wuzimu
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Post by wuzimu on May 20, 2019 12:13:34 GMT
Does anyone know how much HQ was sold for?
The buyer was H Q In***ers Ltd. The majority shareholder (on CH as 50-75%)is the owner of the borrower of DFL012 (Pr**e S**e Ltd),
the buyers of flats are the minority shareholders .
I heard the sale price was £7.5m,
I'm sure all lenders are very interested to see what the promised 'interim payment' will be......
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sl75
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Post by sl75 on May 20, 2019 12:23:04 GMT
One interesting gem I found while browsing parts of Lendy's site just now was:
... which explicitly states that "[Bonus accrual] is paid in preference to Lendy's share of margins and fees."
That would seem to imply that until and unless the full overdue bonus interest is paid, Lendy don't have any right to retain any margin or fee for themselves.
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SteveT
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Post by SteveT on May 20, 2019 13:34:10 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). The principle value of DDC lies not in discussion (of which there’s relatively little) but instead in the ability to name borrowers and secured assets, and to share active weblinks to essential documents relating to them (on Companies House, Land Registry, estate agent listings, news articles, etc). But if you don’t want to take advantage of these resources, that’s your call.
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Garage246
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Post by Garage246 on May 20, 2019 14:10:05 GMT
Does anyone know how much HQ was sold for?
The buyer was H Q In***ers Ltd. The majority shareholder (on CH as 50-75%)is the owner of the borrower of DFL012 (Pr**e S**e Ltd),
the buyers of flats are the minority shareholders .
I heard the sale price was £7.5m,
I'm sure all lenders are very interested to see what the promised 'interim payment' will be......
So the original loan was for £10.8M, Then we have outstanding interest and bonus interest still owed on top. Lendy refer to an interim payment, so perhaps (one hopes) as the apartments are completed there will be more funds coming, although it would be good to have a charge on the property until that is paid off. From what I understand, some apartments are still for sale and some are sold off plan with deposits put down. That should mean there are funds coming in from the un-sold apartments and the balance of payments from those that were pre-sold. Either that or the balance needs to be recovered from P**** S*** through other means, although the original borrower was an SPV with P**** S*** behind them. I wait patiently to hear what "interim payment" means and how much fees will be taken off. I would hope we would get around 65% of the outstanding capital back as the interim payment.
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Post by picanto on May 20, 2019 14:12:13 GMT
Does anyone know how much HQ was sold for?
I heard the sale price was £7.5m,
Would you be able to inform us from what source you heard that from?
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iRobot
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Post by iRobot on May 20, 2019 15:11:21 GMT
One interesting gem I found while browsing parts of Lendy's site just now was: ... which explicitly states that "[Bonus accrual] is paid in preference to Lendy's share of margins and fees." That would seem to imply that until and unless the full overdue bonus interest is paid, Lendy don't have any right to retain any margin or fee for themselves.
And can now be found here 
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averageguy
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Post by averageguy on May 20, 2019 15:49:35 GMT
I heard the sale price was £7.5m,
Would you be able to inform us from what source you heard that from? I asked the same question on the other part of this forum and received no reply
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wuzimu
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Post by wuzimu on May 20, 2019 17:15:40 GMT
Would you be able to inform us from what source you heard that from? I asked the same question on the other part of this forum and received no reply
Put it this way,, Lendy is a leaky ship.
I don't know for sure the sale price was £7.5m, I've not seen the sale agreement. But that's my understanding.
In due course the administrator will publish their final report and the actual amount the security realized will be in there.
I hope the amount is £14m so all capital and interest could be returned to lenders, but I think it will be what I posted
Lenders might be better concerning themselves with the amount of deductions Lendy are taking from the funds returned from the administration.
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Post by picanto on May 20, 2019 18:33:22 GMT
I asked the same question on the other part of this forum and received no reply
Put it this way,, Lendy is a leaky ship.
I don't know for sure the sale price was £7.5m, I've not seen the sale agreement. But that's my understanding.
In due course the administrator will publish their final report and the actual amount the security realized will be in there.
I hope the amount is £14m so all capital and interest could be returned to lenders, but I think it will be what I posted
Lenders might be better concerning themselves with the amount of deductions Lendy are taking from the funds returned from the administration.
But could you tell us where you read or who told you that the sale price was £7.5 million? You've provided us a sale price figure in such a way that you have been given this information from a reliable source rather than just what your prediction and expectations of the sale price may be. If it is just your own prediction than that is cool, but please make it clear that it is just your prediction rather than put it out there as a fact. Investors are in a state of worry and fear of significant capital losses and by coming out with statements that may be false information (if it is false and not based on truth), then that is not very helpful.
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Post by pjt1 on May 20, 2019 19:13:51 GMT
Details do come out of Lendy but need to be tested for accuracy. I understood the sale to have completed at £8.5m and Lendy are planning on keeping nearly £4m of that for themselves, which obviously includes the money they paid for the freehold.
At least it will keep the lights on for a while
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invester
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Post by invester on May 20, 2019 19:19:45 GMT
Sounds bad I wouldn't surprised if it were to be true.
I don't think the original GDVs stack up, and we are talking real numbers to finish this thing and sell it. I think that is the crux of the whole thing, so many things have gone wrong that it simply isn't possible to do it, but reduce the price enough and things become viable again.
It is interesting to see what the cut is. It seems like Lendy are cross-subsidising their incompetence on other loans by taking such a huge chunk out of this one if this figure is to be believed.
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Garage246
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Post by Garage246 on May 20, 2019 19:31:10 GMT
Details do come out of Lendy but need to be tested for accuracy. I understood the sale to have completed at £8.5m and Lendy are planning on keeping nearly £4m of that for themselves, which obviously includes the money they paid for the freehold. At least it will keep the lights on for a while Same question, where do these numbers come from? Why should Lendy deduct the cost of the freehold from the investors? The original loan was based on developing a leasehold property, the freehold was not part of that, so I'm struggling to see how that can be a justifiable expense. Where does 4M costs come from?
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averageguy
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Post by averageguy on May 20, 2019 19:56:07 GMT
Details do come out of Lendy but need to be tested for accuracy. I understood the sale to have completed at £8.5m and Lendy are planning on keeping nearly £4m of that for themselves, which obviously includes the money they paid for the freehold. At least it will keep the lights on for a while Same question, where do these numbers come from? Why should Lendy deduct the cost of the freehold from the investors? The original loan was based on developing a leasehold property, the freehold was not part of that, so I'm struggling to see how that can be a justifiable expense. Where does 4M costs come from? Was thinking the same ....where does the 8.5 come from?
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Garage246
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Post by Garage246 on May 20, 2019 21:02:36 GMT
Probably it's a wind up on second thoughts.
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averageguy
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Post by averageguy on May 20, 2019 22:00:03 GMT
Probably it's a wind up on second thoughts. Who knows....the usual vacuum of info from Lendy doesn’t help......I expect a significant capital loss but at the moment it’s anyones guess how much
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