webwizard
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Post by webwizard on May 2, 2018 13:48:23 GMT
On the main page for this loan:
The total site comprises 82.5 acres, c 50 acres of which are being retained by the vendor (the value of our security has been reduced by £250,000 to reflect this).
However,...
The new loan will refinance PBL122 and additional funds are being advanced to enable the borrower to exercise an option to purchase the freehold of the entire site, which includes the remaining properties that make up B***house Farm, having purchased the first 7 cottages (using PBL122) on a long leasehold basis.
So what is not clear is if the loan was actually used to purchase the surrounding land.
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Mousey
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Post by Mousey on May 2, 2018 14:47:43 GMT
The administrators report would suggest otherwise. I guess you have access to it in DDC?
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Post by mrclondon on May 2, 2018 15:32:13 GMT
From a quick skim of the administrators proposals document (link on DD Central), in addition to the points summarised by Mousey yesterday - the existing holiday lets business was/is impacted by each cottage having its own oil fired boiler which were/are expensive to run (para 2.6) - I *think* the discussion re the desirablility of owning the extra land relates to the grand vision to create a high end spa complex, rather than the as-is holiday lets business (para 2.7) - the £2m estimated realisation is based on an indicative offer from the director to buy back the assets (para 5.2, 6.3) |
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Post by Lendy Support on May 2, 2018 15:57:34 GMT
Dear all Thanks for your comments on the thread. To provide some further clarity, at the time the loan was being considered, following a review of the valuation report, we challenged robustly the valuer. Although not stated within the valuation report itself, we received confirmation from the valuer that the opinion of value of £4,340,000 was on the basis that 50 acres of land was to be retained by the vendor (as summarised within the loan parts) and therefore excluded from the reported valuation on the platform. The valuation of the property was therefore based on "a capital value of the buildings and does not take into account any investment value based on rental income”. We are therefore satisfied that the valuation figure reported on the platform remains an accurate reflection of the professional valuation reported to us at the time the loan was approved. Whilst we were aware the borrower intended to develop the site in the future into a leisure complex, the loan was agreed on the basis that a sufficient number of the individual properties were to be sold off to repay the loan in advance of this. It is clearly stated within the loan particulars that the loan is 60.4% of the overall market value of the property and represented 100% of the purchase price of phase 2 and associated legal costs. We hope that helps KR Lendy Support |
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Post by broker2020 on May 2, 2018 17:24:47 GMT
I have looked back over the valuation again and it is clear the land is included, I have included snippets covering this
1.2 The site totals 82.5 acres.....
The valuation then breaks the site down, but concludes
2.5 The remainder of the land comprises of 74.2 acres
There is no mention that any land is being retained by the vendor, in fact looking at Lendy's updates to this website it mentions about the vendors retaining grazing rights, and not ownership, see clip below;
Post by Paul64 on Apr 7, 2017 at 1:44pm
Hi all, I'm sorry, but completion of this loan has been delayed because the person selling the property to the borrower would like to retain rights over certain parts of the security property to graze their animals. We need to make sure this does not impact on the security and the only way to do this is for a formal legal agreement to be drawn up between the vendor and the borrower to ensure the agreement can be terminated without recourse to the legal system. We know all sets of solicitors are working hard to get this agreement in place and as soon as this has been done we will look to proceed with drawing down the loan.
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Post by Whitbourne on May 13, 2018 9:35:31 GMT
From Friday's investor update: "with the property market in a flux yet again according to the national press, with both rises and falls in the value of high end properties experienced here and abroad - from London, Beverley Hills, New York, Switzerland and Italy - the question is whether some valuations can be believed."  |
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withnell
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Post by withnell on Jul 4, 2018 15:23:31 GMT
Seems to have disappeared from the S&P website, so might mean an offer has been accepted? Looking forward to the Friday update as were unlikely to hear anything before then!
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rocky1
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Post by rocky1 on Jul 17, 2018 14:58:35 GMT
here we go again have a vote on this one.lendy you are a disgrace to your lenders.you have done very well out of all of this again.
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invester
P2P Blogger
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Post by invester on Jul 17, 2018 15:12:19 GMT
It seems they admit to being done over regarding the extra acres of land?
Sick of all the 'our legal advice suggests we have a good chance of success' rubbish - has there been a successful claim in any of the debacles?
I'm sure most lawyers will be fairly bullish on the chances of success if it means getting paid.
Gonna be a bad result whichever option is taken.
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Post by naturalselection on Jul 17, 2018 15:28:15 GMT
Isn't there scope for legal action by contributors to this loan if it can be ascertained that Lendy mis-represented land being part of the deal? It seems to be something that invalidates contractual obligations and not something Lendy could just ignore as the voting choices would imply.
The magnitude of loss if we take the 65% guideline would be encroaching £1mil.
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wilja
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Post by wilja on Jul 17, 2018 17:19:04 GMT
Disgrace
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Post by slimanne on Jul 17, 2018 17:36:01 GMT
Yes, legal action by contributors must be considered, I have looked at the other comments about the land, Lendy mis-represented by Information they provided. Look at the previous comments by Lendy regarding the valuation it just doesn’t add up.
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neal
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Post by neal on Jul 17, 2018 18:13:49 GMT
I'll be happy to get my money out and put it somewhere where it will be managed correctly.
Lendy seem to have forgotten who make them money since they started playing at Cowes week.
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dawn
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Post by dawn on Jul 17, 2018 23:05:31 GMT
I am on holiday in Yorkshire at the moment and it turns out that I turned the car round in the gateway to this site yesterday without knowing that is where I was !! Odd coincidence that a vote for it should turn up today - I thought I'd check exactly where it was and was very surprised when I found it.
With regard to the vote I would like to know more, eg is this the only offer from the possible buyer or is it their best bid so far?, is it possible to improve the offer?, how long has the site been "marketed" for?, have there been other people interested? if so have they made offers?, etc
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stokeloans
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Post by stokeloans on Jul 18, 2018 7:54:49 GMT
A higher offer, £2 million,was turned down previously.
Way to go
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