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Post by lendinglawyer on Jul 4, 2017 15:46:44 GMT
I'm not knocking my £40. Every little helps. And with about 200 days to run, that will amount to a mighty £2.63 interest if I hold my nerve till term end. So the tap water's on me at the next P2P Forum party (but remember to bring your own glasses as the budget won't stretch to plastic beakers). Also, it's www.plasticfreejuly.org/ so bring your own glasses in any event 
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toffeeboy
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Post by toffeeboy on Jul 5, 2017 11:46:41 GMT
Got 10% ie £40 of what I bid: joke Would you mind clarifying why it is a joke?
Do you think that you deserve more than anyone else that wanted a share of this loan?
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GeorgeT
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Post by GeorgeT on Jul 29, 2017 10:59:59 GMT
The maximum allocation in tranche 4 was £100.
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am
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Post by am on Oct 23, 2017 14:42:14 GMT
I had a look at this site while I was in Crewe today.
Five properties (2 semis and 3 town houses) appear to be structurally complete and roofed, with half the windows installed. There's still some insulation to be added to the cavity walls, and to my uneducated eye looking through open windows little interior work has been done. Signage says that these should be complete by the end of November.
Two other blocks have been started; one has the foundations, and the other has the walls nearly up to first floor level. Signage says that these are scheduled for completion in January 2018.
There were people on the site, but they didn't look very busy. There were reasonable amounts of building materials present, and scaffolding up the side of the adjoining site.
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treeman
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Post by treeman on Oct 27, 2017 9:29:24 GMT
There appears to be a Hidden Queue issue on this one too now - £0.16
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twoheads
Member of DD Central
Programming
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Post by twoheads on Dec 21, 2017 10:38:41 GMT
90 day extension just added to this loan. Term increased from +28 to +118.
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Post by mrclondon on Feb 18, 2018 20:12:53 GMT
All the phase 1 properties (the terrace of 3 plus the semi on H******* Av) are marked as Sold STC by the selling agent, but were described as due for completion in Nov 2017. The terrace of four on H******* is currently being marketed as phase 2 (available from March 18). I assume the 5 apartments will be marketed in due course as phase 3. Links to the www.onthemarket.com listing for all 9 houses are on DD Central. Totalling up the asking prices, gives a phase 1 GDV of c. £666k and a phase 2 GDV of c. £526k, bringing the phase 1 + 2 GDV to just under £1.2m. |
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sarahcount
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Post by sarahcount on Jan 5, 2019 10:21:12 GMT
Another Lendy loan suspended.
Take your pick between hitting the buffers and coming off the rails analogies.
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Post by spareapennyor2 on Jan 7, 2019 9:07:03 GMT
update dated 4/1 on site
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james21
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Post by james21 on Jan 7, 2019 10:28:37 GMT
so assuming a number of the properties were completed and sold, none of this money has come back to lendy, and as he is bankrupt the money has gone. The assets remaining are the completed and unsold and the uncompleted properties which will be of value significantly under the loan value. Not good
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adrianc
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Post by adrianc on Jan 8, 2019 9:13:51 GMT
If the properties are basically complete, and sold STC - and if our loan is secured against them - then there's not very much to worry about. Whoever is handling the bankruptcy (trustee, receiver, administrator, whatever) should simply progress it all to completion, and our charge will ensure we get first dibs on the proceeds of sale.
Looking at the details in the DD thread, the director/owner has been declared bankrupt.
The company has not - yet - been placed into administration, or at least there's nothing on the CoHo listing.
The charges against the company appear to be properly in place, and I presume there are charges against the properties in place?
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Post by spareapennyor2 on Jan 22, 2019 9:49:27 GMT
companies house email
Administration started
4 January 2019
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Post by mrclondon on Mar 29, 2019 19:39:35 GMT
The Administrators proposals document is now available at CH, and I've posted a couple of extracts in DD Central for those with access.
Two things stand out, firstly that whilst this was a tranched development loan with regular calls on our funds, the build was was also heavily dependent on ongoing additional funding from the principal. Secondly that the administrators believe build out to be the best solution which is being explored further, but (as we already knew) they are also marketing the site as is.
Despite the administrators proposals document being dated just 3 days before the 1st March Lendy update, there is no discussion of an imminent offer.
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Post by mrclondon on Sept 8, 2019 18:28:29 GMT
Photos taken 11:30 yesterday (Sat 7th Sept), an anti-clockwise tour round the site, starting on the side road (He******** Av) and then round the corner on to what is quite a busy main road (Hi******).
Looking along He******** Av Looking along Hi******
Note that the final semi pair hasn't been built to the right of this last photo.
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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 Aug 11, 2020 12:46:29 GMT
Check accounts. LAG FB flagged a repayment on this one and Ive had 22.5% back. Doesnt seem much confidence there will be much more as director/shareholder in an IVA following bankruptcy (as reported by Lendy).
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