mary
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Post by mary on Mar 4, 2018 14:43:23 GMT
Completely agree.
Interesting that Lendy have now given a firm deadline of 9th March 2018 for the £2m part-repayment.
However, not repaying this in full is going to make it very difficult to hit their forecast of £12-14m of repayments within 4-6 weeks which was optimistically given 4 weeks ago. We are at £4.6m since that statement was made in the weekly roundup of 2/2/18.
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mikes1531
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Post by mikes1531 on Mar 4, 2018 16:26:35 GMT
Interesting that Lendy have now given a firm deadline of 9th March 2018 for the £2m part-repayment. : Unfortunately, they didn't actually say that. What they wrote in the 1/Mar update was...
Has anyone asked Lendy Support exactly what they meant by that? I'm specifically interested in knowing whether that's the date they expect to receive the money enabling the extension and £2M repayment to investors, or whether that's just the date by which they expect to have everything agreed. If the latter, then when might they expect to receive the repayment? What is the state of the freehold sale? Has contract exchange taken place? If so, when is completion set for? If not, how long do they think it will be before the repayment is received?
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Post by loftankerman on Mar 4, 2018 17:53:38 GMT
Check this time line...
06/07/2017 Borrower is confident that the debt will be repaid prior to expiry.
21/07/2017 Borrower remains confident that the site will be completed well before the expiry date. ... full repayment of our debt at the same time as the sale of the freehold.
22/08/2017 ... completion by the end of October. Upon completion, the borrower intends to fully repay this loan.
31/08/2017 We have agreed a four month extension with the borrower to enable the continued development.
15/09/2017 confirming a proposed equity investment and sale of freehold title, which together will generate more than sufficient funds to repay the drawn loan balance within the extended term.
28/09/2017 ... equity investment of £5m, and draft sales details for the sale of freehold in excess of £4m, the aggregate of which is more than sufficient to repay the loan including the latest tranche.
10/11/2017 ...borrower and their advisors this week and they are confident that practical completion will be achieved in early December with the loan being fully repaid before expiry.
21/12/2017 ... 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
05/01/2018 The loan is due to expire on 5th January 2018 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.
19/01/2018 The borrower is expecting to fully repay the loan before the end of January and the solicitor has confirmed that this is a realistic timescale.
02/02/2018 Whilst the sale has taken longer than expected to complete we remain confident full repayment will be achieved soon.
09/02/2018 We issued an update on 2 February 2018 in regard to DFL005 confirming that we expected the loan to be repaid shortly.
16/02/2018 A Certificate of Practical Completion has been issued... The borrower and their solicitor are confident the sale of the site, and therefore full repayment, will be achieved soon.
23/02/2018 we now have a viable solution, which will be implemented shortly.
01/03/2018 ...extend the entire facility for a further 6 months and provide working capital to the borrower. ...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 be made to investors.
Now, what is it about the last statement that makes it any more or less believable or likely to happen than any of the others?
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mary
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Post by mary on Mar 4, 2018 18:09:45 GMT
28/09/2017 ... equity investment of £5m, and draft sales details for the sale of freehold in excess of £4m, the aggregate of which is more than sufficient to repay the loan including the latest tranche. Ahhh, so of the £4m freehold sale, Lenders generously are to repaid £2m, Lendy gets ~£1m for the 6 month extension and the borrower releases £1m for themselves for a nice holiday! (That last bit is just a guess, they could also be using to fund their other northern park development).
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Jeepers
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Post by Jeepers on Mar 4, 2018 18:25:16 GMT
If they are using it for the other development, that's a lot of sheds for £1m!
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Post by loftankerman on Mar 4, 2018 23:46:44 GMT
"Relax, if things don't go to plan this time around we'll still have 250 years to run on Our leasehold in which to secure a full repayment; longevity bonus payable subject to T&C's link here."
Well, that's only a consolation for those who believe that the final statement, unlike all the others, is actually true. As long as they keep seeing investors have their gullibility flags set to one, these statements will keep coming and repayment etc. will be a long time off.
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Post by loftankerman on Mar 5, 2018 11:01:27 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. Nearly right.
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Jeepers
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Post by Jeepers on Mar 8, 2018 23:51:29 GMT
Let's see what tomorrow brings...
Hopefully not just more BS!
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jcb208
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Post by jcb208 on Mar 9, 2018 7:02:45 GMT
I wish Lendy would hurry up and get on with the renewal/refinance of this loan, a fifth of my monthly interest is tied up in this loan and It is getting so frustrating considering I was told the loan would be repaid within 2 months of investing in the final tranche.
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Post by spareapennyor2 on Mar 9, 2018 7:10:40 GMT
if i remember correctly this was a long drawn out saga to see any funds to pay the pbl in order to start the DFL
surprised the build has gone well everything looked good to pay FEB?
now back to the sorry saga of paying up
i will be more than surprised if we see anything today
really need some churn to move SM
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Post by brightspark on Mar 9, 2018 8:57:00 GMT
Perhaps the reason the so-called offer is not moving forward is that Lendy is receiving a stream of complaints challenging the unfair trading terms and conditions of their business as highlighted by this loan. As written Lendy may do whatever they like with investors money - in this case to force unwilling investors to refinance on doubtful terms a large loan from a borrower who has repeatedly given assurances on repayment which have not been honoured. The secondary market which a week ago stood at 150K has now gone up to 200K with no chance that any of it can be sold on.
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r1200gs
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Post by r1200gs on Mar 9, 2018 10:39:39 GMT
Perhaps the reason the so-called offer is not moving forward is that Lendy is receiving a stream of complaints challenging the unfair trading terms and conditions of their business as highlighted by this loan. As written Lendy may do whatever they like with investors money - in this case to force unwilling investors to refinance on doubtful terms a large loan from a borrower who has repeatedly given assurances on repayment which have not been honoured. The secondary market which a week ago stood at 150K has now gone up to 200K with no chance that any of it can be sold on. Well I certainly feel like I have been railroaded in to a loan I don't want to be in and one that bears little relationship to the one I actually put my money on. Working capital, eh? Working on what, where? Do I even get to know where my money is going? However, if this is a pragmatic route to exit then so be it, but lordy there's going to be a stink if this 2 million doesn't make a prompt showing.
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Carter
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Post by Carter on Mar 9, 2018 10:44:18 GMT
Dare I say that Lendy Support should pay interest for loan parts that get put up for sale after they have decided to extend a loan beyond the period lenders signed up for. This at least gives the lenders an opportunity to try and sell out without additional penalty. A bit like Collateral used to. (Yeh I said it!). I would like to see this, what say you Lendy Support? |
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sl75
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Post by sl75 on Mar 9, 2018 11:38:21 GMT
Can we have at least an update on the promised 20% capital+interest repayment which was supposed to happen today? Today isn't finished yet! Also, by my reading of the most recent update, it merely said that "we are confident that the deal will be finalised on or before 9 March 2018". Even if the deal is finalised today, this doesn't necessarily mean that Lendy receive the money today, and even if/when Lendy receive the money, that doesn't necessarily mean they'll distribute it to individual investors the same day.
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Post by picanto on Mar 9, 2018 11:38:46 GMT
Lendy Support , can we have an update on the DFL005 situation? As you know this is a very controversial loan, which was repeatedly extended and had multiple promises to close soon (none of which materialised). Can we have at least an update on the promised 20% capital+interest repayment which was supposed to happen today? I can answer that for you with a simple no. Much more direct and honest answer than what "Lendy support" would give.
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