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Post by charliebrown on May 6, 2018 13:11:51 GMT
I wonder whether they knew about this. Perhaps this is what was behind them updating their T&C to state it’s not their responsibility to keep track of developments.
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Mousey
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Post by Mousey on May 6, 2018 13:21:37 GMT
Of course Lendy knows. They discussed an IMS report in their update dates 2/2/2018. Of course we're not clever enough to understand these which is why we don't get to see them. I await the new valuation as a "Chartered Surveyor has been instructed to attend the site on Thursday 26 April 2018" Paul64 Lendy Support you haven't answered my previous questions: 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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webwizard
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Post by webwizard on May 8, 2018 15:10:15 GMT
In November the update stated: "The eleventh tranche of Development Funding was added to the Platform, and went live, this week. This is to cover the final build costs, together with the costs to extend the facility by 5 months. The borrower is confident that the loan can be refinanced before expiry and we have requested sight of all refinance correspondence on an ongoing basis so that progress of the refinance can be monitored to ensure the refinance can be completed in a timely manner." It appears that tranche 11 was designed to allow completion but the IMS report this year indicated that whilst work was progressing that practical completion was not achieved and was due in March. It sounds like this was misjudged as the funding may now not be available to achieve completion (what happened to tranche 11?) and the recent photos suggest that it is some way off. Perhaps without completion refinance if more difficult. Please, please, please, Lendy Support can we get an accurate, honest update on the progress of this loan and what the plan is. I do not mind how you got to where you are now, only where you are going...
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Mousey
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Post by Mousey on May 8, 2018 16:30:58 GMT
I'm seeing deja vu with the latest voting update on PBL120:
"The scheme is currently half finished and all development activity on site has now stalled as the Borrower does not have sufficient funds to complete the development. The Borrower‘s refinancing of the loan has been hampered by the current status of the development. We have been working hard with the Borrower to assist them in refinancing the scheme but, to date, no alternative funders have been found. "
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Jeepers
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Post by Jeepers on May 11, 2018 12:47:28 GMT
Can we have a proper update on this loan today? What was the updated valuation and are we going down the recovery route or is refinance still on the cards ? It was a done deal a few weeks ago. No rosey pictures. Just the facts will do. Lendy Support
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Post by brightspark on May 11, 2018 15:19:38 GMT
Lendy is waiting for the borrower(s) to come up with a proposal to provide to lenders.
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rocky1
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Post by rocky1 on May 11, 2018 15:38:00 GMT
every bloody dfl is going this way. lendy should be in the driving seat. not the borrower coming up with proposals to part pay/extend etc etc.i suppose there will be another flippin vote coming soon.complete farce.
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Jeepers
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Post by Jeepers on May 11, 2018 16:41:12 GMT
'The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan. Recovery action has been instigated and we will be pursuing the borrower and guarantor for full repayment of all capital and interest outstanding.'
What was the valuation? What was the offer? Why do some offers go to a vote and others don't ? So much going on that we don't know about !
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hazellend
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Post by hazellend on May 11, 2018 16:49:51 GMT
Another Del Boy borrower.
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Monetus
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Post by Monetus on May 11, 2018 16:52:25 GMT
'The borrower has made an offer in full and final settlement which we have declined, because it was significantly below the amount required to fully repay the loan. Recovery action has been instigated and we will be pursuing the borrower and guarantor for full repayment of all capital and interest outstanding.' Sigh. Here we go again... another long and drawn out mess. It's frankly amazing that we always seem to regularly cross paths with borrowers who sign up for loan agreements at an agreed level of interest and then suddenly think they can pay much less and "cut a deal" at the end of term.
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Jeepers
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Post by Jeepers on May 11, 2018 16:53:13 GMT
Another Del Boy borrower. And yet it's only a few weeks since Lendy were best pals with them, having done deals before.
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invester
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Post by invester on May 11, 2018 17:04:51 GMT
Yeah, really can't understand why this supposed offer wasn't put to a vote. So much for consistency.
It might be entirely predictable that the valuation will come in adverse, there will be no other buyers and we'll go back to the original borrower in a years time and get shafted.
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rocky1
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Post by rocky1 on May 11, 2018 17:05:46 GMT
i think every borrower now knows more how lendy operate and seem to have something over them that we will only find out when the damage has been done.every time we try to justify their actions they just p**s up our backs and tell us were sweating.well done again lendy you deserve another 5 star review.
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Mousey
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Post by Mousey on May 11, 2018 17:12:05 GMT
Sadly Lendy has let it be known they are happy to not force the borrower to pay any extra for at least the next 250 days and instead accept an offer to pay just the original balance. I’m not surprised people will therefore chance it
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Jeepers
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Post by Jeepers on May 11, 2018 17:13:29 GMT
Instead of telling us the valuation, we're gently lowered into the s**t with the latest update telling us how property is hard to value and RICS people can sometimes get it wrong
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