ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,213
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Post by ilmoro on Feb 1, 2019 14:52:39 GMT
Administration report on companies house is the source most appear to be referring to, plus references to the Lendy vote
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Carter
Member of DD Central
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Post by Carter on Feb 1, 2019 16:17:01 GMT
Oh well, from todays update it appears Lendy didn't like the administrators report either and are replacing them.
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one21
Member of DD Central
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Post by one21 on Feb 1, 2019 16:28:14 GMT
Having no prior dealings of Adminstrators methods, I assume they would delve into the construction costs - subcontractors, plant hire, materials, labour expenses etc incurred to date and compare with the Bill of Quantities? Does the final tranche authorised, reflect the value of the outstanding work to be completed - If not what is the point of relying on an Independent Monitoring Surveyor?
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Monetus
Member of DD Central
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Post by Monetus on Mar 1, 2019 10:20:00 GMT
Feb 1st 2019: "There are progressed discussions with a third party to fund the completion of the development in order to maximise recoveries. An offer is expected in the next 45 days. As a result, we expect to be in a position to provide a further update in our March Platform update (or before) with regard whether a range of options are available to support a recommendation(s) or potential recovery options"
March 1st 2019: "The Recovery Team is exploring options to engage a new financing partner and new contractors to build out and complete as originally planned. The team is in discussion with a number of potential financing partners to ascertain the viability of this option."
Enhanced?
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Post by p2plender on Mar 1, 2019 13:35:22 GMT
Codswallop. Nothing material coming back here to investors. This was of course perceived as 'one of the better' Lendy loans. Gawd help those stuck in the rest of the rubbish!!
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Post by loftankerman on Mar 1, 2019 13:56:19 GMT
I had been content to believe the progress reports of this being finished with a refinance waiting in the wings in 2017 when I became aware of its then current state and what the development plan really was. Naturally it was too late to bale out. It seemed pretty clear to me that the concept of combining a pre designed slum and 5 bed luxury apartments to form the no-go area of the near future wasn't really a selling point. With that in mind I find it hard to think that there is much mileage in trying to build it out to the original plan. I can't imagine anyone other than another Lendy contemplating financing it at the expense of a new breed of loser.
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Post by Please turn me over on Mar 1, 2019 14:50:18 GMT
C*******, the real estate advisers, launched the sale of the site this morning.
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Post by p2plender on Mar 7, 2019 8:42:48 GMT
Is this shite up for sale then??
Apologies **site**.
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Post by meg on Mar 8, 2019 22:26:15 GMT
<link removed by mod, naming of secured assets is against forum rules>
Is this allowed? Easily found via a Google!
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KoR_Wraith
Member of DD Central
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Post by KoR_Wraith on Mar 11, 2019 13:47:33 GMT
Did we ever get an explanation as to why the update below now seems to have been extremely misleading/wrong?
---------------- 02/02/2018
DFL004 The latest Independent Monitoring Surveyor'€™s report confirms that they have no significant concerns regarding the works that have been completed, however Practical Completion has been delayed further and the borrower now expected to have completed all the works on site by March. This is still within the extended loan term and the borrower is still expecting to be able to refinance the property before expiry. We have requested a further update from the potential funders to confirm that progress is being made. ---------------
That update and the many similar that came before it gave me a lot of confidence in this loan.
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Post by brightspark on Mar 11, 2019 15:52:55 GMT
Me too. We were suckered!
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Mucho P2P
Member of DD Central
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Post by Mucho P2P on Mar 11, 2019 16:07:39 GMT
Did we ever get an explanation as to why the below update now seems to have been extremely misleading/wrong? ---------------- 02/02/2018 DFL004 The latest Independent Monitoring Surveyor'€™s report confirms that they have no significant concerns regarding the works that have been completed, however Practical Completion has been delayed further and the borrower now expected to have completed all the works on site by March. This is still within the extended loan term and the borrower is still expecting to be able to refinance the property before expiry. We have requested a further update from the potential funders to confirm that progress is being made. --------------- That update and the many similar that came before it gave me a lot of confidence in this loan. If it were not a company in the process of seeking FCA authorisation sending out these "updates" last February, I would call them confidence trickster updates, unless otherwise explained by Lendy how their updates were so misleading? No wonder the FCA has now placed Lendy under extra scrutiny!! Not a moment too soon.
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Post by captainconfident on Mar 11, 2019 18:58:22 GMT
Did we ever get an explanation as to why the below update now seems to have been extremely misleading/wrong? ---------------- 02/02/2018 DFL004 The latest Independent Monitoring Surveyor'€™s report confirms that they have no significant concerns regarding the works that have been completed, however Practical Completion has been delayed further and the borrower now expected to have completed all the works on site by March. This is still within the extended loan term and the borrower is still expecting to be able to refinance the property before expiry. We have requested a further update from the potential funders to confirm that progress is being made. --------------- That update and the many similar that came before it gave me a lot of confidence in this loan. Yes that is a very good question. I doubled my holding in this loan on the strength of this update, and re-reading it, I can see why. Is it possible to write something this misleading to investors without breaking the law?
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nsinvestor
Member of DD Central
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Post by nsinvestor on Mar 11, 2019 19:02:37 GMT
Either Lendy lied or the IMS wasn't doing a very good job (room to make a claim against their insurance?). I suspect the clue is in the phrase that the IMO had "no issues with the work completed so far." No mention in the update whether the IMO had concerns about all the future work remaining.... I wonder what their remit was from Lendy?
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Post by df on Mar 11, 2019 19:10:41 GMT
Did we ever get an explanation as to why the below update now seems to have been extremely misleading/wrong? ---------------- 02/02/2018 DFL004 The latest Independent Monitoring Surveyor'€™s report confirms that they have no significant concerns regarding the works that have been completed, however Practical Completion has been delayed further and the borrower now expected to have completed all the works on site by March. This is still within the extended loan term and the borrower is still expecting to be able to refinance the property before expiry. We have requested a further update from the potential funders to confirm that progress is being made. --------------- That update and the many similar that came before it gave me a lot of confidence in this loan. Yes that is a very good question. I doubled my holding in this loan on the strength of this update, and re-reading it, I can see why. Is it possible to write something this misleading to investors without breaking the law? I recall somebody posted on here long time ago saying that this is the most solid loan on platform... I've sold most of my holding in stages, but unfortunately the last attempt was too late. I agree, many updates (not just for this loan) mislead investors.
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