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Post by loftankerman on Nov 13, 2018 10:40:34 GMT
An update has been posted on the Lendy web site and it probably exceeds the expectations noted above.
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Post by p2plender on Nov 13, 2018 10:54:52 GMT
Appointment of administrators seen as good news then..
Shows how low expectations are.
Come back in 12 months then for no real progress.
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shimself
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Post by shimself on Nov 13, 2018 10:56:53 GMT
An update has been posted on the Lendy web site and it probably exceeds the expectations noted above. To save you the bother, it says an administrator has been appointed
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invester
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Post by invester on Nov 13, 2018 11:12:38 GMT
What happens to the people already living here? I thought there was rental income mandated to us under the units rented to the council. Presumably the bank accounts would be frozen.
Personally I can see this being even longer than 12 months. The quick sale option seems to have disappeared (seems pointless to incur all the administrator fees only to then cut a deal), so that leaves a build out and sale.
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Mousey
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Post by Mousey on Nov 13, 2018 11:42:43 GMT
Oddly the updated is dated 12/11/2018 but the text reads "the administrators were appointed at 14:46 yesterday (12 November 2018). " I suspect that in order for yesterday to be the 12th this update was in fact posted today and the date falsified I asked these questions back in April '18 to Lendy Support which haven't been answered.
Specifically: "8 units have also been let within Phase 1 on standard Assured Shorthold Tenancies (ASTs) at a rent of £110,000 pa ... All rental income will be mandated to us and held as a contingency fund in case of need"
Lendy Support I may have missed some of these answers in the thread but looking at the loan description: Is this still correct? Was this acheived? What is the current build state of the site? How many of these 5 options remain open? ETA: or perhaps Paul64 could advise?
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Post by Paul70 on Nov 13, 2018 13:12:00 GMT
“We can confirm that Lendy’s application to the Court to appoint administrators in relation to the borrower company was successful and the administrators were appointed at 14:46 yesterday (12 November 2018). We will now liaise with the administrators to prepare an options report with likely realisation for lenders as soon as possible and will provide further updates in due course.”
Thanks
Lendy Team
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Post by ladywhitenap on Nov 13, 2018 13:22:03 GMT
“We can confirm that Lendy’s application to the Court to appoint administrators in relation to the borrower company was successful and the administrators were appointed at 14:46 yesterday (12 November 2018). We will now liaise with the administrators to prepare an options report with likely realisation for lenders as soon as possible and will provide further updates in due course.” Thanks Lendy Team Doubly good news. Not only the news item itself but also that Lendy are engaging with lenders through this forum. Lets have more of this please Paul70LW
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Post by picanto on Nov 13, 2018 13:40:53 GMT
“We can confirm that Lendy’s application to the Court to appoint administrators in relation to the borrower company was successful and the administrators were appointed at 14:46 yesterday (12 November 2018). We will now liaise with the administrators to prepare an options report with likely realisation for lenders as soon as possible and will provide further updates in due course.” Thanks Lendy Team Doubly good news. Not only the news item itself but also that Lendy are engaging with lenders through this forum. Lets have more of this please Paul70 LW Well yes but Paul is only copying and pasting what has already been put on the Lendy website, I want him and Lendy Support to engage and answer people's questions directly on the forum. But yes, I am pleased Lendy are taking action on this loan.
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averageguy
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Post by averageguy on Nov 13, 2018 13:50:56 GMT
“We can confirm that Lendy’s application to the Court to appoint administrators in relation to the borrower company was successful and the administrators were appointed at 14:46 yesterday (12 November 2018). We will now liaise with the administrators to prepare an options report with likely realisation for lenders as soon as possible and will provide further updates in due course.” Thanks Lendy Team Doubly good news. Not only the news item itself but also that Lendy are engaging with lenders through this forum. Lets have more of this please Paul70LW Totally agree..I’ve bedn a critic of them and rightly so ...took them a while to report the adjournment on the last hearing ..but this time a lot quicker and as you point out communication on here
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Mucho P2P
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Post by Mucho P2P on Nov 14, 2018 11:00:36 GMT
I've been a fairly vocal detractor of Lendy in the past on these very forums. Instead of just getting increasingly frustrated and posting the same stuff over and over again I decided to do something proactive. I signed up for an "Investor Surgery" where someone from Lendy ran through the loans I was invested in and gave me more detailed updates on things. I found it quite insightful and it's something that I'd suggest would be beneficial for a lot of people on the forum who have issues with Lendy's communication (I certainly did). If anyone here would like to know more about what's going on with their portfolio then I'd recommend that you consider signing up for the next round. And where might I sign up to the "Investor Surgery"?
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puddleduck
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Post by puddleduck on Nov 14, 2018 11:20:47 GMT
I assumed 'investor surgery' was a euphemism for the financial disembowelment and complimentary shafting Lendy investors seem to be having right now.
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Post by captainconfident on Nov 14, 2018 13:53:08 GMT
I assumed 'investor surgery' was a euphemism for the financial disembowelment and complimentary shafting Lendy investors seem to be having right now. But isn't this kind of throwaway 'like-bait' exactly why Lendy don't bother engaging with this forum?
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invester
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Post by invester on Dec 2, 2018 20:46:26 GMT
Does it say that? Trying to sell an £11.5m development doesn't imply that this is what they are trying to sell it for.
I do wonder if this was the adverse figure in the latest valuation. For 115 flats in Wolverhampton that seems a lot closer to the mark than the £20m+ we had hoped for.
Given the building isn't completed I don't think the final figure will get near this. 70 per cent complete would no doubt be an optimistic estimate, and I think there are other remedial works needed.
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ilmoro
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'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 Dec 2, 2018 20:48:10 GMT
Article in the express and star. Link on DD central. They're looking to sell as it is for £11.5m. Doesn't say that, just a journalist speculating
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Garage246
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Post by Garage246 on Dec 2, 2018 21:12:01 GMT
Nah - agree that it doesn't say that. I can't see anything new in the report.
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