locutus
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Post by locutus on Apr 8, 2019 15:28:49 GMT
Personally I'd bite Lendy's hand off if they recovered just the capital. I'm currently expecting a significant loss since I invested a significant sum in this property based on the information I was given that progress on the development was good. Any payment of accrued interest and I'd have a party! I'm not as forgiving. Lendy had a legal care of duty to lenders to ensure that money raised on the platform and money taken in deposits was spent on the development and properly monitored. It was not and they objectively failed in this duty. I don't intend to suffer a financial loss for their lack of loan oversight. The case for lenders is a strong one and there are enough large lenders in the loan to justify legal action if required.
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Carter
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Post by Carter on Apr 8, 2019 16:00:16 GMT
I suggest lenders in this one cast their minds back to pbl120 (same people) and the eventual lender outcome that was delivered in that instance following lender pressure. Anything less here will not be acceptable.
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michaelc
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Say No To T.D.S.
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Post by michaelc on Apr 8, 2019 16:03:03 GMT
I would not at all be happy with capital only and would seek to join any action if that is all we receive and the original borrower continues the development.
I think fellow lenders should understand that there is a good prospect of full repayment and why the heck should we donate our cash to developers who have probably not spent the original sums on this project which has not been properly monitored by L ?
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Mucho P2P
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Post by Mucho P2P on Apr 8, 2019 19:04:48 GMT
I’d take just capital if it meant that interest went to those people who have lost their deposit money Unfortunately, this is life, people who place a deposit on an unbuilt property, mostly do so in the hope of making a capital appreciation by the time it is built. <- Inherent risk. It is not like there were no other properties available in the area to purchase at the time. So, why I should take a capital loss (ho hum..."capital shortfall") to bail out another individual? If they made a capital gain, I am pretty sure they would not share it with me, despite me aiding in the financing of their property/investment.
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averageguy
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Post by averageguy on Apr 8, 2019 19:27:40 GMT
I’d take just capital if it meant that interest went to those people who have lost their deposit money , people who place a deposit on an unbuilt property, mostly do so in the hope of making a capital appreciation by the time it is built. <- Inherent risk. It is not like there were no other properties available in the area to purchase at the time. So, why I should take a capital loss (ho hum..."capital shortfall") to bail out another individual? If they made a capital gain, I am pretty sure they would not share it with me, despite me aiding in the financing of their property/investment. Oh I agree....just expressing a feeling of the moment....that is all.
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adrianc
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Post by adrianc on Apr 8, 2019 19:56:46 GMT
I’d take just capital if it meant that interest went to those people who have lost their deposit money Unfortunately, this is life, people who place a deposit on an unbuilt property, mostly do so in the hope of making a capital appreciation by the time it is built. <- Inherent risk. It is not like there were no other properties available in the area to purchase at the time. So, why I should take a capital loss (ho hum..."capital shortfall") to bail out another individual? If they made a capital gain, I am pretty sure they would not share it with me, despite me aiding in the financing of their property/investment. I'm just thinking back to THC's HCP117... Off-plan flat in London, deposit down in May 15 with the plan to sell on before it was built. We were lucky to only have a 70% loss by sale in April 17.
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Post by captainconfident on Apr 8, 2019 20:12:04 GMT
Unfortunately, this is life, people who place a deposit on an unbuilt property, mostly do so in the hope of making a capital appreciation by the time it is built. <- Inherent risk. It is not like there were no other properties available in the area to purchase at the time. So, why I should take a capital loss (ho hum..."capital shortfall") to bail out another individual? If they made a capital gain, I am pretty sure they would not share it with me, despite me aiding in the financing of their property/investment. Oh I agree....just expressing a feeling of the moment....that is all. Yes averageguy, away with you and your pathetic conscience. Fancy thinking of forgoing your interest for people who might have lost their life savings. Why, you probably donate to charity and help elderly people across roads! Keep your money in your bank account, you pitiful weakling.
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jomantha
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Post by jomantha on Apr 8, 2019 21:44:18 GMT
Unfortunately, this is life, people who place a deposit on an unbuilt property, mostly do so in the hope of making a capital appreciation by the time it is built. <- Inherent risk. It is not like there were no other properties available in the area to purchase at the time. So, why I should take a capital loss (ho hum..."capital shortfall") to bail out another individual? If they made a capital gain, I am pretty sure they would not share it with me, despite me aiding in the financing of their property/investment. I'm just thinking back to THC's HCP117... Off-plan flat in London, deposit down in May 15 with the plan to sell on before it was built. We were lucky to only have a 70% loss by sale in April 17. Actually I put a deposit down on an unbuilt property as a single parent leaving a DV relationship and looking for a home. Not everyone is looking to make a profit.
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one21
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Post by one21 on Apr 8, 2019 22:22:32 GMT
I’d take just capital if it meant that interest went to those people who have lost their deposit money Except that there’s £10m of those deposits “missing”, which may have been used to benefit the former directors, indirectly. Therefore it is completely unacceptable for those same people to benefit (however indirectly, allegedly) if any creditor is to lose anything! Why on earth does our legal system allow this to happen time and time again? IMO it's not dissimilar to daylight robbery! See similar examples in the Panarama program 'Northern Dreams Failed Schemes' (posted previously).
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rocky1
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Post by rocky1 on Apr 9, 2019 5:35:52 GMT
There is still a long way to go and any repayments of full capital,interest,bonus from any of lendys loans need to be seen as it is only what we are owed.there are plenty of shockers to come as we work through all the rubble.
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Mucho P2P
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Post by Mucho P2P on Apr 9, 2019 6:36:35 GMT
I'm just thinking back to THC's HCP117... Off-plan flat in London, deposit down in May 15 with the plan to sell on before it was built. We were lucky to only have a 70% loss by sale in April 17. Actually I put a deposit down on an unbuilt property as a single parent leaving a DV relationship and looking for a home. Not everyone is looking to make a profit. I fully realise that jomantha, as I said in my post "mostly do so", not "all do so".
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Post by Please turn me over on Apr 9, 2019 14:20:25 GMT
Lendy Properties Limited has owned the freehold to this property since 21 June 2018, paying £1,350,000. Lendy Support , please explain. |
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Post by greeninvestments on Apr 9, 2019 14:33:36 GMT
Impressive research! Where did you find that out from? It is suspicious how this happened the week before the administrators came in and I look forward to hearing how Lendy explain this one...
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sydb
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Post by sydb on Apr 9, 2019 16:10:21 GMT
Lendy Properties Limited has owned the freehold to this property since 21 June 2018, paying £1,350,000. Lendy Support , please explain. The laughs just keep coming, don't they?
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Garage246
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Post by Garage246 on Apr 10, 2019 8:01:06 GMT
The valuation was based on leasehold property with 175 year lease from 2014. Loan wasn't secured against freehold as far as I can see.
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