sl75
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Post by sl75 on May 15, 2019 7:13:12 GMT
Silly thing is that they know what amount the property has exchanged for, so why not publish that? If it's an open market sale at arms length then this wouldn't jeopardise a future sale if this one fell through. I disagree.
Potential future buyers who KNOW the price that a seller has previously agreed for the same property will have an advantage over the seller in any potential future negotiation.
There's a reason that house prices etc are not published until AFTER the sale has fully completed.
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wuzimu
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Post by wuzimu on May 15, 2019 9:15:09 GMT
Clearly the details of the sale should not be disclosed until the sale is complete.
However the releative strength of buyer vs seller does not turn on the buyer knowing what the property last sold for (particulary this development property).
The relatively bargaining power comes from the level of demand in the market. If there is more than one motivated buyer out there, the seller might expect to achieve over fair value.
If there is only one motivated buyer then the sellers position is much weakened.
And unfortunately that is the situation with HQ. The only alternative to selling to the borrower would have been for LY to build out themselves. But they don't have the skills for that and couldn't raise the capital anyway, no provider would go near a 'Lendy' project now.
So unfortunately lenders are going to get (I estimate) 25% recovery.
BTW I believe the sale HAS completed, which is why funds are with the administrator and why P******** are back working on site.
The sale price will be revealed on the administrators companies house reports in due course,
and even though the sale price will be far lower than the amount outstanding to lenders,
the amount returned to lenders will be alot lower still.
Why Lendy have not held a lenders vote before consigning us to a massive loss?
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hazellend
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Post by hazellend on May 15, 2019 9:33:11 GMT
I would rather receive nothing vs 25% and let it rot to the ground than see p******** walking into the sunset.
I will be genuinely shocked if you are correct
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jfh82
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Post by jfh82 on May 15, 2019 10:55:08 GMT
Just to point out, the supposed payment is described as "interim" suggesting that's not the end of it...
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averageguy
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Post by averageguy on May 15, 2019 11:00:58 GMT
I would rather receive nothing vs 25% and let it rot to the ground than see p******** walking into the sunset. I will be genuinely shocked if you are correct Can I have your 25% then!
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iRobot
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Post by iRobot on May 15, 2019 11:03:54 GMT
Just to point out, the supposed payment is described as "interim" suggesting that's not the end of it... So long as it's not Lendy's typically interminable approach to recovering shortfalls - suing someone (or, more accurately, spending months working out if it's worthwhile suing anyone). Possibly an arrangement with the borrower to claw back the shortfall on completion / sale of the units? (If not something like that, I would be wanting to now why they signed those rights / options away.)
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r1200gs
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Post by r1200gs on May 15, 2019 11:47:10 GMT
Just to point out, the supposed payment is described as "interim" suggesting that's not the end of it... Indeed, that was the word used. Now we're just left to wonder why and there's several possibilities. One of course might be to just temporarily stem the outrage because there will be money tomorrow, but tomorrow never comes. All pure speculation on my part, but I suspect if the news was good, or even less than a bloody disaster, then Lendy would have been more than happy to say so. Never in my life did I suspect this loan could end up like this, a high profile project going well and with huge demand for the apartments. Needless to say my faith in this development and my lack of foresight is likely to hurt my finances very badly indeed, even if it won't exactly kill me. I suspect others will not be as lucky as I when the Lendy mess unravels and Liam goes on to find new ways to separate the public from their money, such as a payday loan operation perhaps?
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invester
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Post by invester on May 15, 2019 12:16:52 GMT
With the shenanigans of the freehold I doubt the news is gonna be good and it will be a debacle for investors, and it seems likely that we will be bearing the brunt of the admin fees and Lendy costs.
I can imagine the demand for the flats being decent if not at the high prices originally thought.
I can also imagine the end scenario being that everyone does well out of it apart from us and the guys who were unfortunately to put down money first time around.
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travolta
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Post by travolta on May 15, 2019 15:50:16 GMT
Can I have the link to the magic portal (again) please? Thanks
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averageguy
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Post by averageguy on May 15, 2019 15:50:45 GMT
Even if we get this partial repayment..getting it out of Lendy could be interesting judging by attempts by posters to withdraw April interest payments
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travolta
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Post by travolta on May 15, 2019 15:54:41 GMT
Can I have the link to the magic portal (again) please? Thanks no worries ,found it 
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michaelc
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Say No To T.D.S.
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Post by michaelc on May 15, 2019 20:27:09 GMT
Virtually no detail at all in the private portal. Lots more stuff out in the public domain such as the link Monetus just added to DDC. Pretty awful communication really but ray of sunlight I guess is it _might_ all work out ok in the end... |
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adrianc
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Post by adrianc on May 15, 2019 20:36:53 GMT
That link explains a lot, and answers the "Where's the money from the sale?" question.
Build-out by an investor consortium.
Good.
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TitoPuente
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Post by TitoPuente on May 15, 2019 21:35:32 GMT
In the article the use of "investors" is fuzzy and mixed-up to say the least. It seems the term is used for both off-plan purchasers and Lendy lenders (us) throughout the text.
The Lendy appointed administrators seem to be positive about the final outcome. It would be logical to think that if the Lendy appointed administrators are positive, the deal should be positive for Lendy. However, given the current overall context, being logical does not guarantee being right.
The outcome for us is still to be revealed. However, if there is a happy ending for everyone (off-plan purchasers, borrower, administrators, Lendy Ltd) but not for us lenders, it would be a big disappointment.
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adrianc
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Post by adrianc on May 15, 2019 22:40:08 GMT
The article is short on detail, sure, and I cba to go hunting behind the SPV in question right now... But given that Ly were 50% of the debt, and rejected earlier proposals as "insufficient value", I reckon it's odds on that they're (we're) heavily involved.
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