sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Jan 20, 2018 1:38:39 GMT
Won't there be some recourse from the valuer ? Was obviously never worth anything like £4.9m ! I would have thought so, although don't know how well insured older valuers were. Don't know why they wouldn't mention this in the same way as it's been alluded to on other loans. It's worth pointing out that a loan for part of the estate (the 11 flats only) was offered to AC lenders in Autumn of 2014, but never drewdown. The VR was provided by a different valuer and dated 30th June 2014. The 11 flats were valued at approx £2.5M and approx £3M when fully refurbished. That valuation is slightly higher than the value of the 11 flats in the Lendy valuation. For those with AC pink page access the VR can still be viewed via the "missing links" thread - loan 122.
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Post by p2plender on Jan 20, 2018 7:33:45 GMT
Dovap don't sit on the fence.
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GeorgeT
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Post by GeorgeT on Jan 30, 2018 16:00:13 GMT
I've started my countdown clock to the auction date of 15 February 2018.
Wouldn't it be great to get most of our capital back on this one.
Unfortunately, I'm not feeling over-optimistic about the outcome.
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Monetus
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Post by Monetus on Jan 30, 2018 16:02:23 GMT
I have to say I am also lacking confidence in the recovery of this loan.
I think it's going to be a bloodbath.
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mikes1531
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Post by mikes1531 on Jan 30, 2018 16:10:30 GMT
Is this the palace that was on the market with no takers for 2 years before finding the lucky punters of lendy for some free cash ? Isn't that what's often referred to as 'sale by pawn'?
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invester
P2P Blogger
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Post by invester on Jan 30, 2018 23:51:30 GMT
Fairly certain this will be a bad result.
What is the provision fund level? Seems to me like one bad misjudgement will knock it out totally, and it sure looks difficult to replenish. Even at 1% of drawn down loans, it'd need £100m more of money to get £1m and that is not much against some of these monsters.
Problem as I see it is that further legal action may take years. The auction proceeds could be described as a 'partial loan payment' and with the case still open, Lendy could still keep up the pretence that nobody has lost any money.
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Monetus
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Post by Monetus on Jan 31, 2018 0:34:03 GMT
Problem as I see it is that further legal action may take years. The auction proceeds could be described as a 'partial loan payment' and with the case still open, Lendy could still keep up the pretence that nobody has lost any money. This certainly seems to be the corporate strategy moving forward and the results of said legal action are often slow and unsuccessful... could be waiting years for capital return on some of the Lendy loans such as this one and the Exeter DFL's
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Post by df on Jan 31, 2018 3:01:16 GMT
Problem as I see it is that further legal action may take years. The auction proceeds could be described as a 'partial loan payment' and with the case still open, Lendy could still keep up the pretence that nobody has lost any money. This certainly seems to be the corporate strategy moving forward and the results of said legal action are often slow and unsuccessful... could be waiting years for capital return on some of the Lendy loans such as this one and the Exeter DFL's The leading one is PBL081 -522 days. First update 25th Feb 2016 "Waiting for a signed DS1 form to arrive from Dubai where the existing lender is currently on holiday"... scrolling up the timeline tells the story. I managed to get out of PBL081 when it was above 0, but unfortunately I'm still in PBL155 and both "exeters". Years is probably the best guesstimate, but for castles it could be decades 
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webwizard
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Post by webwizard on Feb 4, 2018 11:02:26 GMT
Listed on RightMove website for auction as lot 75 with guide price of £1.5M.
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poppyland
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Post by poppyland on Feb 4, 2018 11:08:31 GMT
Listed on RightMove website for auction as lot 75 with guide price of £1.5M. So we can expect to get back less than half our capital on this almost 3.5M loan. This is horrible. I hope Lendy will be dipping deep into the provision fund (if there is anything left). There's even an article in the Daily Express about it. <link and text removed by mod>
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Post by skint4achange on Feb 4, 2018 12:04:21 GMT
Listed on RightMove website for auction as lot 75 with guide price of £1.5M. So we can expect to get back less than half our capital on this almost 3.5M loan. This is horrible. I hope Lendy will be dipping deep into the provision fund (if there is anything left). There's even an article in the Daily Express about it. <link and text removed by mod> I would wait and see where this goes before getting out the Kleenex (Other brands of tear drop absorber are available!).
Guide prices can be way out and more often than not, the auctioneer puts a guide price just to increase the interest in the property. Hopefully the guide price is on the VERY low side to allow a much bigger capital pay out.
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poppyland
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Post by poppyland on Feb 4, 2018 12:16:39 GMT
I do think you're right that a low guide price will get more people along to bid on it. And the presence in the newspapers, will increase interest too. But on the other hand, a low guide price also means a low reserve price, and so we have no protection against the property being sold for slightly over 1.5M.
It won't be Kleenex that I get out it will be champagne, because even at a loss, I will be glad to get the capital freed up so that I can get it off the site and invested elsewhere. For me, the worst thing is having money stuck for ages in a dead-end loan.
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Post by skint4achange on Feb 4, 2018 12:53:20 GMT
I do think you're right that a low guide price will get more people along to bid on it. And the presence in the newspapers, will increase interest too. But on the other hand, a low guide price also means a low reserve price, and so we have no protection against the property being sold for slightly over 1.5M. It won't be Kleenex that I get out it will be champagne, because even at a loss, I will be glad to get the capital freed up so that I can get it off the site and invested elsewhere. For me, the worst thing is having money stuck for ages in a dead-end loan. My Bold: Not necessarily so. Just because the guide price is set at £1.5m, there is nothing stopping Lendy putting a reserve on it of £25m if they so wish. They would be quite stupid to do so, but you get where I am going with this.
I would assume that the reserve for this would be above the guide price, but probably not by too much as Lendy would not want to pay fees for a non sale that reached the guide price of the auctioneer.
Fingers crossed!
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webwizard
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Post by webwizard on Feb 4, 2018 13:55:02 GMT
However, there is something on the auction website that suggests that the reserve price is usually no more than 10% above the guide price. So it could be as low as £1.65M.
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Post by munchydave on Feb 4, 2018 14:10:35 GMT
However, there is something on the auction website that suggests that the reserve price is usually no more than 10% above the guide price. So it could be as low as £1.65M. In that Case shall we buy it. Always fancied being lord of the manor.
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