pi
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Post by pi on Jan 25, 2019 11:07:01 GMT
 Everything going pear-shaped. Anything in administration is never good.  Err it was pretty obvious the company was going into administration. Had tiny hope that Lendy could resolve it amicably. Apologies for being sooo optimistic.
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hazellend
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Post by hazellend on Jan 25, 2019 12:17:53 GMT
Err it was pretty obvious the company was going into administration. Had tiny hope that Lendy could resolve it amicably. Apologies for being sooo optimistic. Naive rather than optimistic. When you’ve been with Lendy long enough you learn how they do things (wrong)
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Post by spareapennyor2 on Jan 31, 2019 16:43:26 GMT
31 Jan 2019 Appointment of an administrator
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hantsowl
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Post by hantsowl on Feb 2, 2019 10:58:23 GMT
Promising update on this loan issued yesterday with another expected sometime next week.
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Balder
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Post by Balder on Feb 2, 2019 11:08:29 GMT
Promising update on this loan issued yesterday with another expected sometime next week. Theresa May running this!
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pi
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Post by pi on Feb 4, 2019 11:53:02 GMT
GDV: £26,650,000 Loan Value: £6,467,250 Loan to GDV: 24% I am sure GDV is  . But even in administration I believe Lendy can find some value. Any idea of realistic valuation on this? |
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Post by charliebrown on Feb 6, 2019 6:02:25 GMT
As I’ve learnt to my detriment using GDV to value a loan is a stupid idea (stupid for investors). The GDV can be anything the borrower wants it to be. He can say he’s going to fit every room with solid gold toilets. The GDV of something that doesn’t exist can be anything you want it to be. I fear that all these bits of wasteland we have lent against are going to be practically worthless.
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izigor
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Post by izigor on Feb 7, 2019 2:26:52 GMT
As I understand it, Lendy has sourced funding to build out DFL006. In order to take control of this, the borrower company has agreed to go into administration following discussions with Lendy. The plan now is to move the debt into a new SPV and I think the new funding provider could then be making a 'meaningful' offer to us investors.
Does that sound about right?
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rocky1
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Post by rocky1 on Feb 7, 2019 4:25:54 GMT
I am sure lendy and this borrower will work together on all of his schemes.they have always had a special relationship it seems.i hope they use the same values when it comes to making these Offers to repay our loans.new SPVs different set ups , same people raking it in lendy and our borrower and lenders taking a big loss on the whole lot of it.we should be receiving our capital and interest back on all of these loans not silly offers and then half of it took out in fees.lendy and their mate will be shafting us all over again.
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adrianc
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Post by adrianc on Feb 7, 2019 8:53:28 GMT
As I’ve learnt to my detriment using GDV to value a loan is a stupid idea (stupid for investors). The GDV can be anything the borrower wants it to be. He can say he’s going to fit every room with solid gold toilets. The GDV of something that doesn’t exist can be anything you want it to be. I fear that all these bits of wasteland we have lent against are going to be practically worthless. The GDV, as determined by a competent qualified valuer, should be based on sensible market values for the components of the development. Where they're let, then established multiples of rent. There's a specific issue with student accommodation, in that the components - the individual rooms - hit a bubble, and the market got flooded.
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hazellend
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Post by hazellend on Feb 7, 2019 9:19:43 GMT
As I’ve learnt to my detriment using GDV to value a loan is a stupid idea (stupid for investors). The GDV can be anything the borrower wants it to be. He can say he’s going to fit every room with solid gold toilets. The GDV of something that doesn’t exist can be anything you want it to be. I fear that all these bits of wasteland we have lent against are going to be practically worthless. The GDV, as determined by a competent qualified valuer, should be based on sensible market values for the components of the development. Where they're let, then established multiples of rent. There's a specific issue with student accommodation, in that the components - the individual rooms - hit a bubble, and the market got flooded. Im not sure there is a bubble. In some areas yes but demand seems high and increasing
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adrianc
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Post by adrianc on Feb 7, 2019 9:33:41 GMT
The GDV, as determined by a competent qualified valuer, should be based on sensible market values for the components of the development. Where they're let, then established multiples of rent. There's a specific issue with student accommodation, in that the components - the individual rooms - hit a bubble, and the market got flooded. Im not sure there is a bubble. In some areas yes but demand seems high and increasing There's - at the very minimum - a massive increase in the supply of premium student accommodation over the last year or two. Notwithstanding external factors, it's uncertain how well demand will stand up to that, given the ever-increasing focus on post-study finances/debt. At the moment, universities are warning of imminent problems over attracting sufficient students, given the Brexit... situation...
Anybody who understands even the basics of the tertiary education sector knows damn well that all universities need to attract foreign students for financial reasons. Quite simply, they're a damn sight more lucrative than UK students... Obviously, EU students are facing specific issues currently (uncertainty at the very minimum), but the UK will be less attractive to non-EU students, too, because of problems around going on to further study or work in the EU27 countries.
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Post by loftankerman on Feb 7, 2019 10:19:49 GMT
A further concern over student accommodation is that whilst it may be fit for the defined purpose it is generally inadequate as regular housing. That certainly affects its value in the broader sense.
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MarkT
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Post by MarkT on Feb 7, 2019 10:23:18 GMT
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rocky1
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Post by rocky1 on Feb 7, 2019 10:33:40 GMT
So the realistic value of the security today will be say £5.1M, resulting in an LTV of 80%+. As the development commences I guess the value will dip briefly, because of the cost of reinstating the land should the project fail. Would anyone care please to take a guess at what the value might dip to, and roughly how far into the project? No the realistic value of the security is £6.229m. If it was sold in a distressed state within 3 months, then £5.09m. what is the realistic value after over 2 years of planning and enhanced planning?
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Everything going pear-shaped. Anything in administration is never good. 
. But even in administration I believe Lendy can find some value. Any idea of realistic valuation on this? 
