empirica
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Post by empirica on Jun 10, 2018 20:06:20 GMT
According to the developers March update, this was going to be complete in June. Lendy are talking about extending the loan until December. Anyone have an idea of what the expected completion date on this is? Do we know how many flats have been sold already? Just to re-iterate what was posted before _ The recent valuation asserts _ with caveats _ that:
'We have obtained a schedule of existing sales from your Customer. This records that 95 units are "sold” with 21 units available and 3 on hold.'
and to expand on the 'caveat' part: 'We have not received formal confirmation as to the status of these pre-sales and have assumed for the purposes of our assessment that they formally documented and would proceed to completion.'That was dated February 2018.
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Post by Please turn me over on Jun 13, 2018 13:44:51 GMT
There's a brief overview of the devepment on YT. Two takeaway points: "Phased handovers September through to November this year." "Moving forward we're gonna have weekly updates as the build progresses from now through to completion."
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Post by Please turn me over on Jun 20, 2018 13:42:50 GMT
A new weekly update is on YT. Just views from the penhouse; hardly worth the trouble.  |
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gareot
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Post by gareot on Jun 20, 2018 15:56:45 GMT
A new weekly update is on YT. Just views from the penhouse; hardly worth the trouble. Very impressive looking building! I might even put more funds into this one. That is the first charge loan of course.
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mary
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Post by mary on Jun 20, 2018 16:03:35 GMT
A new weekly update is on YT. Just views from the penhouse; hardly worth the trouble. Very impressive looking building! I might even put more funds into this one. That is the first charge loan of course. While I think a default is unlikely (but not impossible) I'm not investing at -57 days in the hope of bonuses down the line.
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gareot
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Post by gareot on Jun 20, 2018 16:21:20 GMT
I wasn't thinking about any bonus more the fact that it's a first charge rather than the latest second charge. Regarding the - 57 days, being in the building game myself ( in a small way ) I know only too well that work overruns so I'm not unduly concerned about the time taken. To me it seems a safe loan. But then again what do I know. There seems to be quite a lot on the secondary market for some reason. Hmm decisions decisions!  |
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will
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Post by will on Jun 22, 2018 9:00:29 GMT
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blata
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Post by blata on Jun 22, 2018 9:20:30 GMT
Lendy if you cannot get this one right what are you doing, time to pull the plug on the borrower and start to pay interest to the investors. Its like a free gift money from Lendy. Borrow it and then dont pay a bean.
Dear Lendy
need a couple of million for a car park, have no intention of paying it back and if I do pay will only be a bit. To the suckers who getting taken in just remember a loan is for life not just a year.
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withnell
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Post by withnell on Jun 22, 2018 9:31:41 GMT
time to pull the plug on the borrower and start to pay interest to the investors. I don't think those two are mutually exclusive, unless the borrower is sitting on a large pile of cash and can pay back the loan. This is a massive development that is clearly nearing completion, enforcing the security would recover some funds but I seriously doubt that's the best outcome for investors unless you want a severe haircut?
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sl75
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Post by sl75 on Jun 22, 2018 16:36:10 GMT
Update today - the second charge loan has been removed from the platform (investors repaid with interest), and it's supposedly nothing to do with Lendy being unable to raise the funds.
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warn
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Curmudgeon
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Post by warn on Jun 22, 2018 16:39:16 GMT
Update today - the second charge loan has been removed from the platform (investors repaid with interest), and it's supposedly nothing to do with Lendy being unable to raise the funds. Perhaps someone has plonked down some serious dosh? I would have done if I'd had it. Be nice to get this one over the line.
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gareot
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Post by gareot on Jun 23, 2018 5:48:48 GMT
Maybe Lendy should have considered lowering their fees for the 2nd charge ( assuming they didn't ), & given a better interest rate to investors .After all it's in everybody's interest for the project to be completed asap. Everybody that is except Lendy of course.
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blata
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Post by blata on Jun 23, 2018 8:27:05 GMT
So the second charge loan has been withdrawn, that means that the borrower must have more money to pay the interest on the first charge loan. Lendy pull your finger out and tell us the truth, it is almost like Shylock
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SteveT
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Post by SteveT on Jun 23, 2018 8:34:27 GMT
So the second charge loan has been withdrawn, that means that the borrower must have more money to pay the interest on the first charge loan. Lendy pull your finger out and tell us the truth, it is almost like Shylock I suggest you read yesterday’s update
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elliotn
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Post by elliotn on Jun 23, 2018 12:21:51 GMT
Maybe Lendy should have considered lowering their fees for the 2nd charge ( assuming they didn't ), & given a better interest rate to investors .After all it's in everybody's interest for the project to be completed asap. Everybody that is except Lendy of course. I think it’s in Lendy’s interest to have successful, large developments. This was pulled because the borrower could not persuade UN1 holders to give priority to Ly’s 2C leaving the charge unviable against the platform max of 70% ltgdv so this is now being sought from an alternative lender.
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