sl75
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Post by sl75 on Feb 15, 2018 22:09:08 GMT
Lendy have uploaded some recent photographs and I must admit, they do look very nice. Now, how's that repayment getting on? Let us hope this isn't a repayment has fallen through but hey look at how good the security looks! Maybe their fingers slipped, and those pics were only intended to be released when they launch the next tranche to fund a further extension...?
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Post by loftankerman on Feb 15, 2018 23:41:42 GMT
Let us hope this isn't a repayment has fallen through but hey look at how good the security looks! Maybe their fingers slipped, and those pics were only intended to be released when they launch the next tranche to fund a further extension...? Yeah! Things look pretty finished off, making me wonder if the whole thing wasn't really completed on schedule last October and the out of the blue extension and tranche, added to the outstanding repayment had been funding a field of sheds elsewhere.
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jcb208
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Post by jcb208 on Feb 16, 2018 12:26:46 GMT
Well if it doesn't repay I wouldn't mind one of those houses join the queue  |
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Post by investor1925 on Feb 16, 2018 14:38:46 GMT
the bar and the gym from the pics seem to be so complete (bottles of all types, glasses etc, running machines) that I suspect they must be rented and managed right now. Or Photoshopped from somewhere else
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Post by loftankerman on Feb 17, 2018 10:09:22 GMT
I noticed this new update on the DFL005 page yesterday. I was surprised it didn't get a mention here as it does evidence progress on the project although not necessarily repayment, reports of which are still nebulous.
"A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."
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Post by loftankerman on Feb 17, 2018 11:06:33 GMT
I noticed this new update on the DFL005 page yesterday. I was surprised it didn't get a mention here as it does evidence progress on the project although not necessarily repayment, reports of which are still nebulous. "A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."To me this is a step back. When Lendy said that the money was ready and the only thing missing was the legal DD, I thought the sale was at a very advanced stage. From this update (basicaly just saying they are confident about the sale, with no timescale attached), the exchange date might be 3-4 months away or even uncertain.... It's only a step back for those who've believed the tales of impending sale we've been fed since the Autumn. In terms of it now being allegedly certified that there is something to sell, it could be regarded as a step forward. However, there is a vast difference between having something to sell and a Sold sign going up, as we all know.
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tombraider
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Post by tombraider on Feb 17, 2018 11:29:14 GMT
I noticed this new update on the DFL005 page yesterday. I was surprised it didn't get a mention here as it does evidence progress on the project although not necessarily repayment, reports of which are still nebulous. "A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."To me this is a step back. When Lendy said that the money was ready and the only thing missing was the legal DD, I thought the sale was at a very advanced stage. From this update (basicaly just saying they are confident about the sale, with no timescale attached), the exchange date might be 3-4 months away or even uncertain.... Thats exactly how I see this. I was under the impression it was imminent. it clearly isn't again......
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Post by loftankerman on Feb 17, 2018 11:33:48 GMT
So apparently, Lendy thought (wrongly) that yesterday was a good day to bury bad news?
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sirius
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Post by sirius on Feb 17, 2018 12:48:46 GMT
How about a sweepstake on when this may pay? Or a poll on the excuse why it is late? How about a poll as to what the word "shortly" means to lenders, given that it is now fifteen days since it was stated?
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hazellend
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Post by hazellend on Feb 17, 2018 13:03:39 GMT
The language is pretty devious to me.
Lendy basically told us the property was sold and funds were with the lawyers.
Now I’m not even clear if it has sold or not?
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Post by retired2005 on Feb 17, 2018 13:11:29 GMT
Paul64 could you confirm unequivocally - has the property already sold and are the funds with solicitors as previously stated by Lendy - or not???
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Post by retired2005 on Feb 17, 2018 13:37:41 GMT
Apologies I slightly mis-remembered ....solicitors werent mentioned. from the last-but-one update 'The current status is that the funds to be used to redeem the loan are now in place. The only thing now holding up the repayment is the legal due diligence.'. which is rather at odds with the latest update 'The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon.' My question to Paul64 was - has the site sold or not? and further ....given my slight mis-remembering - what EXACTLY does 'funds are now in place ' mean? ' |
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Carter
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Post by Carter on Feb 17, 2018 14:23:25 GMT
If you just look at the last six updates it's classic Lendy communications with its lenders.
21/12/17 - "borrower expects to be fully repaid before the loan maturity date"
5/1/18 - "....loan is due to expire on 5th January and the borrower and their solicitor have advised that they are actively trying to finalise the refinance/ repayment of the loan, however this is now likely to be later this month.
19/1/18 - "The borrower is expecting to fully repay the loan before the end of January"
2/2/18 - "We have spoken to the borrower's Solicitor, who has confirmed that completion of the sale is expected over the course of the next few working days."
9/2/18 - "...we are now very close to completion.........the funds to be used to redeem the loan are now in place. The only thing now holding up the repayment is the legal due diligence."
16/2/18 - "A Certificate of Practical Completion has been issued and the contractor has completed his contractual obligations. The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon."
It demonstrates to me that Lendy still don't make the effort to get into the right level of detail in the important areas despite them knowing that it is critical for them to get this one over the line. They clearly did not have an understanding of all the outstanding items that needed completing back in December otherwise they would not have made that update on the 21st. They still didn't understand through January otherwise they would have not made that update on Feb 2nd, which makes Lendy look plain foolish.
If these guys know their beans then they know what questions to ask borrowers/developers, they understand the process to sign a development off and they understand what needs to be in place in order to get a sale/finance lined up. If they have asked the right questions and fully understood exactly what was left to complete before a sale/refinance could repay our loan then none of the last six updates would have been made in the way they were. Back in December they should have been at least forecasting 6-8 weeks given what we know now.
Personally I have confidence that the loan will repay in full but not on when that will be exactly.
Lendy really need to get a grip and demonstrate to their lenders that they know the status of our loans through relatively accurate updates based on facts.
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fasty
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Post by fasty on Feb 17, 2018 17:10:49 GMT
Google, rather worryingly, shows the Arboretum development as "Permanently closed". I hope this is not an omen.
Other research suggests that it is indeed already functional, although the subtle change in Lendy update wording does make me nervous about when anyone might actually pay for it.
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dovap
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Post by dovap on Feb 17, 2018 17:28:04 GMT
Blimey people don't really take Lendy updates/comms to be in anyway accurate -
I'll believe it when I have my money back although tbh I'd be more surprised for it to repay than if it headed to default
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