withnell
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Post by withnell on May 7, 2019 10:40:18 GMT
I was expecting c. 20days interest on this one in the payment run, but got nothing - anyone else notice the same? This was IOA at the beginning of the month
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Monetus
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Post by Monetus on May 7, 2019 10:42:50 GMT
I was expecting c. 20days interest on this one in the payment run, but got nothing - anyone else notice the same? This was IOA at the beginning of the month So people are starting to receive interest payments?
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bloodycat
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Post by bloodycat on May 7, 2019 10:57:33 GMT
No evidence of the interest run having started yet - though since this one is suspended I wouldn't be surprised if none was paid anyway regardless of the supposed IOA status.
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withnell
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Post by withnell on May 7, 2019 11:04:19 GMT
It's my only loan with positive days, I didn't realise from the Lendy comms that no interest had been posted! Thanks both
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Post by picanto on May 7, 2019 11:19:18 GMT
I was expecting c. 20days interest on this one in the payment run, but got nothing - anyone else notice the same? This was IOA at the beginning of the month Just because a loan was in positive days doesn't mean interest will be paid at the end of the month. That used to be the case, but not anymore. PBL199 and DFL019 are loans which I know had monthly interest payments stopped whilst still having positive days left. There are probably other loans which have had the same fate...
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sl75
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Post by sl75 on May 7, 2019 13:10:09 GMT
I was expecting c. 20days interest on this one in the payment run, but got nothing - anyone else notice the same? This was IOA at the beginning of the month Just because a loan was in positive days doesn't mean interest will be paid at the end of the month. That used to be the case, but not anymore. PBL199 and DFL019 are loans which I know had monthly interest payments stopped whilst still having positive days left. There are probably other loans which have had the same fate... DFL006 was one of the loans that paid interest last month (for the full amount due for the entire preceding month), and still had positive days remaining at that time.
You appear to be confusing it with other loans. Overall there were more than a dozen loans that still paid interest last month, and I'd expect almost as many this month if/when the interest run occurs.
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69m
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Post by 69m on Jun 11, 2019 13:43:48 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. The above comment by Lendy's representative referred to the Day 1 'land only' valuation. Therefore, it'll be interesting to see how the "best offer received" (from the borrower, which is now progressing) compares, especially given that the site now has the benefit of enhanced planning permission.
Things might not be so bad if only the initial tranche of £4.2m had been advanced. Unfortunately the loan balance now stands at £6.5m. £2.3m seems like a lot of our money to spend on unspecified "preliminary works".
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richox
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Post by richox on Jun 13, 2019 9:55:40 GMT
The way Lendy allowed large tranches of lenders' money to be chanelled towards this borrower's various projects witrhout communicating, and possibly without checking or knowing, where it was going is highly suspect. Makes you wonder about the good relationship they had.
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Post by takeshi on Sept 3, 2019 9:25:15 GMT
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Post by pachiraaquatica on Sept 3, 2019 11:10:18 GMT
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withnell
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Post by withnell on Sept 3, 2019 12:55:58 GMT
The key point is the "temporary" - if a development finishes in December, it's unlikely to get rented to students until Sep/Oct, so being allowed to be rented privately until then. An example of slightly sensationalist journalism.
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bloodycat
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Post by bloodycat on Sept 3, 2019 13:44:35 GMT
The concern is more about the potential saturation of the market with such accommodation And that is before we consider any likely reduction in student numbers in the coming few years.
Whilst wealthy international students might be happy to pay fo this type of accommodation, most UK students would still prefer the much more affordable rents of traditional shared houses (though not as cheap as when I was a student as these days they all insist on central heating and all mod cons).
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Post by loftankerman on Sept 3, 2019 14:35:23 GMT
I was under the impression, gained from reading about other similar builds, that design features and standards for this kind of student housing are not regarded as meeting those for normal full time living accommodation. The outcome seemed to be that it was a struggle to find something affordable that could be done to re-purpose them as demand fell.
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Post by ladywhitenap on Sept 3, 2019 16:19:38 GMT
Possibly make a chain type hotel of of them?
LW
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rocky1
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Post by rocky1 on Sept 3, 2019 16:56:55 GMT
i dont think work ever started and this is still a plot of land where every update said further tranches were to continue preliminary works and gain enhanced planning.dont forget this borrower had lendy throwing millions at him nearly every month.god knows were it all went looking at the mess left behind.
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