invester
P2P Blogger
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Post by invester on May 5, 2018 10:24:27 GMT
It seems like all of them at once - just a huge block of flats. The only non-negotiable part is the 40-year deal on the adapted flats.
Considering that there is still work to be done, any buyer would want a discount for the bulk purchase (not simply going to be MV * average flat value) and that this seems to be a distressed sale, I wouldn't be surprised if there was a haircut. At the very least I think it might be the biggest absolute loss I can recall.
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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 May 5, 2018 11:14:28 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. Those charges are just to cover costs of carrying out DD on whether to make a loan, no evidence that a loan was actually made.
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Jeepers
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Post by Jeepers on May 5, 2018 12:07:47 GMT
The charge shows as outstanding, not satisfied so there is some level of debt.
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Post by mrclondon on May 5, 2018 12:34:54 GMT
The charge shows as outstanding, not satisfied so there is some level of debt. The lack of the "Satisfied" flag doesn't tell you anything, there is no obligation on anyone to file the paperwork that sets the flag. Frustrating, but thats the way it is. From memory the charges cover a debt of £22k (£12k on one charge, £10k on the other) - simply download the pdf's available at Companies House to confirm. As previously mentioned in the last day or so, this was to cover the cost of the valuation and DD by a prospective new lender, and there is no evidence to suggest they went any further.
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michaelc
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Post by michaelc on May 5, 2018 15:57:34 GMT
Is it possible the borrower does have a right to contest enforcement?
I'm thinking the grounds might be something like they claim it is Lendy and not them that have broken the terms of the loan agreement by e.g. by not providing all agreed loan tranches in full and on time? I don't know if that is the case but just putting it out there for someone who knows the detail of the loan better than I do to hopefully say it can't be the case.
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Mousey
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Post by Mousey on May 5, 2018 20:27:09 GMT
As I was in the area I popped in to have a look and a cup of coffee in the S** **** Cafe. The site is oddly shaped and comprises 4 sides. Two of the sides along Pa** Street and Po** Street have new windows and a few units appear occupied. Through many of the upper windows you can see what looks like unterminated fire alarm cable sticking through the ceiling so internal fitting out hasn't been completed and some more work is required before residents can move in. The situation along the other two sides following Jed** Street is very concerning with many units without windows and/or without ceilings. As for the cup of coffee well like the loan there was some delay: The lady in the cafe was very passionate about the building and estimated it would be completed in about a year.
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tx
Member of DD Central
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Post by tx on May 5, 2018 20:54:45 GMT
As I was in the area I popped in to have a look and a cup of coffee in the S** **** Cafe. The site is oddly shaped and comprises 4 sides. Two of the sides along Pa** Street and Po** Street have new windows and a few units appear occupied. Through many of the upper windows you can see what looks like unterminated fire alarm cable sticking through the ceiling so internal fitting out hasn't been completed and some more work is required before residents can move in. The situation along the other two sides following Jed** Street is very concerning with many units without windows and/or without ceilings. As for the cup of coffee well like the loan there was some delay: The lady in the cafe was very passionate about the building and estimated it would be completed in about a year. “In about a year” That sounds right ...
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Monetus
Member of DD Central
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Post by Monetus on May 5, 2018 21:24:23 GMT
Remember guys.... practical completion was meant to be happening at the end of March!
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rocky1
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Post by rocky1 on May 5, 2018 23:00:00 GMT
Well done again lendy surely another 5 star review on TP for your handling of our money
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Post by p2plender on May 6, 2018 6:21:30 GMT
Easy peasy then. Lendy can grant them another years extension....
It's just a small over run. Perhaps Lendy took their eye off the ball with this one....
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rocky1
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Post by rocky1 on May 6, 2018 7:45:44 GMT
Dont you you think lendy have more than took their eye off the ball with this one and many many others.i find it very hard to justify lendy actions and attitude. We are going to have this mess with probably all these DFLs.extend it for another year you must be having a laugh.
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Post by patright on May 6, 2018 9:29:43 GMT
yeah it's more like dropping the ball entirely, I am at blame as well for sure for not having kept a good look on all of this as I had some other business but damn the wake up call is hard (not to the point of breaking me in anyway but still), this is nothing show of a disaster at this point
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Post by Deleted on May 6, 2018 10:39:30 GMT
I've been patient with Lendy, I've seen their improved comms, their more ruthless streak in dealing with a number of defaults and hoped the worst was behind them. I've continued to reinvest at every turn.
However, trusting the information they were fed by the broker regarding a refinance on the largest loan on their platform beggars belief. In turn they feed us this information as gospel. If they weren't keeping personal tabs on this, there is little hope for the rest. Surely they knew the backlash on this behemoth would be the most damaging of all if what they were telling us turned out yet again to be a fabrication!
A disappointing and shameful way for a loan to fall down, we all know there are plenty of risks in this field but not knowing exactly what's happening with their most substantial loans should never be one of them. Seems it's time for me to follow many others out the door.
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Post by patright on May 6, 2018 11:01:46 GMT
I've been patient with Lendy, I've seen their improved comms, their more ruthless streak in dealing with a number of defaults and hoped the worst was behind them. I've continued to reinvest at every turn. However, trusting the information they were fed by the broker regarding a refinance on the largest loan on their platform beggars belief. In turn they feed us this information as gospel. If they weren't keeping personal tabs on this, there is little hope for the rest. Surely they knew the backlash on this behemoth would be the most damaging of all if what they were telling us turned out yet again to be a fabrication! A disappointing and shameful way for a loan to fall down, we all know there are plenty of risks in this field but not knowing exactly what's happening with their most substantial loans should never be one of them. Seems it's time for me to follow many others out the door. Well said, yes, personally I am going to write off a 4 figure as a matter of fact, done with this mess
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Post by patright on May 6, 2018 11:03:31 GMT
oupppss I meant 5 figure.. wish it was 4 lol
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