Jeepers
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Post by Jeepers on May 4, 2018 15:10:09 GMT
It is a sign that Lendy are maturing. I don’t think they would have acted so promptly previously and are learning how to play the game better The constant cheerleading is really quite boring now. I've got a lot at stake here so it's no time for learning how to play the game.
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ptr120
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Post by ptr120 on May 4, 2018 15:10:45 GMT
What possible grounds could the borrower have for disputing the enforcability of the security? Relationships with the borrower and their broker seem to have gone sour very quickly.
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Post by da2279 on May 4, 2018 15:16:03 GMT
What possible grounds could the borrower have for disputing the enforcability of the security? Relationships with the borrower and their broker seem to have gone sour very quickly. I don't see there being any grounds, more a delaying tactic by the borrower.
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Jeepers
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Post by Jeepers on May 4, 2018 15:18:12 GMT
My biggest concern here is that refinance is going to be impossible if they start playing silly buggers with Lendy and then we'll have no choice but to put it in auction.
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Monetus
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Post by Monetus on May 4, 2018 15:18:24 GMT
What possible grounds could the borrower have for disputing the enforcability of the security? Relationships with the borrower and their broker seem to have gone sour very quickly. I don't see there being any grounds, more a delaying tactic by the borrower. I agree. I think they are buying time to try and sort out a refinance/funding somehow. Losing this development would be a huge blow to the borrower PR-wise as they are renowned locally and it's been all over the news.
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Post by picanto on May 4, 2018 17:01:12 GMT
At least Lendy have been up front and told us this now rather than wait until the fortnightly updates to tell us. That's a positive. The outcome of this loan is massive to Lendy's reputation, and only 3 weeks ago I was expecting this loan repayment to fund a lot of other loans that have yet to be drawndown. We'll have to wait and see what happens.
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Post by df on May 4, 2018 18:55:30 GMT
Is this a new category of update? Not seen one before. See image if I can find out how to attach it. I guess it is. I've seen several of them recently. I think it's a good idea to show urgent updates this way.
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Post by df on May 4, 2018 19:33:48 GMT
My biggest concern here is that refinance is going to be impossible if they start playing silly buggers with Lendy and then we'll have no choice but to put it in auction. Refinance of unfinished and overvalued project is highly unlikely. Auction is a more likely scenario. The question is how long it will take to get half of our invested capital back (when will it be "partially repaid")? It would be good to have it before Christmas...
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Post by charliebrown on May 5, 2018 0:55:13 GMT
What's actually going on? Erm..... the borrower borrowed our money and now he won’t pay it back..... pretty much like the majority of other Lendy loans
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Post by p2plender on May 5, 2018 1:41:47 GMT
It is a sign that Lendy are maturing. I don’t think they would have acted so promptly previously and are learning how to play the game better The constant cheerleading is really quite boring now. I've got a lot at stake here so it's no time for learning how to play the game.I posted almost the exact last week. This one is definitely connected imo. Constant drivel about how great Lendy is, even on a thread where the loan has just been suspended. Still if you have a shed load on the SM that you are desperate to shift, then every SHOUT OUT and possible new investor means you are that much closer to an offload... Back to this loan. Even for Lendy this is quite something... Near certain (we were led to believe) dotting of the 'i's, crossing of the 't's for a refinance/repayment, we now have a suspended loan! If I lose all of this loan I'm still well up because I was able to dump much of the dross in the good old days of a liquid SM. Sadly I just wanted to eat my popcorn without any distractions...
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Jeepers
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Post by Jeepers on May 5, 2018 7:22:48 GMT
It looks like Lendy pulled the plug on funding for this in November 2017 with further advances coming from another lender (don't know if I can name) and they also now have an outstanding charge against the SPV.
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Post by spareafewcoppersguv on May 5, 2018 8:36:03 GMT
It has been suspended but is still showing under "Live Loans". Shouldn't it have been moved into "Non-Performing" as it can no longer be bought or sold? Paul64 Lendy Support please comment.
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Post by loftankerman on May 5, 2018 9:29:10 GMT
It looks like Lendy pulled the plug on funding for this in November 2017 with further advances coming from another lender (don't know if I can name) and they also now have an outstanding charge against the SPV. To be honest, I find this a little comforting. About that time I found some promotional blurb about the development. As shown in photos here, a lot of it had a far from a finished look about it, and having done some small scale development myself over the past few years, I couldn't help but think that the un-enticing 'show apartment' looked like it hadn't had more than a few quid spent on it. More concerning was the manner in which it was intended to let the apartments. It all sounded as though on completion it was going to be enormous but far less than desirable for anyone looking for other than a short stay. I couldn't really imagine an investor wanting to turn up and put enough money in to repay the loan, but was still hoping that the fairy tale repayment ending being forecast would happen. At least if the developer is now being funded and is in with a chance of finishing, it probably has more of a chance of coming good. I can't imagine what it might ultimately be worth though.
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invester
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Post by invester on May 5, 2018 9:39:47 GMT
What do we have here apart from 116 flats? Let's say £80k each- £9.3m. Where's the other £10.7m coming from to make up the valuation ? What's actually going on? Has the borrower given up on refinance, instead putting his efforts into stopping repossession ? Whilst the updates are improved, they're still very patchy! Not sure the valuation stacks up - the valuer seems to have gone on the customers word. The yield of 8.5% seems reasonable, but I can't get the rest of the calc - estimated £116,082 per week for the flats not given up for learning difficulties (80 units). That is £1,451 a unit per week. I know some units have more than one bed, but that still seems impossibly high. And no provision seems to be made for voids (I have seen plenty of these apartments based on accommodation sites, but it seems an unlikely hotel when one could just book a hotel). Is there something else I have missed? I wonder if this was a game all along by the borrower, who will just make a counter offer for the whole thing based on revised parameters, gambling that no-one else would fancy it.
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Post by picanto on May 5, 2018 9:56:47 GMT
What do we have here apart from 116 flats? Let's say £80k each- £9.3m. I've only read the overview but £80k average for each apartment is a very low estimate. The apartments range from 1-5 bedroom, you're not going to get a 5 bedroom apartment for £80k. There's also a coffee bar and a car park which consists of 114 car spaces, so that land will be worth a decent sum. The valuation of £22 million may well be far too high, but also a valuation of £9.3 million seems far too low.
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