r1200gs
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Post by r1200gs on Jul 8, 2017 10:38:10 GMT
25 percent has to be paid within 21 days of exchange, the rest on completion. Not sure the borrower can even spend the deposits?
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mary
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Post by mary on Jul 8, 2017 11:57:57 GMT
25 percent has to be paid within 21 days of exchange, the rest on completion. Not sure the borrower can even spend the deposits? Agreed, normally it would be in a solicitor's client account until completion. Safe, but not spendable.
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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 8, 2017 14:06:39 GMT
25 percent has to be paid within 21 days of exchange, the rest on completion. Not sure the borrower can even spend the deposits? Agreed, normally it would be in a solicitor's client account until completion. Safe, but not spendable. Actually it may well be spendable. Quite often developers can draw on sales funds to pay for the development. Certainly the case on several Lendy loans. This loan has UN registered against the security to protect the deposits/payments which suggests that the funds are probably available to the developer rather than in escrow.
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mary
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Post by mary on Jul 8, 2017 17:43:40 GMT
Agreed, normally it would be in a solicitor's client account until completion. Safe, but not spendable. Actually it may well be spendable. Quite often developers can draw on sales funds to pay for the development. Certainly the case on several Lendy loans. This loan has UN registered against the security to protect the deposits/payments which suggests that the funds are probably available to the developer rather than in escrow. Either way, £11m committed sales vs £7m loan = one of safest loans on Lendy, IMO.
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elliotn
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Post by elliotn on Jul 9, 2017 0:48:48 GMT
Actually it may well be spendable. Quite often developers can draw on sales funds to pay for the development. Certainly the case on several Lendy loans. This loan has UN registered against the security to protect the deposits/payments which suggests that the funds are probably available to the developer rather than in escrow. Either way, £11m committed sales vs £7m loan = one of safest loans on Lendy, IMO. Any impact of UNs?
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r1200gs
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Post by r1200gs on Jul 9, 2017 10:57:21 GMT
Two £10,000 bites at this one this morning.
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GeorgeT
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Post by GeorgeT on Jul 9, 2017 13:02:18 GMT
Two £10,000 bites at this one this morning. Very good news and hard evidence of DD in action and influencing investment decisions.
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papo
trading & P2P
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Post by papo on Jul 9, 2017 15:32:29 GMT
I love British humor.
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abots
New Member
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Post by abots on Jul 9, 2017 18:17:12 GMT
Are investors aware of the recent planning application?
"Alternative design sought to the external elevations of the building."
Not sure if this affects anybody...
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r1200gs
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Post by r1200gs on Jul 10, 2017 8:49:50 GMT
Are investors aware of the recent planning application? "Alternative design sought to the external elevations of the building." Not sure if this affects anybody... Not sure what that's about, but the very word "cladding" made my heart sink. Still, there at least appears to be a lot of room for some unexpected costs to be absorbed.
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adrianc
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Post by adrianc on Jul 10, 2017 9:15:35 GMT
Are investors aware of the recent planning application? "Alternative design sought to the external elevations of the building." Not sure if this affects anybody... Not sure what that's about, but the very word "cladding" made my heart sink. Still, there at least appears to be a lot of room for some unexpected costs to be absorbed. I wouldn't extrapolate too much... Very few buildings larger than a house have a visible external structural skin. Anything steel or concrete framed certainly doesn't. So "cladding" is just that external skin. Look back a couple of pages at the external photos of this - that brick skin isn't structural - it's cladding, no more, no less.
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twoheads
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Programming
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Post by twoheads on Aug 10, 2017 11:59:37 GMT
DFL008 has just received a new valuation: it's been increased from £19,608,430 to £20,640,902.
The LTV has similarly been reduced from 36% to 34%.
It's also been given a 120 day extension from -13 days to +107 days and taking its status from IA back to IOA.
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GeorgeT
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Post by GeorgeT on Aug 10, 2017 12:03:02 GMT
DFL008 has just received a new valuation: it's been increased from £19,608,430 to £20,640,902.
The LTV has similarly been reduced from 36% to 34%.
It's also been given a 120 day extension from -13 days to +107 days and taking its status from IA back to IOA. Best news I've had all day - thanks for delivering it. I was selling down fast as the days decreased and sold most, but still have £300 in it and the selling speed started slowing after it went into negative days. Think I would have sold out anyway, but this makes it certain. EDIT / QUESTION - - Will investors now get the interest for the IA period paid as though it had been IOA all along? Or will they have to wait for some of the interest until the loan is repaid or recovered?
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twoheads
Member of DD Central
Programming
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Post by twoheads on Aug 10, 2017 12:09:01 GMT
Interestingly, the new valuation document has a valuation of £20,870,902 which is £230k higher than that just updated by Lendy at £20,640,902.
Anyone any ideas why that would be?
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twoheads
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Programming
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Post by twoheads on Aug 10, 2017 12:42:34 GMT
Blimey... now they want to sell an £850k tranche. A grand total of £1M taken with the £147k currently on the SM.
Money does seem to be coming in but filling that tranche could take a bit of doing.
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