sl75
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Post by sl75 on May 16, 2019 7:22:49 GMT
There seem to be several news articles with broadly similar headlines when using google to search for the asset name and paying attention to the "news" section.
Whilst it's not clear which article(s) TitoPuente read, the ones that I've read appear to use the term "investors" only to refer to those who had put money down to buy the apartments[1], where we're referred to as "Lendy", "lenders", or "secured creditors".
The articles seem clear that it is "investors" who are now in control of the process, and in particular the SPV which is due to complete the development.
The exact deal that Lendy agreed on our behalf seems unclear, but it doesn't sound to me like we've got an active role going forwards.
[1] e.g. "over 100 investors" would be an unusually low-ball figure if it was intended to include the rather more than 4000 Lendy investors too - it's clearly referring to the purchasers of just over 100 apartments.
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Garage246
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Post by Garage246 on May 16, 2019 10:24:46 GMT
Agree it does seem like investors are the buyersbod the apartments. We seem to be the last people to find out what deal Lendy has done on our behalf. I suppose the calculation of costs is ongoing but needs to be agreed with FCA. Perhaps one of the new investors could tell us what they paid...
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sl75
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Post by sl75 on May 16, 2019 11:19:02 GMT
... The only alternative to selling to the borrower would have been for LY to build out themselves... According to the recent articles, apparently not... as there were other parties with an even stronger motivation to see the project finished.
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averageguy
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Post by averageguy on May 16, 2019 11:23:24 GMT
So Lendy where’s this interim payment promised for early May....I emailed them Monday...yet to receive a reply
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Post by investorni on May 16, 2019 12:05:14 GMT
Re that article, or article's, we are the secured creditors, investors are the individual properties purchasers who placed a substantial down payment >50% ea. Basically in a year we should see the property deeds being exchanged and the investors paying off the balance at 100% which pays off the creditors ie us. Question will be is the delta between deposit and balance enough to pay off the fees, admin, capital repayments, interest payments and bonus. Given the outstanding monies is somewhere between 25-50% of the valuation and the GDV is 60%...
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averageguy
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Post by averageguy on May 17, 2019 17:59:36 GMT
So Lendy where’s this interim payment promised for early May....I emailed them Monday...yet to receive a reply Email and phone call five days ago have not been replied too.
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Garage246
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Post by Garage246 on May 17, 2019 18:27:20 GMT
So Lendy where’s this interim payment promised for early May....I emailed them Monday...yet to receive a reply Email and phone call five days ago have not been replied too. Lendy are hugely disrespectful to customers (lenders) and I never quite understand why people think it's good for business not to communicate. Real differentiator between good and bad companies in my opinion. My own company would never treat it's customers like this, and if any of the employee did they would soon get their marching orders. Maybe I'm just old fashioned...
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averageguy
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Post by averageguy on May 17, 2019 19:10:21 GMT
Email and phone call five days ago have not been replied too. Lendy are hugely disrespectful to customers (lenders) and I never quite understand why people think it's good for business not to communicate. Real differentiator between good and bad companies in my opinion. My own company would never treat it's customers like this, and if any of the employee did they would soon get their marching orders. Maybe I'm just old fashioned... Not old fashioned at all...communication is key in business. I’m not surprised they haven’t replied but thought it should be posted for info purposes
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ian
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Post by ian on May 18, 2019 9:46:45 GMT
Does anyone know how much HQ was sold for?
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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
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Post by ilmoro on May 18, 2019 10:01:27 GMT
Does anyone know how much HQ was sold for? No, too early for LR to have details & nothing picked up elsewhere yet.
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joe91
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Post by joe91 on May 20, 2019 2:55:09 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... Nice if you are deemed worthy of access to the fabled DDC.....
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adrianc
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Post by adrianc on May 20, 2019 7:27:09 GMT
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averageguy
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Post by averageguy on May 20, 2019 8:51:11 GMT
So Lendy where’s this interim payment promised for early May....I emailed them Monday...yet to receive a reply Reply to email received (took a week)....spelt my name incorrectly....passed to their recoveries team to investigate ...well that was worth waiting for lol.
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sl75
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Post by sl75 on May 20, 2019 9:27:30 GMT
... and some explicitly choose not to apply.
Personally, I remain of the opinion that a pseudo-restricted board to which everyone with sufficient motivation can "easily" gain access has more potential for harm than good - people are likely to be less careful about what they discuss when they think they're in a "restricted" area to which they incorrectly assume specific other parties cannot gain access, whilst potentially valuable insights from members who are not prolific users of the forum would not be available in this area.
i.e. I've yet to see an example of anything that could be discussed on the "restricted" boards but could not also be discussed here in a suitably redacted form... and I woulc consider that anything that should not be discussed here in a suitably redacted form should not be discussed on the "restricted" board either.
If those who have access to DDC collectively choose not to share their findings in a suitably redacted form with the rest of the forum user base, that is of course up to them; information that can be shared in DDC by simply copy-pasting of a link takes a bit more work to discuss in public without either identifying the borrower/asset or violating another website's copyright, but the benefit of doing so is that it allows more of the community to be involved in the discussion.
Edit: joe91, in this specific case I understand the link you're looking for is simply one of the multiple recent news articles that can be easily found on google if you know the name of the development (i.e. what is replaced by *** in the title of this thread).
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joe91
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Post by joe91 on May 20, 2019 10:29:36 GMT
Yes, I'm aware of that thanks. I guess that's how you do it, just keep posting stuff whether it's useful or not!
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