jsmithe
Member of DD Central
Posts: 74
Likes: 22
|
Post by jsmithe on Feb 25, 2018 13:48:03 GMT
Has anybody lost capital? Has anybody lost interest? Bide your time, there will come a time. But not yet, let it happen first! As I say, they look to repay in full, it should go along way to clearing the SM.
|
|
|
|
Post by peterpea on Feb 25, 2018 14:55:28 GMT
Is PBL005 really worth 14M ? 40 or so holiday homes that you can`t live in full time ?? How much are they worth each ? 150K ? 150x40= 6M. The complex 3M ? At auction half that. 4.5M with loan of 10M. Is this following a pattern ? According to the details on Lendy, phase 2 (the DFL) consists of: 39 woodland cottages 4 studio apartments 18 bedroomed boutique hotel Restaurant & bar Leisure complex complete with hydrotherapy pool, indoor sauna and steam room. Ok - the info is from Lendy, but is the basis of the loan, and if you believe the completion certificate, this is what "we" have. ....significantly more than 40 holiday homes. Also the facility is open and trading - look on "beyond escapes" - spa which is in partnership with elemis, restaurant looks like reasonable food and does take aways for residents on request. Mods - I hope that is not too much of a direction. When I say "complex" I mean the hotel etc. I also mention 3M. I saw it for sale before development on a well known estate agent, shame there was no price given. You say it is up and running but can they clear circa £98000 per month in interest to service their loan ??
|
|
|
|
Post by peterpea on Feb 25, 2018 15:20:08 GMT
According to the details on Lendy, phase 2 (the DFL) consists of: 39 woodland cottages 4 studio apartments 18 bedroomed boutique hotel Restaurant & bar Leisure complex complete with hydrotherapy pool, indoor sauna and steam room. Ok - the info is from Lendy, but is the basis of the loan, and if you believe the completion certificate, this is what "we" have. ....significantly more than 40 holiday homes. Also the facility is open and trading - look on "beyond escapes" - spa which is in partnership with elemis, restaurant looks like reasonable food and does take aways for residents on request. Mods - I hope that is not too much of a direction. When I say "complex" I mean the hotel etc. I also mention 3M. I saw it for sale before development on a well known estate agent, shame there was no price given. You say it is up and running but can they clear circa £98000 per month in interest to service their loan ?? Been on the website, it looks good. More confident now. Lendy should hold off pulling the plug on this one, after the castle (which should not have been sold at that price) we will lose out if this goes to auction. far better to forego interest and look to recover the capital first if it comes to that.
|
|
Mousey
Member of DD Central
Posts: 1,598 
Likes: 6,768
|
Post by Mousey on Feb 25, 2018 16:20:04 GMT
Bide your time, there will come a time. But not yet, let it happen first! As I say, they look to repay in full, it should go along way to clearing the SM. After the inaccuracy of some of the updates I’d be surprised if some of it doesn’t leave the platform espically if it hasn’t sold and drags on for months
|
|
|
|
Post by peterpea on Feb 25, 2018 17:04:45 GMT
I agree entirely. Lendy seem not to bother at all with the implications of their updates. I was very surprised to read their latest comments where all seems to be up in the air. Luckily the plot in this case seems to be easily sellable. Let's hope there isn't anything else complex hidden in the background. Is PBL005 really worth 14M ? 40 or so holiday homes that you can`t live in full time ?? How much are they worth each ? 150K ? 150x40= 6M. The complex 3M ? At auction half that. 4.5M with loan of 10M. Is this following a pattern ? Nothing is easily sellable at 10 to 15 million. my sailing dinghy is easily sellable because it is £300 (big audience) , my megayacht is not at £30 million pounds (small audience). big ticket items are always easy to sell for little.
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on Feb 25, 2018 18:31:03 GMT
According to the details on Lendy, phase 2 (the DFL) consists of: 39 woodland cottages 4 studio apartments 18 bedroomed boutique hotel Restaurant & bar Leisure complex complete with hydrotherapy pool, indoor sauna and steam room. Ok - the info is from Lendy, but is the basis of the loan, and if you believe the completion certificate, this is what "we" have. ....significantly more than 40 holiday homes. Also the facility is open and trading - look on "beyond escapes" - spa which is in partnership with elemis, restaurant looks like reasonable food and does take aways for residents on request. Mods - I hope that is not too much of a direction. When I say "complex" I mean the hotel etc. I also mention 3M. I saw it for sale before development on a well known estate agent, shame there was no price given. You say it is up and running but can they clear circa £98000 per month in interest to service their loan ?? £98k a month is what us lenders are getting. The borrower will be paying in the £150k-£200k a month ball park !
|
|
sl75
Posts: 2,092
Likes: 1,245
|
Post by sl75 on Feb 25, 2018 19:18:54 GMT
Hi all, please be patient. We're getting to a good position on this. Have a good weekend. Lendy Support According to previous Lendy updates, we were previously at a good position on this. What happened to move us away from that good position so that we now need to get to a [possibly different] good position again?
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on Feb 25, 2018 20:06:04 GMT
Lendy's attitude- what business is it of yours ?
|
|
|
|
Post by df on Feb 25, 2018 20:18:46 GMT
But not yet, let it happen first! As I say, they look to repay in full, it should go along way to clearing the SM. After the inaccuracy of some of the updates I’d be surprised if some of it doesn’t leave the platform espically if it hasn’t sold and drags on for months I suspect that "inaccuracy' was due to the borrower lead Ly to believe that the security will be sold. This is not unusual, Ly is always relying on the information provided to them. I won't be surprised if DFL005 joins the rank of the usuals, it's already 50 days overdue and there is no clear exit strategy presented in latest updates. I worry about the outcome of this loan as it is my largest exposure to a single loan across all platforms, but don't have many expectations - except the one that at some point I might get 40%+ of my principal back. Looking forward to 8th March for partial return from PBL155 and hope that it won't take another 250 days to appear on my "available funds".
|
|
seeingred
Member of DD Central
Posts: 470
Likes: 664
|
Post by seeingred on Feb 25, 2018 20:24:15 GMT
Promises, promises.
Yet we need to understand that slippage seems almost inevitable in these property deals - look how long the small Gloucestershire loans have dragged on - minus 530 days and counting.
The interest racking up on this one should concentrate minds (it is to be hoped).
|
|
|
|
Post by df on Feb 25, 2018 21:38:37 GMT
Promises, promises. Yet we need to understand that slippage seems almost inevitable in these property deals - look how long the small Gloucestershire loans have dragged on - minus 530 days and counting. The interest racking up on this one should concentrate minds (it is to be hoped). Gloucs' rival PBL018 is 18 days in lead. The latest update (16/02/18): "We met with the LPA Receivers instructed in relation to the property recently. They confirmed that the sale is progressing and that its lawyers are continuing to deal with enquiries raised by the borrower..." Going great! It's only 548 gays overdue and the sale is already progressing. Going back in time, 08/07/2016 update on Gloucs: "Full repayment expected over the next couple of weeks." It's 19 months now since this update... Did I expect DFL005 to be repaid on time when I've seen this (21st Dec 17) "We are chasing the borrower's Solicitors for an update regarding the proposed repayment of the loan, which the borrower expects to be fully repaid before the loan maturity date"? Certainly not.
|
|
Jeepers
Member of DD Central
Posts: 818
Likes: 721
|
Post by Jeepers on Feb 26, 2018 15:33:25 GMT
This loan is make or break for Lendy.
If it repays soon, some faith will be restored. I for one am winding down ASAP at present. I might look to return but only when some big repayments come in, this being the first!
|
|
oldgrumpy
Member of DD Central
Posts: 5,087
Likes: 3,233
|
Post by oldgrumpy on Feb 26, 2018 16:44:02 GMT
Promises, promises. Yet we need to understand that slippage seems almost inevitable in these property deals - look how long the small Gloucestershire loans have dragged on - minus 530 days and counting. The interest racking up on this one should concentrate minds (it is to be hoped). Gloucs' rival PBL 081 is 18 days in lead. The latest update (16/02/18): "We met with the LPA Receivers instructed in relation to the property recently. They confirmed that the sale is progressing and that its lawyers are continuing to deal with enquiries raised by the borrower..." Going great! It's only 548 gays overdue and the sale is already progressing. (b) Going back in time, 08/07/2016 update on Gloucs: "Full repayment expected over the next couple of weeks." It's 19 months now since this update... My blue bits, OG(a) One more minor edit required here  (b) Trust Pilot commentary is now showing that people have lost patience with Lendy's persistent bovine-dump, presumably authorised by the directors!
|
|
blata
Posts: 77
Likes: 62
|
Post by blata on Feb 26, 2018 17:52:44 GMT
Lendy , you have once again failed to answer anything truthfully, come on please give us some kind of answer not the same old b-------t, no trust at all now, you should be ashamed and embarrassed to look after peoples money.
|
|
warn
Member of DD Central
Curmudgeon
Posts: 638
Likes: 660
|
Post by warn on Feb 26, 2018 21:12:19 GMT
What we really need now is a Lendy update on the lines of:
DFL999 - We have had a meeting with the borrower and its solicitors, during which we learned a great deal about the status of the exit and the likely timing of the final stages of this loan. However, we're b*ggered if we're going to share any of that with you lot, because we (as you should) know that nothing is 100% is cast-iron certain until it's actually happened, and we'd hate to upset you.
Whereupon, this board would crash under the weight of congratulatory messages praising them for being honest, and Trustpilot scores would go all the way to 11. But I don't suppose it'll happen.
|
|
