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Post by p2plender on Apr 20, 2019 2:02:30 GMT
I remember driving past this 12 months after I'd initially driven past. Absolutely nothing had changed yet I'd gotten my interest and gotten the hell out. Would be very surprised if there's a decent outcome here but fingers XXXd for loan holders. Somewhere, someone has/will be taking a rather large bath I suspect - hopefully deep pocketed developers and not the usual Lendy sacrificial lenders..
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Post by picanto on Apr 20, 2019 18:40:58 GMT
I remember driving past this 12 months after I'd initially driven past. Absolutely nothing had changed yet I'd gotten my interest and gotten the hell out. Would be very surprised if there's a decent outcome here but fingers XXXd for loan holders. Somewhere, someone has/will be taking a rather large bath I suspect - hopefully deep pocketed developers and not the usual Lendy sacrificial lenders.. Well if it's very close to completing refinance then I am still hopeful this is a safe-ish loan. But with the way things go with Lendy, who knows?
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Post by loftankerman on Apr 20, 2019 23:07:49 GMT
I remember driving past this 12 months after I'd initially driven past. Absolutely nothing had changed yet I'd gotten my interest and gotten the hell out. Would be very surprised if there's a decent outcome here but fingers XXXd for loan holders. Somewhere, someone has/will be taking a rather large bath I suspect - hopefully deep pocketed developers and not the usual Lendy sacrificial lenders.. Well if it's very close to completing refinance then I am still hopeful this is a safe-ish loan. But with the way things go with Lendy, who knows? Surely a refinance is just more money for someone to run off with?
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adrianc
Member of DD Central
Posts: 10,022 
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Post by adrianc on Apr 21, 2019 9:01:53 GMT
Well if it's very close to completing refinance then I am still hopeful this is a safe-ish loan. But with the way things go with Lendy, who knows? Surely a refinance is just more money for someone to run off with? But it's somebody else's money.
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Post by p2plender on Apr 21, 2019 9:07:01 GMT
"in talks" and "refinance" are 3 words that should send shivers through hardened, if battered, Lendy investors lambs.
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Post by loftankerman on Apr 21, 2019 13:28:31 GMT
Surely a refinance is just more money for someone to run off with? But it's somebody else's money. I suppose I should have added "before the original lenders get their hands on it."
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Post by picanto on May 24, 2019 12:43:39 GMT
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Post by picanto on Jul 25, 2019 20:24:20 GMT
Disappointed the refinance fell through, this loan was one which I was still hopeful for a good outcome...
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Post by billy169 on Jul 25, 2019 20:35:14 GMT
Me too
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Mousey
Member of DD Central
Posts: 1,598
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Post by Mousey on Aug 3, 2021 15:45:39 GMT
Lendy Ltd filed a Part 7 Breach of Contract claim against the borrowing companies director at the High Court earlier today it can be revealed (by me today, by P2Pfinancenews in 3 weeks time).
Some £2.5m in capital is still outstanding to over 3000 retail investors.
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Post by gaza77 on Oct 15, 2021 14:06:28 GMT
Lendy Ltd filed a Part 7 Breach of Contract claim against the borrowing companies director at the High Court earlier today it can be revealed (by me today, by P2Pfinancenews in 3 weeks time).
Some £2.5m in capital is still outstanding to over 3000 retail investors.
I have heard some rather disturbing news about this loan. The borrower is counter claiming against Lendy and all 3000 investors. Which means it may be possible for the borrowers to lose more money than they put in. It is like a rerun of the London Loan all over again. will this Lendy nightmare ever end?
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adrianc
Member of DD Central
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Post by adrianc on Oct 16, 2021 15:05:10 GMT
Lendy Ltd filed a Part 7 Breach of Contract claim against the borrowing companies director at the High Court earlier today it can be revealed (by me today, by P2Pfinancenews in 3 weeks time).
Some £2.5m in capital is still outstanding to over 3000 retail investors.
I have heard some rather disturbing news about this loan. The borrower is counter claiming against Lendy and all 3000 investors. Which means it may be possible for the borrowers to lose more money than they put in. It is like a rerun of the London Loan all over again. will this Lendy nightmare ever end? Anything more than just a vicious rumour?
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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
Posts: 11,330
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Post by ilmoro on Oct 16, 2021 15:30:05 GMT
I have heard some rather disturbing news about this loan. The borrower is counter claiming against Lendy and all 3000 investors. Which means it may be possible for the borrowers to lose more money than they put in. It is like a rerun of the London Loan all over again. will this Lendy nightmare ever end? Anything more than just a vicious rumour? Fillings at court
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adrianc
Member of DD Central
Posts: 10,022
Likes: 5,148
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Post by adrianc on Oct 16, 2021 15:31:49 GMT
Anything more than just a vicious rumour? Fillings at court Nothing in DDC - is it from Another Place? <edit> Nope, tumbleweed central over there.
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Mousey
Member of DD Central
Posts: 1,598
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Post by Mousey on Oct 16, 2021 15:39:18 GMT
It's from a post I made on FB:
Potential bad news for the circa 3000 members of the public who crowd-funded the loan on failed P2P platform Lendy as indication given they will be joined to the claim, which is said to include £7m in lost profit
The borrowing companies director filed a counter-claim which included inter alia: "As a result of Lendy’s misrepresentation and/or negligence (and/or the said Lenders’ breach of contract), [Borrower] suffered extensive loss and damage. In November 2018, the Project was estimated by strategic corporate finance consultants, [redacted], to have a gross development value of £13 million with a net anticipated profit of £7 million. [Borrower] would set-off/counterclaim (joining the said Lenders, who would no doubt, in turn, add Lendy as Defendant to that counterclaim)"
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