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Post by saver on May 24, 2018 18:15:20 GMT
article in the express and star today regarding this. won't link here as it mentions the lender and company. council are urging bosses to get the project back on track but funding listed as why the project has "stalled"
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mary
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Post by mary on May 24, 2018 18:25:54 GMT
article in the express and star today regarding this. won't link here as it mentions the lender and company. council are urging bosses to get the project back on track but funding listed as why the project has "stalled" Success with returning all Capital and Interest on PLB120 pales quickly into insignificance if this one goes t*ts up. I was under the impression that we funded a final tranche to get this to the finishing line, yet the money is gone and we are no where near finished. Same story with the defaulted DFL01 and DFL02, money gone, nowhere near complete. I now understand fully the, oft quoted, phrase from all those IMS reports "money has been confirmed as spent", missing the crucial confirmation that the project has moved x% closer to completion and is on track and on time!
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averageguy
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Post by averageguy on May 24, 2018 19:05:38 GMT
article in the express and star today regarding this. won't link here as it mentions the lender and company. council are urging bosses to get the project back on track but funding listed as why the project has "stalled" Was that in the actual paper? The only online one i could see was dated last October.
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dovap
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Post by dovap on May 24, 2018 19:13:13 GMT
It's on the home page of their website
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Post by df on May 24, 2018 20:26:41 GMT
article in the express and star today regarding this. won't link here as it mentions the lender and company. council are urging bosses to get the project back on track but funding listed as why the project has "stalled" Could it be the borrowers fault? It looks like he didn't know how long it will take to complete and how much it will cost.
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averageguy
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Post by averageguy on May 24, 2018 20:50:57 GMT
It's on the home page of their website Doh...i just googled and it showed the October article...thanks for putting me right
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Post by GSV3MIaC on May 24, 2018 21:57:41 GMT
article in the express and star today regarding this. won't link here as it mentions the lender and company. council are urging bosses to get the project back on track but funding listed as why the project has "stalled" Could it be the borrowers fault? It looks like he didn't know how long it will take to complete and how much it will cost. First law of engineering, which includes building, apparently: .. "It'll take longer and cost more". That's why you always stick in a contingency sum, and then, if you are smart, double it.
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Post by loftankerman on May 24, 2018 22:12:23 GMT
Could it be the borrowers fault? It looks like he didn't know how long it will take to complete and how much it will cost. First law of engineering, which includes building, apparently: .. "It'll take longer and cost more". That's why you always stick in a contingency sum, and then, if you are smart, double it. So that is why everyone needs to borrow 70% of a 300% overvalued security!
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Jeepers
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Post by Jeepers on May 24, 2018 22:13:33 GMT
Can we get an informative update on this loan tomorrow Lendy Support ? No BS, just a clear plan of action. Are we enforcing this or is there another viable option ? It seems like we're just hanging around at the moment.
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orvilorvil
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Post by orvilorvil on May 24, 2018 22:48:43 GMT
article in the express and star today regarding this. won't link here as it mentions the lender and company. council are urging bosses to get the project back on track but funding listed as why the project has "stalled" Could it be the borrowers fault? It looks like he didn't know how long it will take to complete and how much it will cost. An IMS will state in their report whether the funding is sufficient to cover the cost to completion. They do this because the Lender (ie Lendy or a financial institution etc) would be most interested in how their lent funds are being used and what level of risk they are exposed to. Either the IMS has not reported any shortfall accurately or Lendy haven’t shared this information with us, which appears most likely and why is ground to a halt. Judging by the photos, a significant amount more is needed to get this over the finish line, which means high risk to any subsequent lender. The first GDV is £20m (14/09/15) the second more recent valuation is £22.65m which puts the whole development cost this far at 63% of the revised GDV. There’s no word on what the completion costs are, but lendy should have this information to hand from the IMS reports, which of course we do not see.
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Post by p2plender on May 25, 2018 0:28:08 GMT
And people still want to trust new money with Lendy. What a total shower!
Too busy poncing around at Cowes to pay attention to how things aren't actually progressing with the projects our money is invested in..
Haircut coming here, probably a skinhead.
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Post by p2plender on May 25, 2018 23:55:45 GMT
Looking at build out costs..
Should know this given last tranche was to finish the project was it not?
Looks like Exeter now.
Thnking Lendy should have forsaken a COO and instead taken on a gang of brickies given the sheer number of projects that need finishing.
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Jeepers
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Post by Jeepers on May 26, 2018 8:08:11 GMT
And people still want to trust new money with Lendy. What a total shower! Too busy poncing around at Cowes to pay attention to how things aren't actually progressing with the projects our money is invested in.. Haircut coming here, probably a skinhead. Does anyone see any value in the PG? This guy is supposedly a big player involved in 20 companies.
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averageguy
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Post by averageguy on May 26, 2018 9:29:33 GMT
Looking at build out costs.. Should know this given last tranche was to finish the project was it not? Looks like Exeter now. Thnking Lendy should have forsaken a COO and instead taken on a gang of brickies given the sheer number of projects that need finishing. Oh but come on ..after all look at this recent statement ''As Lendy has invested significant resources to expedite prompt settlement of the loan, this is a good example of the work that goes on behind the scenes as part of our collections and recoveries programme.'' To the sound of loud coughing with some face palming too.
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rocky1
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Post by rocky1 on May 26, 2018 9:56:34 GMT
significant resourses should have been used a long time ago on all of these defaulted loans.no good closing the gate after the horse has bolted.we are having to also having to lose significant loss of interest/ba/and most likely capital and pay for lendys incompetance across many many loans.can lendy tell us what they reckon the true default figures are on their big big loan book.
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