ingwer
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Post by ingwer on Feb 15, 2018 18:08:48 GMT
Is the alleged £2m PF inclusive or exclusive of the previous uses ?
Lendy made a quick decision before regards the use of PF. So waiting 24 hours for the update tomorrow as then surely we, the investors, will know of Lendy's intentions to use the PF or not. Or do we have to wait until the auction sale funds come rolling in?
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rocky1
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Post by rocky1 on Feb 15, 2018 18:53:36 GMT
just a general question. who do lendy have to make a claim to regarding the pf is it not liam and tim. sorry for my ignorance here but getting a bit dizzy with all the ins and outs of lendy
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Post by peterpea on Feb 15, 2018 18:57:41 GMT
Small point. Don`t know why lendy said completion in 28 days. It is I think 20 days. Plus Lendy processing etc. Can`t see the buyer pulling out, bargain of the century I`d say. I would have bought it but my funds are tied up in .................... Yes, Lendy.
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SteveT
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Post by SteveT on Feb 15, 2018 18:57:48 GMT
just a general question. who do lendy have to make a claim to regarding the pf is it not liam and tim. sorry for my ignorance here but getting a bit dizzy with all the ins and outs of lendy They put on different hats. Their regular ones are yachtie peaks, whilst the PF ones are full souwesters.
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tombraider
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Post by tombraider on Feb 15, 2018 19:00:07 GMT
We are guided by valuations, LTV`s etc. Surely it is unacceptable that the valuation is so way off the mark. I know my money is at some risk but this is ridiculous !! 44% is not on. It is more like 42% after fees etc Yes, we are misguided by poor valuations. I wish there were regulations not allowing platforms to do this. yes you do have to wonder how this was so badly out but then again how many surveyors have a clue about how to value a castle anyway. the 11% interest is the real kick in the teeth here as after all its a safer loan.....
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mary
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Post by mary on Feb 15, 2018 19:08:15 GMT
Small point. Don`t know why lendy said completion in 28 days. It is I think 20 days. Plus Lendy processing etc. Can`t see the buyer pulling out, bargain of the century I`d say. I would have bought it but my funds are tied up in .................... Yes, Lendy. 20 working days = 28 calendar days, usually.
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mary
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Post by mary on Feb 15, 2018 19:11:53 GMT
Couldn't find the size of the valuers Indemnity Policy, however the letter of instruction requires the valuer to provide an up to date copy to Lendy, so at least they know how much they could claim, assuming none of the numerous get-out clauses apply.
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Post by Paul64 on Feb 15, 2018 19:37:00 GMT
Dear all,
We are of course disappointed that the sale of W++++++ C+++++ at auction fell short of the original independent valuation put on the property.
Before this loan was written, Lendy undertook detailed due diligence with our advisers, including a valuation by a RICS registered independent property agency.
However, remember the sale of PBL155 is just one stage in our process for recouping maximum value for lenders. Following the auction, we have acted immediately to protect the interests of our investors.
As part of our efforts to bridge the gap between the value of the property realised at auction and the loan value, we will be pursuing a claim against the borrower (in line with the terms of the loan agreement) and we will update investors on that and other actions in due course.
Despite our strong and sustained track record of delivering above market returns to our investors, there are, sadly, occasional instances where a single property may not realise its full potential value for investors.
It is for this reason that we always recommend that investors diversify their portfolios across a wide range of loans in order to manage concentration risk effectively.
We also always recommend that investors read the full independent valuation reports on the properties they lend against and never to commit more than they are comfortable with to any one loan.
We are however very aware that investors will be disappointed at the price realised, so we would like to reassure them that the team will be putting every effort into recovering as close to the full capital value as possible, on top of the interest already earned.
Kind regards
Paul
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Post by peterpea on Feb 15, 2018 19:38:51 GMT
Couldn't find the size of the valuers Indemnity Policy, however the letter of instruction requires the valuer to provide an up to date copy to Lendy, so at least they know how much they could claim, assuming none of the numerous get-out clauses apply. I think they have a valid claim as it is way more than 15% out. The valuer mentioned something about some experts saying that 15% is not really enough but it is so far out that they wouldn`t get away with that hint. I guess they are insured, and they will fight tooth and nail. I think a judge will take 15% off the valuation and settle on £3M, meaning the insurers will have to cough up about £1.5M. Could be years though and if it goes that way there is going to be eruptions in the valuation / insurance industry.
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Post by df on Feb 15, 2018 19:40:04 GMT
Yes, we are misguided by poor valuations. I wish there were regulations not allowing platforms to do this. yes you do have to wonder how this was so badly out but then again how many surveyors have a clue about how to value a castle anyway. the 11% interest is the real kick in the teeth here as after all its a safer loan..... At least it wasn't 7%  Good point. I won't be surprised if some investors thought that lower rate = lower risk.
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Post by peterpea on Feb 15, 2018 19:47:56 GMT
Dear all, We are of course disappointed that the sale of W++++++ C+++++ at auction fell short of the original independent valuation put on the property. Before this loan was written, Lendy undertook detailed due diligence with our advisers, including a valuation by a RICS registered independent property agency. However, remember the sale of PBL155 is just one stage in our process for recouping maximum value for lenders. Following the auction, we have acted immediately to protect the interests of our investors. As part of our efforts to bridge the gap between the value of the property realised at auction and the loan value, we will be pursuing a claim against the borrower (in line with the terms of the loan agreement) and we will update investors on that and other actions in due course. Despite our strong and sustained track record of delivering above market returns to our investors, there are, sadly, occasional instances where a single property may not realise its full potential value for investors. It is for this reason that we always recommend that investors diversify their portfolios across a wide range of loans in order to manage concentration risk effectively. We also always recommend that investors read the full independent valuation reports on the properties they lend against and never to commit more than they are comfortable with to any one loan. We are however very aware that investors will be disappointed at the price realised, so we would like to reassure them that the team will be putting every effort into recovering as close to the full capital value as possible, on top of the interest already earned. Kind regards Paul Single property, you are kidding. I invested in most of my loans long before it was ever possible to choose to diversify. Most of my loans are in default, my interest is down to less than half and falling fast. And to top it off you are still making the same mistakes now. Actually repeating exactly the same errors
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poppyland
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Post by poppyland on Feb 15, 2018 19:50:53 GMT
Before this loan was written, Lendy undertook detailed due diligence with our advisers, including a valuation by a RICS registered independent property agency. Wouldn't it make more sense to get several valuations on a loan of this size, and then go with the lowest of the valuations? I'm a little horrified to hear that our money is being lent out on the basis of a single valuation. On top of this, there's the fact that the current property PLUS a bunch of extra land and buildings failed to sell for 5 million in 2013. Very odd that anyone thought that a reduced sized version of the property would be worth 4.9 million.
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Post by peterpea on Feb 15, 2018 19:54:51 GMT
Paul, I am please that you are pursing the borrower, a bit worried that the valuer does not have insurance now as you did not mention pursuing them. I would like you to know that it is totally unreasonable to expect to take a loss of some 60% on a loan. Some risk , yes, but this level is totally unreasonable.
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Jeepers
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Post by Jeepers on Feb 15, 2018 19:57:15 GMT
Valuer is required to have professional indemnity insurance by law
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Post by peterpea on Feb 15, 2018 20:00:53 GMT
W**** H*** H**** valued at 750,000. actual at auction price will be around 300,000. I live there, I know what a property is worth in a fire sale if it comes to it. Lendy loaned 500K = 100% Loan to monies paid for property = reckless lending of our money. Learned anything ??
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Good point. I won't be surprised if some investors thought that lower rate = lower risk.