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Post by billy169 on Mar 4, 2020 13:20:50 GMT
Where does the rental income go.!??
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rocky1
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Post by rocky1 on Mar 4, 2020 13:48:07 GMT
I've visited this development it's dead. Basically just under 2/3 rds of the accommodation is incomplete and some of it way off being habitable. The rooms available are great but a little heavy on shared bathrooms though. where did the millions of pounds we lent go? the LY updates must have been made up by the borrower. any paper trails between LY /borrower? i always thought there was stuff going on behind closed doors at LY towers.
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one21
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Post by one21 on Mar 4, 2020 13:49:11 GMT
I've visited this development it's dead. Basically just under 2/3 rds of the accommodation is incomplete and some of it way off being habitable. The rooms available are great but a little heavy on shared bathrooms though. I have also been to see it from the outside only. Was disappointed that the new extension on the South Elevation has been left open to the elements especially throughout the winter (its only Lenders money doesn't matter). Nice view to the West - scrap yard or vehicle storage yard by the look of it. Would certainly benefit the sale if these surrounding properties were improved sometime soon, but can't see that happening somehow.
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one21
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Post by one21 on Mar 4, 2020 14:23:48 GMT
I've visited this development it's dead. Basically just under 2/3 rds of the accommodation is incomplete and some of it way off being habitable. The rooms available are great but a little heavy on shared bathrooms though. where did the millions of pounds we lent go? the LY updates must have been made up by the borrower. any paper trails between LY /borrower? i always thought there was stuff going on behind closed doors at LY towers. Funny thing is this borrower wants more cash for another project not far from this one - amazing!
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one21
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Post by one21 on Mar 4, 2020 15:47:30 GMT
Where does the rental income go.!?? Apparently quite a bit of it goes to the Administrators to cover running cost. Not sure what is done with anything left over!
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micky
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Post by micky on Mar 4, 2020 22:51:55 GMT
Funny thing is this borrower wants more cash for another project not far from this one - amazing! In my mind there is no doubt that the borrow and his agent miss led Lendy about progress that was being made with the refinance, if it was ever happening and also misled Lendy about progress with the actual development. Probably easy to do if they didn't monitor well enough.
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one21
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Post by one21 on Mar 4, 2020 23:59:47 GMT
In my mind there is no doubt that the borrow and his agent miss led Lendy about progress that was being made with the refinance, if it was ever happening and also misled Lendy about progress with the actual development. Probably easy to do if they didn't monitor well enough. Who knows what kind of arrangements were made behind closed doors - this is just one of many, at a time when Lendy tried to expand too fast. Also, there was no explanation given as to why Lenders instruction from the vote was never carried out.
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one21
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Post by one21 on Mar 5, 2020 12:34:21 GMT
I've visited this development it's dead. Basically just under 2/3 rds of the accommodation is incomplete and some of it way off being habitable. The rooms available are great but a little heavy on shared bathrooms though. where did the millions of pounds we lent go? the LY updates must have been made up by the borrower. any paper trails between LY /borrower? i always thought there was stuff going on behind closed doors at LY towers. I mentioned this previously "As with similar defaulted developments loans of this scale, shouldn't there be a forensic level quantity surveyor report, to determine where developer funds have been appropriated? Why are subsequent loan tranches authorised, if the budget forecast is way off target for completion?" Just from recent external observations anyone can see it is going to cost a significant amount to complete this project compared with the amount lent and its current valuation.
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Mousey
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Post by Mousey on Jun 27, 2020 13:01:10 GMT
Proceedings were launched against the borrower in a personal capacity on 25/03/2020 at the High Court in Birmingham
The claimant is Saving Stream Security Holding Limited (in Administration) who are represented by Shoosmiths
I understand the borrower is also legally represented
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Mousey
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Post by Mousey on Jul 30, 2020 23:07:21 GMT
I understand the borrower is in court tomorrow as claimant in an action against a Building Developer in Wolverhampton
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Post by tinkerbell59 on Aug 9, 2020 12:46:03 GMT
do you know the outcome of the hearing please?
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Mousey
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Post by Mousey on Aug 9, 2020 13:10:37 GMT
do you know the outcome of the hearing please? The hearing was just a "Pre Trial review / directions"
I don't have any information although that might change shortly.
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Post by tinkerbell59 on Aug 11, 2020 7:29:19 GMT
thank you. I guess. a ptr. means this could drag on for a while?
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Mousey
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Post by Mousey on Aug 11, 2020 12:09:47 GMT
thank you. I guess. a ptr. means this could drag on for a while? Well at first glance the hearing I mentioned appears unrelated to Lendy. There's separate case against the borrower but booking a trial date now prob means middle of next year. (Even worse in the criminal courts, Isleworth is booking 'em in for march 2022!)
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Mousey
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Post by Mousey on Sept 14, 2020 18:08:07 GMT
BEFORE DISTRICT JUDGE *****
SITTING AT BIRMINGHAM CIVIL JUSTICE CENTRE
ON TUESDAY 15th SEPTEMBER 2020
IN COURTROOM *** ON THE FIRST FLOOR
11.00 am
BL-***********
Saving Stream Security Holding Ltd (in Admin)
V
Mr Borrower
Application Hearing
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