Balder
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Post by Balder on Oct 18, 2018 8:08:47 GMT
So is 49% GDV also now not enough to recover our capital? This was extended by the "new" all experienced Lendy team - same old outcomes for more salary! Bankers as ever.
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Carter
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Post by Carter on Oct 18, 2018 8:16:40 GMT
I'm inclined to think that the best interests of lenders and even the business itself might be best served by appointing administrators.
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SteveT
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Post by SteveT on Oct 18, 2018 8:32:58 GMT
I'm inclined to think that the best interests of lenders and even the business itself might be best served by appointing administrators. It's ironic that, over on the COL board, we have lenders whose platform was placed in Administration arguing the opposite! p2pindependentforum.com/post/292726/thread
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Carter
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Post by Carter on Oct 18, 2018 8:39:22 GMT
I'm inclined to think that the best interests of lenders and even the business itself might be best served by appointing administrators. It's ironic that, over on the COL board, we have lenders whose platform was placed in Administration arguing the opposite! p2pindependentforum.com/post/292726/threadAh, well just to clarify I'm talking specifically about this loan, not the platform!
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jcb208
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Post by jcb208 on Oct 18, 2018 9:12:36 GMT
My biggest mistake with this loan was investing heavily in the last tranche last October when Lendy were begging for funding and telling us "Signed Heads of Terms have now been seen by Lendy" .I had previously sold out of this loan.Oh well you learn one way or another
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Post by picanto on Oct 18, 2018 9:28:59 GMT
So is 49% GDV also now not enough to recover our capital? This was extended by the "new" all experienced Lendy team - same old outcomes for more salary! Bankers as ever. Well we don't know that and we should be informed what the new valuation is, however we shouldn't jump to conclusions.
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hazellend
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Post by hazellend on Oct 18, 2018 10:57:45 GMT
So is 49% GDV also now not enough to recover our capital? This was extended by the "new" all experienced Lendy team - same old outcomes for more salary! Bankers as ever. Well we don't know that and we should be informed what the new valuation is, however we shouldn't jump to conclusions. Lendy will keep it secret as usual
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TitoPuente
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Post by TitoPuente on Oct 18, 2018 20:24:38 GMT
According to Lendy the leasehold was valued at £16,150,000 a few months ago. As far as I understand the development is complete and there was no property cataclysm that could have wiped 50% of the value in the last few weeks. The total loan is £7,846,884. Why is Lendy not appointing receivers immediately and selling the property? What is the issue? Lendy Support Paul64 |
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sl75
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Post by sl75 on Oct 19, 2018 9:35:38 GMT
Why is Lendy not appointing receivers immediately and selling the property? What is the issue? Why do you suppose that appointing receivers immediately, with their costs outranking us on the eventual / discounted sale of the property would provide a better result for investors than allowing another lender to advance more funds that rank behind us on any eventual sale/refinance of the property?
Indeed, if receivers are appointed in a manner that seems "premature", without making all reasonable effort to allow the loan to be repaid by other means, it increases the chance of a borrower challenging the decision through other channels, potentially leading to far longer delays and far worse recovery prospects than working with the borrower. The value hardly seems likely to evaporate overnight if we wait a little before initiating the "nuclear option".
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Carter
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Post by Carter on Oct 19, 2018 10:50:23 GMT
Let's not forget that there have been multiple refinances that have fallen through on this one.
An administrator would have to act in the interests of the business and its creditors. Anyone 100% confident that's happening at the moment or have confidence that future decisions will be in our best interests? I'm not convinced given the history here.
This project is done, no build out required just day to day management and disposal. Get the experts in.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 19, 2018 16:51:11 GMT
Lendy need to be very careful with this loan. It appears that the 3rd party valuation for refinance was for the business, which includes two developments DFL005 & DFL019.
DFL005 is a high specification completed development in a tourist hotspot, whereas DFL019 is a half finished development unlikely to attract many customers.
Lendy need to publish the Valuation Report so we understand what is being valued.
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Post by loftankerman on Oct 19, 2018 22:58:54 GMT
Lendy need to be very careful with this loan. It appears that the 3rd party valuation for refinance was for the business, which includes two developments DFL005 & DFL019. DFL005 is a high specification completed development in a tourist hotspot, whereas DFL019 is a half finished development unlikely to attract many customers. Lendy need to publish the Valuation Report so we understand what is being valued. It didn't seem much like it was intended to get the lenders any money back...
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invester
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Post by invester on Oct 20, 2018 8:41:49 GMT
Are these loans cross-collateralising each other?
Their website gives an opening date of DFL019 as spring 2020 - it seems that there is a hell of a way to go for that.
I can see the attraction in the DFL005 property - I don't regard it as luxurious as they intended, but nevertheless is in an expensive area popular with families and is relatively compact.
DFL019 appears to be the opposite, in a not as great area. As a business case I wouldn't be surprised if the value of it was nil. It just seems too big and unwieldy to make a successful business out of it, and unlike DFL005 it seems impossible to sell each lodging off one by one, rendering a valuation on the buildings largely useless.
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Post by loftankerman on Oct 20, 2018 13:04:43 GMT
Maybe in there, there is an optimistic view that if the borrower can stall Lendy on DFL005, raise another loan to buy the secret of getting DFL005's earnings increased to further finance and finish DFL019 without anyone realising it, then there may be a chance of everything coming good, so all they have to do is haggle Lendy down to a near interest free loan in both cases. That may leave enough to pay off the the guy who'd otherwise be coming to get his sheds back.
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mary
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Post by mary on Dec 3, 2018 17:18:14 GMT
Very concerned about today’s update “Offer of Finance which has been made by a third-party funder, to provide a working capital facility to the borrower”.
This does not sound like a plan to repay this overdue loan. I hope this is not some version of the plan to provide cash to the borrower while failing to repay his debts and relegate our first charge!
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