GeorgeT
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Post by GeorgeT on Jun 23, 2017 11:47:26 GMT
LY aren't known for understating situations so I would guess 'agreed' means just that and if contracts had been exchanged they would be saying that. An offer received that is acceptable in principle, and the 2 month period is an estimate of how long the legals will take, assuming the deal doesn't fall apart, would be my interpretation but I would would happy to be wrong.
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Post by lendinglawyer on Jun 23, 2017 12:16:53 GMT
LY aren't known for understating situations so I would guess 'agreed' means just that and if contracts had been exchanged they would be saying that. An offer received that is acceptable in principle, and the 2 month period is an estimate of how long the legals will take, assuming the deal doesn't fall apart, would be my interpretation but I would would happy to be wrong. While I agree with you, in the case of a building like this I would hope it's something a bit more formal and that what they mean is they've exchanged and completion is in two months. We aren't talking about a single dwelling residential property where agreement of the legal contract is basically a formality (standard form), there will be quite a lot to negotiate here. Agreeing a price is key, but there are many other things to be agreed in the case of a bespoke commercial transaction such as this one. "In legals" is all a bit simplistic: makes it sound like a fait accompli, which it almost certainly is not. It's part of my general gripe about the lack of precision in the updates which can be confusing.
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mary
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Post by mary on Jun 23, 2017 12:25:40 GMT
LY aren't known for understating situations so I would guess 'agreed' means just that and if contracts had been exchanged they would be saying that. An offer received that is acceptable in principle, and the 2 month period is an estimate of how long the legals will take, assuming the deal doesn't fall apart, would be my interpretation but I would would happy to be wrong. While I agree with you, in the case of a building like this I would hope it's something a bit more formal and that what they mean is they've exchanged and completion is in two months. We aren't talking about a single dwelling residential property where agreement of the legal contract is basically a formality (standard form), there will be quite a lot to negotiate here. Agreeing a price is key, but there are many other things to be agreed in the case of a bespoke commercial transaction such as this one. "In legals" is all a bit simplistic: makes it sound like a fait accompli, which it almost certainly is not. It's part of my general gripe about the lack of precision in the updates which can be confusing. The time between exchange and completion for commercial buildings are usually short. I assume Georget is correct.
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nick
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Post by nick on Jun 23, 2017 13:22:48 GMT
I read 'agreed' as being agreeing in principal on price rather than actual exchange of contracts. It would be unusual not to obtain a redemption statement before exchange of contracts........
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Post by watter on Jul 7, 2017 22:33:58 GMT
m*******1 just snapped up a £125,000 chunk of this. Strange considering there are some great loans on the SM atm
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GeorgeT
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Post by GeorgeT on Jul 7, 2017 23:39:18 GMT
m*******1 just snapped up a £125,000 chunk of this. Strange considering there are some great loans on the SM atm This big hitter was probably reassured by the recent update advising that a sale has been agreed and the loan is expected to be repaid within the next couple of months. He or she probably relied upon that and decided it was a pretty low risk 12% for a few weeks. I have to say I am very pleased because it has bought me totally out of this loan and it also nails the lie that the secondary market is a dying animal.
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lobster
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Post by lobster on Jul 10, 2017 8:59:36 GMT
m*******1 just snapped up a £125,000 chunk of this. Strange considering there are some great loans on the SM atm This big hitter was probably reassured by the recent update advising that a sale has been agreed and the loan is expected to be repaid within the next couple of months. He or she probably relied upon that and decided it was a pretty low risk 12% for a few weeks. I have to say I am very pleased because it has bought me totally out of this loan and it also nails the lie that the secondary market is a dying animal. One wonders if the BH in question noted the following update back on 4th February : "..... A sale has been agreed and is now going into legals."
and the subsequent update on 13th April "The borrowers sale fell through ....."Having said that, I very much hope that the latest attempt to sell is successful because it would release a very cool £7.5m on repayment to investors, and if even just a small fraction of that is re-invested, it would help the SM significantly, and investor confidence.
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TitoPuente
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Post by TitoPuente on Aug 18, 2017 20:55:07 GMT
"The sale is believed to be going ahead. The buyer is currently negotiating access to the site"
Is "believed"??
Can anybody with a two-hour MLM course have a more unfortunate word choice?
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GeorgeT
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Post by GeorgeT on Aug 18, 2017 21:49:57 GMT
"The sale is believed to be going ahead. The buyer is currently negotiating access to the site" Is "believed"?? Can anybody with a two-hour MLM course have a more unfortunate word choice? Have to agree I'm afraid. Believed is not good enough. It either is or it isn't and when we are talking millions of pounds of investors money ....
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Post by p2plender on Aug 19, 2017 0:09:31 GMT
I can't really base my investment choices on 'we believe'.
Poor Lendy, poor.
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username
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Post by username on Aug 19, 2017 8:12:22 GMT
Christ, 'believe' means 'believe'. Presumably they'd like to be more declarative but can't right now. In the absence of absolute proof, would you prefer 'No change'?
Life isn't black or white, leave some room for nuance.
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TitoPuente
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Post by TitoPuente on Aug 19, 2017 8:18:10 GMT
Christ, 'believe' means 'believe'. Presumably they'd like to be more declarative but can't right now. In the absence of absolute proof, would you prefer 'No change'? Life isn't black or white, leave some room for nuance. "Believe" and "No change" add the same amount of information. Life advice not welcome.
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Post by loftankerman on Aug 19, 2017 8:21:43 GMT
So, "We have been told..." is okay because that puts the onus of believing in the reader's court, not that anyone is any the wiser of course.
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Post by portlandbill on Aug 20, 2017 7:24:53 GMT
It shows a certain amount of honesty. What they mean is "we haven't got a clue what's really going on, so we believe what we're being told, without checking"
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Post by charliebrown on Aug 20, 2017 10:06:18 GMT
m*******1 just snapped up a £125,000 chunk of this. Strange considering there are some great loans on the SM atm This big hitter was probably reassured by the recent update advising that a sale has been agreed and the loan is expected to be repaid within the next couple of months. He or she probably relied upon that and decided it was a pretty low risk 12% for a few weeks. I have to say I am very pleased because it has bought me totally out of this loan and it also nails the lie that the secondary market is a dying animal. Anyone who commits 125k based on a LY update is very brave 
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