averageguy
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Post by averageguy on Jul 13, 2018 23:00:37 GMT
So the update on Jul 6th only one week ago was a load of tosh..loan extended from May until August and now from then for another six months...who is going to cough up 470k??
Building nearly finished but they need another six months to sort out a refinance which apparently they already have been doing...am I missing something here?
As an aside I can't wait to get out of Lendy
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rocky1
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Post by rocky1 on Jul 14, 2018 7:52:53 GMT
"The fourth and final tranche of development funding of £286,240 was added to the platform this week. The borrower has been pursuing several repayment options, however these negotiations are not expected to be concluded before the loan matures in one month’s time and we have therefore agreed to extend the loan by three months, through to August 2018. The borrower expects to be in a position to fully repay the loan on or before the extended loan maturity date, through either the sale or refinance of the scheme. We have had sight of two of the repayment offers and are satisfied that the total loan funding will be less than 40% of the Gross Development Value of the scheme at the time that full repayment is achieved. The borrower has also advised that following the contractors' work in March 2018 to finish all units ahead of furniture installation, the majority of the wardrobes, beds, tables and chairs have now been delivered to site and are being fitted." the goal posts move again. tranche 7,lendy squeezing out more fees and giving you 1% of your own money back for a few months before some other excuse when it becomes IA. lendy and this borrower will probably go the same route with the many other DFLs on the go or in some cases not on the go at the moment.
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trevor
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Post by trevor on Jul 14, 2018 8:12:41 GMT
The crucial aspect of this loan is wil it be ready to accept students in September. If yes then refinance should be a doddle. If no then refinance will be almost impossible.
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Post by p2plender on Jul 14, 2018 10:01:12 GMT
So the update on Jul 6th only one week ago was a load of tosh..loan extended from May until August and now from then for another six months...who is going to cough up 470k?? Building nearly finished but they need another six months to sort out a refinance which apparently they already have been doing...am I missing something here? As an aside I can't wait to get out of Lendy Anything to do with refinance is a licence for Lendy to roll out c&p updates for eternity. Must admit this one beats many of late, lending to get some of your other money back. lol.
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mary
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Post by mary on Jul 14, 2018 10:19:19 GMT
So much for the 4th tranche back in April being the "final" one.
At a max LTV of 50% it still looks to be one of the better loans, especially as it's nearing completion, however an update on how the sales of the bedroom units are going would inspire most confidence?
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empirica
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Post by empirica on Jul 14, 2018 10:28:01 GMT
So much for the 4th tranche back in April being the "final" one. At a max LTV of 50% it still looks to be one of the better loans, especially as it's nearing completion, however an update on how the sales of the bedroom units are going would inspire most confidence? The developer's sales web site for the scheme has stated 'Sold out' for some weeks / months. Presumably only deposits taken with completion reliant on the building being signed off / certificated but, as I've just been reading elsewhere, it does raise the question why the developer is looking for 'scheme' refinance rather than just repaying as the units finally complete over the next few months.
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Post by p2plender on Jul 14, 2018 12:11:40 GMT
"At a max LTV of 50% it still looks to be one of the better loans.."
DFL004 Was always perceived as one of the better loans and look at how this has turned out. I'd really hate to have a portfolio deemed as not 'better ones'.
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xpubman1
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Post by xpubman1 on Jul 14, 2018 13:10:15 GMT
Please remember this guy has a very good track record of repayment....
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Jeepers
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Post by Jeepers on Jul 14, 2018 15:44:47 GMT
Please remember this guy has a very good track record of repayment.... like the DFL004 borrower did?
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empirica
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Post by empirica on Jul 14, 2018 15:49:02 GMT
Please remember this guy has a very good track record of repayment.... Which loans have repaid? (Rather than refinance - ie: PBL to a DFL, or across platforms)
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empirica
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Post by empirica on Jul 14, 2018 15:49:34 GMT
Please remember this guy has a very good track record of repayment.... like the DFL004 did? Is that the same borrower?
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xpubman1
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Post by xpubman1 on Jul 14, 2018 16:06:06 GMT
OK Jeepers, we have exchanged before.... i am purely talking about all the Huddersfield loans, what has Sunbeam got to do with my post? where was the former rugby players track record in construction?
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Post by valuehunter on Jul 14, 2018 17:09:52 GMT
One of the best loans on the platform imo...happy to see it extended for another 6 months
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 14, 2018 17:25:37 GMT
Please remember this guy has a very good track record of repayment.... Which loans have repaid? (Rather than refinance - ie: PBL to a DFL, or across platforms) The first block on the site. The FC on MT, individual flats from the first block on Col.
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Post by Badly Drawn Stickman on Jul 14, 2018 17:44:46 GMT
Which loans have repaid? (Rather than refinance - ie: PBL to a DFL, or across platforms) The first block on the site. The FC on MT, individual flats from the first block on Col. I'm only asking because I suspect you will know. What has he got outstanding and where?
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