twoheads
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Programming
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Post by twoheads on Aug 10, 2017 12:55:15 GMT
For the record, DFL008 is currently underwritten in some form or other to the tune of £40k (The sales queue is £107k, SM value £147k).
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guff
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Post by guff on Aug 11, 2017 16:50:57 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. £1.8M loan repayment elsewhere in the Lendy book should help  Plus the £1.32M cash Cowes.
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mary
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Post by mary on Oct 16, 2017 19:11:07 GMT
New tranche in the pipeline (#15). Only 40 days to go. Latest comment :-
The Borrower has provided us with a schedule of proposed practical completion dates, which indicates that the first 33 units will be completed and sold around the middle of November with Net Sale Proceeds of over £4m due to be received.Will this be used to part repay the loan? If not why not?? The Contractors on site team advised that the new extension will form Phase 2 of the works. This phase of the works is to anticipated to commence within the next month. What Phase 2, what does this mean for repayment?? |
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dp
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Post by dp on Nov 16, 2017 14:32:05 GMT
This loan needs clarification at best.
Initial description mentions 5 additional floors with ground floor infill. Total 115 Units.
Today - no additional floors, unclear about ground floor infill, but the development has exchanged or "sold" - Confirmed by solicitor on update 31/08/2017 - "borrower's solicitors which states they have exchanged contracts for the sale of 85 units and taken reservations for a further 22 units."
The original development to convert office to 52 units. The additional infill must be providing 33 additional units. Very hard to believe. Exchanged on 85 so they must be pulling 85 units out of the hat somehow?!
Just walked past the building today, and they are just assembling scaffolding to the front elevation. Building looks as derelict and the same as it did when the loan was first launched.
Would be interesting to know what Lendy Support head of lending views were when he attended site on 27/10/2017 and saw little or no progress at all.
4.6m used for purchase and 4 million for development. Would love to know what that 4million has been spent on. The IMS - Independent Monitoring Surveying report on this 4 millions development must be a barrel of laughs on a Friday down the pub with head of lendy.
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withnell
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Post by withnell on Nov 16, 2017 16:03:28 GMT
The ground infill and 5 extra floors were meant to provide 63 units - so it's believable that infill plus 2 new floors would result in 33
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dp
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Post by dp on Nov 16, 2017 16:13:26 GMT
The ground infill and 5 extra floors were meant to provide 63 units - so it's believable that infill plus 2 new floors would result in 33 Update 10/11/2017 - The borrower has advised that they are no longer going to consider building the additional 3 floors on the site and instead will concentrate on getting the build of the existing units completed as quickly as possible.
No extra floors, originally 5 extra, reduced to 3 and then to nil.
No one currently knows if the infill will take place.....
Original office is being converted to 52....They "Claim" to have exchange and completed contracts on 85 units. My point remains, where are the additional 33 units coming from.
*I am not in this loan*
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GeorgeT
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Post by GeorgeT on Nov 16, 2017 19:06:48 GMT
So over £8.5m loaned, only 9 days to run and no obvious progress in the work.... Still, the LTV is based on the guesstimate of the completed GDV so it gives LY plenty of headroom to throw more investors' money at this borrower by way of a further tranche.
These massive DFLs are my least favourite of all loans.
I wrote on here a few months ago that I await the day when one of these DFL biggies repays in full. I'm still waiting. I hope I don't have to dig out a certain Bob Marley record.
(I got out of this one months ago but it was a nice 12% in its earlier, lower risk days).
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mary
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Post by mary on Nov 16, 2017 19:29:25 GMT
But according to the, obviously and completely, accurate Lendy update, there are 85 units with exchanged contracts with sales expected to complete shortly.
Given the work still ongoing internally and externally, I can't see why anyone would want to complete on the sale? Guessing most are BTL, but who would rent within a half complete building site?
Waiting to see how Lendy spin this one?
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Post by bracknellboy on Nov 16, 2017 20:49:07 GMT
But according to the, obviously and completely, accurate Lendy update, there are 85 units with exchanged contracts with sales expected to complete shortly. Given the work still ongoing internally and externally, I can't see why anyone would want to complete on the sale? Guessing most are BTL, but who would rent within a half complete building site? Waiting to see how Lendy spin this one? Be grateful. If it was on another platform, it could be 85 separate lots of AML checks being conducted. Each taking approx 6 months. Concurrently. Allegedly.
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hazellend
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Post by hazellend on Nov 16, 2017 21:28:01 GMT
I topped up a little on this one. Borrower has a good track record and profitable company.
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bababill
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Post by bababill on Nov 17, 2017 2:42:28 GMT
I topped up a little on this one. Borrower has a good track record and profitable company. Many many many companies fail not because of lack of profits but lack of cash flow.
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mikes1531
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Post by mikes1531 on Nov 17, 2017 2:55:13 GMT
Be grateful. If it was on another platform, it could be 85 separate lots of AML checks being conducted. Each taking approx 6 months. Concurrently. Allegedly. Concurrently? Nah! I'd have thought that consecutively would be more likely! 
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elliotn
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Post by elliotn on Nov 17, 2017 5:51:32 GMT
So over £8.5m loaned, only 9 days to run and no obvious progress in the work.... Still, the LTV is based on the guesstimate of the completed GDV so it gives LY plenty of headroom to throw more investors' money at this borrower by way of a further tranche. These massive DFLs are my least favourite of all loans. I wrote on here a few months ago that I await the day when one of these DFL biggies repays in full. I'm still waiting. I hope I don't have to dig out a certain Bob Marley record. (I got out of this one months ago but it was a nice 12% in its earlier, lower risk days). You think it was lower risk when they were gutting the original office use and destroying inherent value wholesale? Extremely high risk if the group had any problems.
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Post by bracknellboy on Nov 17, 2017 6:33:37 GMT
Be grateful. If it was on another platform, it could be 85 separate lots of AML checks being conducted. Each taking approx 6 months. Concurrently. Allegedly. Concurrently? Nah! I'd have thought that consecutively would be more likely! Yes, brain was thinking consecutively, fingers typed concurrently. How to ruin an otherwise wry observation...
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hazellend
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Post by hazellend on Nov 17, 2017 6:57:48 GMT
I topped up a little on this one. Borrower has a good track record and profitable company. Many many many companies fail not because of lack of profits but lack of cash flow. That’s why we get 12 %
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What Phase 2, what does this mean for repayment??
