invester
P2P Blogger
Posts: 612 
Likes: 618
|
Post by invester on Sept 12, 2018 9:06:53 GMT
Well, I don't really see any other motivation to do it. But virtually all changes on the platform are of detriment to lenders so I assume it'll be the same here.
I really can't see how segregation works in practice, save for the funds that are not deployed into loans (which would be minority of funds).
If I am not wrong, at COL we have a wind-down situation, the funds being received from either the on-going recoveries/sale of securities should be ours and ring-fenced? But it seems to me that we'll only receive these funds after all the preferred creditors have been paid and seeing as this is some kind of floating charge this ranks ahead of us right? The money seems to become one small pot for the ring-fenced, and one massive pot where everything else goes.
I don't profess to state this as fact, so please correct me if I am wrong.
|
|
empirica
Member of DD Central
Posts: 326
Likes: 235
|
Post by empirica on Sept 12, 2018 9:34:57 GMT
Well, I don't really see any other motivation to do it. But virtually all changes on the platform are of detriment to lenders so I assume it'll be the same here. I really can't see how segregation works in practice, save for the funds that are not deployed into loans (which would be minority of funds). If I am not wrong, at COL we have a wind-down situation, the funds being received from either the on-going recoveries/sale of securities should be ours and ring-fenced? But it seems to me that we'll only receive these funds after all the preferred creditors have been paid and seeing as this is some kind of floating charge this ranks ahead of us right? The money seems to become one small pot for the ring-fenced, and one massive pot where everything else goes. I don't profess to state this as fact, so please correct me if I am wrong. It seems at COL that due to lack of FCA permissions, there is significant uncertainty over the legal standing of the company structure wrt 'investor creditors' .v. 'general creditors', we'll have to wait and see on that one.
My thoughts are that Lendy are seeking funding (perhaps for the proposed build-out of DFL012 and/or DFLs 1 & 2 (if the deal has fallen through), could also be DFL019 if Lendy are committed to fully funding that come what may) and that funder requires an equity holding over the entire group (as well as charges over any project security they'll be funding), so the director has ring-fenced his financial inputs into the company* in readiness.
edit: make that 'companies'. Four to date according to the purple place
|
|
invester
P2P Blogger
Posts: 612
Likes: 618
|
Post by invester on Sept 12, 2018 9:56:06 GMT
Good point.
There are several proposed build-outs, I don't think Lendy could afford the bigger ones. A JV makes some sense, and putting in equity in lieu of cash also. The best case scenario might be to get in a bigger player, set up a joint new company in the business of finishing distressed plots. This would show the borrowers that they do have teeth and are not scared of finishing something off and taking their profits. Although I think this would be a complex deal to negotiate. Lendy's equity value IMO is not worth that much, although potentially could rise again if they actually could resolve some of the bad cases.
I do also wonder if it might be anything to do with the imminent conclusion of the Exeter loans, which we all know have slightly different treatment from the rest.
|
|
stevio
Member of DD Central
Posts: 2,065
Likes: 894
|
Post by stevio on Sept 12, 2018 10:14:42 GMT
Admin there are multiple posts on this thread that dont refer specifically to this loan, can they be moved elsewhere, I am getting notifications on updates to conversations about this loan when it is nothing to do with it
|
|
|
|
Post by Proptechfish on Sept 12, 2018 18:41:44 GMT
Admin there are multiple posts on this thread that dont refer specifically to this loan, can they be moved elsewhere, I am getting notifications on updates to conversations about this loan when it is nothing to do with it Apologies, i should have just started a new thread, i didn't think people were going to get that excited.
|
|
reinvestor
Member of DD Central
Posts: 194
Likes: 224
|
Post by reinvestor on Sept 12, 2018 20:10:18 GMT
I think a lot of people would like to get exited from Lendy....
|
|
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
Likes: 11,549
|
Post by ilmoro on Sept 17, 2018 17:27:17 GMT
I think your jumping to conclusions here. I can see nothing in the various charges in favour of Liam over Lendy Group companies that links it to this loan or any other loan where Lendy has taken such action. Bear in mind Lendy own their offices.
(I expect your post will go the same way as the DD central one)
|
|
|
|
Post by Proptechfish on Sept 17, 2018 17:31:44 GMT
I think your jumping to conclusions here. I can see nothing in the various charges in favour of Liam over Lendy Group companies that links it to this loan or any other loan where Lendy has taken such action. Bear in mind Lendy own their offices.
(I expect your post will go the same way as the DD central one)
Like i said i could be wrong but the timing was very odd. What happening in DD central (I'm not a member, as i'm a dirty blogger  ) ?
|
|
nsinvestor
Member of DD Central
Posts: 105
Likes: 110
|
Post by nsinvestor on Sept 18, 2018 11:35:48 GMT
It appears that Liam is providing a term loan facility to Lendy Group and the charges are giving him protection for any money he lends to the company.
I wonder if he is also charging 18% per annum and whether he will be lending up to a 70% LTV based on some spurious valuation!
As an aside, there are all sorts of reasons why Liam might want to lend money back to the Company, including Lendy needing more free cash or Liam simply seeing it as a good opportunity for his personal wealth management.
Of course, I wouldn't want to comment on Liam's personal tax affairs but it is interesting that Lendy pay a rather large sum to an offshore trust structure of which Liam in a beneficiary (propably by way of loans that do not need to be repaid - legal but morally questionable). This could simply be a cash merry go round ...
|
|
Garage246
Member of DD Central
Posts: 116
Likes: 209
|
Post by Garage246 on Apr 9, 2019 8:02:48 GMT
I noticed that the K***** M***** valuation of 4.9M was based on the manor house, servants apartment, chapel and 11 apartments. At auction (which went for 1.5M) 2 apartments were missing from the sale. I've asked the question of Support, but to no avail. Do we know what happened to the 2 missing apartments. If they were never secured with a charge then the loan LTV would have been significantly over 70% as the valuation would have reduced from £4.9M. Obviously that would have changed the risk profile for investors. I have investments in this both within and outside of SIPP. So if the risk profile was not as stated that needs looking at, as it is potential mis-selling. Did those 2 apartments ever exist under the Lendy first charge.
|
|
sikas
Posts: 11
Likes: 11
|
Post by sikas on May 8, 2019 17:17:10 GMT
on 2/4/2019 they posted 02/04/2019
"PBL155 , ***************** Prestatyn
We will be providing more information relating to this loan via new loan specific private portal which will go live this month. This will include a summary of the next steps regarding the recoveries process including any professional claims. The private portal will provide a confidential area"
i messaged support about this private portal - no reply
does anyone have any info on this or know how i can access it?
Thanks,
S
|
|
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
Likes: 11,549
|
Post by ilmoro on May 8, 2019 18:13:45 GMT
on 2/4/2019 they posted 02/04/2019 "PBL155 , ***************** Prestatyn We will be providing more information relating to this loan via new loan specific private portal which will go live this month. This will include a summary of the next steps regarding the recoveries process including any professional claims. The private portal will provide a confidential area" i messaged support about this private portal - no reply does anyone have any info on this or know how i can access it? Thanks, S via the individual loan page, should be a link above the line of tabs. It will only be visible if you are in the loan and it may not actually contain any info yet (if it exists)
|
|
|
|
Post by GSV3MIaC on May 8, 2019 18:13:47 GMT
You access it from the loan details page, if you have an investment, and if it actually exists, which it probably doesn't.
I removed the asset name from your post. Please review the forum rule about not naming assets .. the pbl number is fine.
|
|
adrianc
Member of DD Central
Posts: 10,026
Likes: 5,152
Member is Online
|
Post by adrianc on May 8, 2019 22:14:01 GMT
This loan does have a portal page, accessible from the main loan page if you're a lender.
Not that you're missing much.
|
|
Garage246
Member of DD Central
Posts: 116
Likes: 209
|
Post by Garage246 on May 9, 2019 7:34:55 GMT
Perhaps Lendy will be kind enough to update the portal to explain where the missing two apartments are that the loan was secured against but were never auctioned off...
I suspect our loan was never secured against these two and probably the real LTV was more like 80%. Straight mis-selling.
|
|
) ? 
