DFL005 - Arboretum, Land with PP - SUSPENDED

The problem is, if investors don't fund their pre-fund allocations in 48hrs, Lendy should get those parts underwritten. Underwritten loan parts have lower priority on the SM. At least that how it used to work with new loans. Either, Lendy would be breaking their own rules or the underwriting might be more expensive.

To quote the late, great Graham Taylor - Do I not like that!

Already over £300k on the SM and only 70 days left to run.

Only invest if you have great confidence in this project would be my advice.

Is it true that Lendy have been commissioned to write the follow up to "How to Win Friends and Influence People"                    

If you've got £89k earning nothing you could be getting 12% now by buying on the SM.....that would include my small part.......ooer missus!

Tranche 11 reports this way:

The IMS report dated 19 June 2017 (see latest photos above) confirms that site progress is generally good, and that since their last report:

timber frames have been installed with roofs erected and windows and doors installed on all units, bar one exception which has been omitted to allow crane access;

first fix Mechanical & Electrical completed to all southern units and progressing at an advanced pace on the northern units;

works to the sewage treatment plant have completed, however site constraints mean that work to the leisure building has been delayed, and an overall delay of four weeks is considered possible;

the total build cost budget is not expected to change.

The Borrower has advised that an agreement has now been made for the sale of the freehold title to an investor for in excess of £4m and this will shortly be going in to legals. The Borrower will create a new long leasehold title at the same time as the freehold sale and has also advised that he has obtained an agreement for funding from another lender to refinance the remaining debt after the sale of the freehold. Documentary evidence is to be provided over the next two weeks to confirm and the Borrower is confident that the debt will be repaid prior to expiry. On this basis it is unlikely that the facility will be fully drawn.

Are you satisfied?

I think this is a reasonable compromise  ... the provision of what is effectively an executive summary of the report (which often contains pages of minutae of little interest to most investors) ...  Of course, ideally it would be nice to have it on headed paper so its is attributable like a valuation. Paul64 said he would look into a way of providing the info within the restrictions Lendy had set on not publishing the IMS reports and he has delivered on that and should be applauded for that. The level of detail is on par with most other platforms (except AC) so well done and long may this level of communication continue.

Now about the PBL106 situation ... could we have a similar level of detail on that ... particularly the legal complexity that appears to have arisen.