my doubts as to whether they would attempt this, but assuming they’re serious, where would the money come from to pay for a substantial build out?
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Post by mrclondon on Oct 11, 2018 10:52:38 GMT
For this loan, and a few others, LY have hinted that they’re contemplating a build out. I have my doubts as to whether they would attempt this, but assuming they’re serious, where would the money come from to pay for a substantial build out? The costs of the build out simply become a cost of the administration of the borrowing company and take precedence over all existing creditors, i.e. the administrators will seek the finance which is in effect a new 1st charge in front of Lendy. See MT Plymouth 1 and Bollington as well as FS Wimbledon as examples.
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Post by p2plender on Oct 11, 2018 12:58:41 GMT
See my earlier posts. Brookes now fancies himself as head of a construction company now that he's failed (appallingly/ miserably) as head of a p2p lending company.
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Post by loftankerman on Oct 11, 2018 14:24:01 GMT
See my earlier posts. Brookes now fancies himself as head of a construction company now that he's failed (appallingly/ miserably) as head of a p2p lending company. I trust he would plan on having such a company unconnected with Lendy so as to avoid hanging another millstone round its neck? Nah! Probably not.
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orvilorvil
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Post by orvilorvil on Oct 11, 2018 14:58:00 GMT
For what is probably a complex refurbishment depending on the work remaining, in comparison to a new build; skill and knowledge is required to ensure costs are accounted accurately before starting. It’s even harder when jumping in half way though a build.
It’s worrying if this is the case, as thoughts at this stage will be on maximising profits.
Does the administrator have a say in the selection of the appointed contractor and their relative expirence of carrying out such work?
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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
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Post by ilmoro on Oct 11, 2018 17:55:40 GMT
For what is probably a complex refurbishment depending on the work remaining, in comparison to a new build; skill and knowledge is required to ensure costs are accounted accurately before starting. It’s even harder when jumping in half way though a build. It’s worrying if this is the case, as thoughts at this stage will be on maximising profits. Does the administrator have a say in the selection of the appointed contractor and their relative expirence of carrying out such work? The build out will almost certainly be done by the administrator who will arrange both the finance & the contractor. Lendy are unlikely to have much involvement at all. It's is the administrators responsibility to secure the best outcome for creditors. They will recommend a course of action and carry it out. Comments about Lendy becoming builders are just jokes. (I hope)
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Carter
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Post by Carter on Oct 11, 2018 18:20:48 GMT
Buildy 😁
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Post by loftankerman on Oct 12, 2018 8:33:46 GMT
Do you mean like Buildy McBoatface?
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Post by charliebrown on Oct 12, 2018 12:27:44 GMT
I wouldn’t want to live in a house that Lendy built, it would probably collapse.
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averageguy
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Post by averageguy on Oct 12, 2018 12:34:24 GMT
I wouldn’t want to live in a house that Lendy built, it would probably collapse. With a promise of a roof next year ..or maybe later..or then again maybe never
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