Jeepers
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Post by Jeepers on Feb 27, 2018 17:21:12 GMT
Strange how the Pickering loan was due to extend to December but hasn't donr. Maybe lendy won't agree to extending that loan until this is repaid ?
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Post by loftankerman on Feb 27, 2018 18:53:36 GMT
Strange how the Pickering loan was due to extend to December but hasn't donr. Maybe lendy won't agree to extending that loan until this is repaid ? Maybe they don't need it extending because DFL005 is funding it.
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Jeepers
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Post by Jeepers on Feb 27, 2018 21:50:05 GMT
I'm more concerned that B***** E****** can't afford the interest to extend, nor can they repay DFL 5.
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Carter
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Post by Carter on Mar 2, 2018 13:08:49 GMT
Dear all, We'll comment on this thread, although there's relevance for a number of other threads as well. While there are understandably a lot Qs requiring As here, as a professional platform we need to be very careful that any communication we make about a specific recovery strategy doesn't prejudice our legal privilege, or hinder our on-going negotiations with relevant parties. (The rationale is that it is in the public interest that disputing parties should be able to negotiate freely, without fear of future prejudice in court, with a view to settling their disputes wherever possible.) What we can say about DFL005, however, is we have had very positive and constructive meetings in person with the borrower this week, and believe we now have a viable solution, which will be implemented shortly. We are now expecting information imminently that will inform how we move this forward. We anticipate being able to provide an update on our strategy within the next week. Regards Lendy SupportHello, Lendy Support Paul64 When can we expect to receive your update as mentioned above? Kind Regards.
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jcb208
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Post by jcb208 on Mar 2, 2018 13:14:34 GMT
Should be today along with the entire loan book
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Post by Lendy Support on Mar 2, 2018 14:57:06 GMT
Should be today along with the entire loan book Hi all, yes, the investor round-up with an update on 005 will be out shortly. Lendy Support
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webwizard
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Post by webwizard on Mar 2, 2018 15:00:19 GMT
Should be today along with the entire loan book Hi all, yes, the investor round-up with an update on 005 will be out shortly. Lendy Support Well done all at Lendy for getting the update out so early on a Friday. Generally, I perceive that there is more detail in each of the updates and it provides a good sense of progress where it is being made. (Everyone will always want even more detail....) The details on this loan indicate the complex nature of the discussions and I welcome the ongoing more informative updates from Lendy.
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jcb208
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Post by jcb208 on Mar 2, 2018 15:03:21 GMT
Even though we will not be getting a full repayment any time soon, the interest will be bought up to date of original completion, plus extension and extra Security.I take it will not be done until the freehold is sold, so how much longer will that be
We recently held a face to face meeting with the borrower in order to discuss repayment of the loan. Unfortunately, and due to circumstances outside of the borrower’s control, the borrower’s equity investor has been delayed in drawing funds to fully repay the loan.
In these circumstances, the borrower has negotiated a deal whereby the Freehold to the property will be sold off to a third party, with Lendy taking a first charge over the long Leasehold title (250 years) to the property to secure the loan. In addition to this, the borrower is providing additional security by way of a first charge over the Mansion House on the property previously held as security (PBL058). The new security package has been valued in February 2018 at £16,150,000.
Following the sale of the Freehold title, Lendy will receive sufficient sums to make a substantial repayment of approximately £2,000,000 to reduce the capital balance owed to investors and, in light of the recent valuation, improve the overall LTV, reducing it to 48.6%. In addition to the partial capital repayment, the sale price achieved for the Freehold title by the borrower will be sufficient to repay the accrued investor interest from the original due date of 5 January 2018, extend the entire facility for a further 6 months and provide working capital to the borrower. Solicitors for all parties have been instructed, with funds being held on account by the Freehold purchaser’s solicitors, and we are confident that the deal will be finalised on or before 9 March 2018.
We are also advised that the delays impacting the equity investor will be resolved before the expiry of the proposed extension period in order for full repayment of the loan to be made to investors.
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Carter
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Post by Carter on Mar 2, 2018 15:34:51 GMT
Firstly, thankyou Lendy Support for the detail here, it really does help to have the context. At first glance it's clearly not a straight exit at this point but there is a workable solution and this has been progressing in the background. I need to go back over the valuations again for the new security package just for my own piece of mind. I would like clarity that the equity funds being in place is the only issue, everything else is in place and there are no other legal/contractual problems with the proposed transaction in ~6mths. I'm assuming of course that the equity funding is still committed to the deal and will be in a position to complete as explained. EDIT: just thinking about it, now the development phase is over this is a now a pure bridge. If it popped up as a new proposal it would be attractive in that respect. |
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Post by loftankerman on Mar 2, 2018 15:45:30 GMT
"What we can say about DFL005, however, is we have had very positive and constructive meetings in person with the borrower this week, and believe we now have a viable solution, which will be implemented shortly."Track records being what track records are, my money is on this 'viable solution' being another tranche and extension. Well, I wasn't a million miles out.
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Carter
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Post by Carter on Mar 2, 2018 16:03:33 GMT
EDIT: just thinking about it, now the development phase is over this is a now a pure bridge. If it popped up as a new proposal it would be attractive in that respect. Well, if this was so attractive, the borrower would have refinanced away. Unfortunately this did not happen and only a small portion of our money will be released... That's just it, the borrower had finance lined up but it's been stalled so he now needs a bridge. In those terms its quite straight forward. However, as I think more, I'm puzzled as to why the investment funds were not ready. It's not like the development finished early and caught them by surprise!
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mary
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Post by mary on Mar 2, 2018 18:19:13 GMT
I agree, I was looking forward to the repayment and IA and bonus.
However, it seems that in agreeing the extension and 20% part repayment Lendy has struck a reasonable deal getting additional security lowering the LTV below 50%. I assume that a part of the deal was Lendy waiving any overdue penalties (and lenders bonuses).
All told, I think a reasonable deal, but yet another reminder that you can't rely on any repayment until it's back in your bank account.
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Post by GSV3MIaC on Mar 2, 2018 18:29:18 GMT
Hmm, what makes you think there is any correlation between Ly collecting interest penalties and them paying bonus interest??
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mary
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Post by mary on Mar 2, 2018 18:36:07 GMT
Hmm, what makes you think there is any correlation between Ly collecting interest penalties and them paying bonus interest?? None, I was mainly speculating on the quid pro quo of the apparent new deal, and the known fact that, irrespective of any bonus stated against a loan, no bonus is paid if a loan is extended.
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Post by loftankerman on Mar 2, 2018 20:28:16 GMT
Hmm, what makes you think there is any correlation between Ly collecting interest penalties and them paying bonus interest?? None, I was mainly speculating on the quid pro quo of the apparent new deal, and the known fact that, irrespective of any bonus stated against a loan, no bonus is paid if a loan is extended. Do you mean it sounds like a 'win-win' for them and more 'jam tomorrow' for us?
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