ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 31, 2018 16:02:18 GMT
Seriously Lendy Support Paul64 , Paul70 was this not an opportunity to get ahead of the info curve. The admin report is available imminently so everyone will be able to see what the reality is. I'm sure you've got a copy so why not just tell lenders the full picture in the update. Now when it's bad, you'll get a double kicking for failing to communicate & another likely loss. |
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Post by Please turn me over on Aug 31, 2018 16:27:26 GMT
Seriously Lendy Support @paul64, @paul69 was this not an opportunity to get ahead of the info curve. The admin report is available imminently so everyone will be able to see what the reality is. I'm sure you've got a copy so why not just tell lenders the full picture in the update. Now when it's bad, you'll get a double kicking for failing to communicate & another likely loss. You mean the one already available in the purple forum?
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james21
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Post by james21 on Aug 31, 2018 16:29:20 GMT
New update - needs more money than Lendy anticipated to make it wind and watertight. Do Lendy pay from their own pockets? How about a new second charge loan in the pipeline to raise the required funding? Oh wait...we've already tried that and it was a complete failure. This loan is becoming a bit of a farce from what I thought six months ago to be nearing completion.... Lenders wont accept a second charge to finish the build however they could raise a new first charge that is placed senior and existing charges become, subordinate. The new one will fill OK as it gets paid out first so nil risk, when its all over the subordinate loans make take a hit (likely in my view)
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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: 11,334
Likes: 11,558
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Post by ilmoro on Aug 31, 2018 16:45:36 GMT
Seriously Lendy Support @paul64, @paul69 was this not an opportunity to get ahead of the info curve. The admin report is available imminently so everyone will be able to see what the reality is. I'm sure you've got a copy so why not just tell lenders the full picture in the update. Now when it's bad, you'll get a double kicking for failing to communicate & another likely loss. You mean the one already available in the purple forum? I'm only allow to drop so many references to the other place a day.
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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: 11,334
Likes: 11,558
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Post by ilmoro on Aug 31, 2018 22:29:26 GMT
Seriously Lendy Support Paul64 , Paul70 was this not an opportunity to get ahead of the info curve. The admin report is available imminently so everyone will be able to see what the reality is. I'm sure you've got a copy so why not just tell lenders the full picture in the update. Now when it's bad, you'll get a double kicking for failing to communicate & another likely loss. Too late, hairdressers is now open on CH.
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star dust
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Post by star dust on Sept 1, 2018 13:57:44 GMT
Yes & under that guidance they are not losses until there no realistic chance of recovery which isn't the case. However, they can be treated as losses when they are in legal recovery. p2pindependentforum.com/thread/12601/lendy-distressed-loans-loss-reliefIt would make more sense to do what AC do ... update on news but with specific timescales built in. (We will update by X unless something happens) DFL get updates for each tranche anyway so it's only a few PBL that would need dealing with anyway (default/recoveries are going to be periodic by definition as it's a long process) There whole Comms needs a total reboot & an injection of reality. DFL012 is a case in point. Admin report is publically available so why not provide a synopsis with an informed view rather than lenders have to hunt it out for themselves. I've just put some links to the document in DDC to make the hunt easier.
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kaya
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Post by kaya on Sept 1, 2018 15:58:29 GMT
Hah, I remember when this loan was still loved as a good'un, but I'd had enough of Lendy by then.
Everything Lendy goes Bendy.
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mary
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Post by mary on Sept 1, 2018 16:33:34 GMT
Shocking, £23m spent, on a part completed building worth, maybe, £8m, that’s not yet fully watertight!
Total loss for most of the £10m in deposits paid on off-plan purchases.
So, all the IMS surveyors reports that “monies have been spent as evidenced” were meaningless as, for each £3 spent only £1 of value was being created in the building.
Thats an impressive destruction of value, no wonder there are so few new investors Lendy.
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Post by brightspark on Sept 1, 2018 16:48:14 GMT
Don't actually think this will take a long time to resolve. The inevitable will happen, a vote to see if we want to accept something like £8m in settlement of the loan. Despite a GDV of £23m and change, people vote to accept because they want their money out of Lendy. The kind of antipathy towards the platform is playing straight into borrowers hands. You're absolutely right. This is much very sought after and well advanced project. Heck, even I fancied buying an apartment. As with 04, the borrowers will be more than happy for lenders to take a stupid offer leaving the developers with a massive profit. No skin off Lendy's nose either, only we lose. Don't accept those offers or more fool you folks. I understand the wanting to see the back of Lendy, but it is nothing short of foolish to go down this road of accepting silly offers. I think you are being a little simplistic. Many investors have large sums tied up in this loan and will be unwilling to accept a poor offer. Others might. Those with relatively small sums will probably though not necessarily want to cash in. If a reasonable proposal is put forward my view is that investors by amount invested will opt for it but are unlikely to vote for something derisory. In the final analysis Lendy will ponder hard, take advice and will then act accordingly. In spite of their uninformative approach they like us really don't have any choice.
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averageguy
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Post by averageguy on Sept 1, 2018 19:58:01 GMT
Shocking, £23m spent, on a part completed building worth, maybe, £8m, that’s not yet fully watertight! Total loss for most of the £10m in deposits paid on off-plan purchases. So, all the IMS surveyors reports that “monies have been spent as evidenced” were meaningless as, for each £3 spent only £1 of value was being created in the building. Thats an impressive destruction of value, no wonder there are so few new investors Lendy. Wheres the 8 mill come from my dice only goes up to 6
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elliotn
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Post by elliotn on Sept 2, 2018 4:47:41 GMT
Shocking, £23m spent, on a part completed building worth, maybe, £8m, that’s not yet fully watertight! Total loss for most of the £10m in deposits paid on off-plan purchases. So, all the IMS surveyors reports that “monies have been spent as evidenced” were meaningless as, for each £3 spent only £1 of value was being created in the building. Thats an impressive destruction of value, no wonder there are so few new investors Lendy. IMS was only signing off on Ly development funds ie 6.3M construction contract. Total Ly loan was 10.7M including costs of acquisition so c75% cap recovery @8m (inc our 12% for 2 years, exc accrued/default interest). PS to answer for what happened to the 10M deposits, we took out those used before our bridge and then funded the development contract with our dfl.
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wuzimu
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Post by wuzimu on Sept 11, 2018 11:27:02 GMT
Well the numbers don't make sense to me, Administrator careful to state he has no reliable info.
What I do see in the last accounts is a web of inter-company loans between entities controlled by K*rry T.
Very unclear what happened to the LY money and the poor old buyers deposits.
Watching with interest for the Administrators next report as Lendy got othing useful to say.
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elliotn
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Post by elliotn on Sept 11, 2018 12:02:35 GMT
Well the numbers don't make sense to me, Administrator careful to state he has no reliable info.
What I do see in the last accounts is a web of inter-company loans between entities controlled by K*rry T.
Very unclear what happened to the LY money and the poor old buyers deposits.
Watching with interest for the Administrators next report as Lendy got othing useful to say.
Ly £ should have gone in to the development (unless IMS was lieing, no reason to suspect?).
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wuzimu
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Post by wuzimu on Sept 11, 2018 12:11:37 GMT
Yep, the numbers in the Administrators initial rpt are that secured creditors are owed nearly £24m vs the building estimated at £8m as at Dec 2016.
Lendy is recorded as owed £12.7m so we have to hope that some value was added to the building post Dec 2016. Poor flat buyers loose their shirts.
Meanwhile there are the myriad of intercompany unsecured loans (The Administrators reprt at 9.2 says they are investigating transactions...)
through the borrowers group including the borrowing company,
most of them that I can see have £m+ deficits on the balance sheet.
Did Lendy check that out? before writing this in the loan promotion statement:
The director/owner has a strong track record in the successful financing of projects resulting in the profitable execution of over 300 units funded, developed, successfully marketed and sold. Numereous developments are being undertaken at the present time under the '**********************' brand.
another Lendy gone well Bendy. Nuff said.
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Post by Please turn me over on Sept 11, 2018 12:34:45 GMT
Well the numbers don't make sense to me, Administrator careful to state he has no reliable info.
What I do see in the last accounts is a web of inter-company loans between entities controlled by K*rry T.
Very unclear what happened to the LY money and the poor old buyers deposits.
Watching with interest for the Administrators next report as Lendy got othing useful to say.
Recent administrator reports affiliated with other companies in the group have also referred to loans between group companies (e.g. to aid group survival), some of which could not be repaid. It doesn't paint a pretty picture. (I'll pm you some links.)
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