webwizard
Member of DD Central
Posts: 157 
Likes: 145
|
Post by webwizard on Dec 23, 2017 18:11:14 GMT
From the Lendy update: As completion of the legal and property due diligence will not complete before expiry this loan will be going overdue, but please note, we will not be paying bonus accrual interest on this loan, if as we expect the loan is fully repaid well within the Tolerance period
So the latest update from Lendy suggests that talks are not progressing and that the borrower may not get the DFL after all. In which case is the bonus interest going to apply? This was conditional on repayment within the tolerance period but if that does not happen it will have been unfair to have excluded it.
|
|
mary
Member of DD Central
Posts: 698 
Likes: 711
|
Post by mary on Dec 23, 2017 19:11:55 GMT
I understood that the tolerance period was only 30 days, which is now past.
But obviously, as there is no offer to repay, getting Capital and any overdue interest would be welcome at this point as this is not looking good.
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Feb 3, 2018 13:42:16 GMT
Our agent has completed the requisite report on value in readiness for any recovery action. In the meantime, we have been engaging with the borrower and expect to receive his settlement proposals shortly. In the event that these are not received and/or are insufficient to settle the outstanding balance owed, we shall review with our solicitors the best method of enforcing the loan.
So was the valuation report indicative that the value is as originally indicated, or has it suddenly dropped to be a small fraction of the former. This update, once again lack detail that allows an informed decision on this investment. Sounds like this will be heading for suspension/default like many others and Lendy does not want to give a statement that they know it is going that way.
|
|
|
|
Post by valuehunter on Feb 3, 2018 17:17:47 GMT
Our agent has completed the requisite report on value in readiness for any recovery action. In the meantime, we have been engaging with the borrower and expect to receive his settlement proposals shortly. In the event that these are not received and/or are insufficient to settle the outstanding balance owed, we shall review with our solicitors the best method of enforcing the loan.So was the valuation report indicative that the value is as originally indicated, or has it suddenly dropped to be a small fraction of the former. This update, once again lack detail that allows an informed decision on this investment. Sounds like this will be heading for suspension/default like many others and Lendy does not want to give a statement that they know it is going that way. I think you may have the wrong loan webwizard latest update states: 02/02/2018 The new second charge loan formalities are being checked with our solicitors and should be completed soon, after which further loan tranches will be added to the platform.
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Feb 3, 2018 17:24:25 GMT
Our agent has completed the requisite report on value in readiness for any recovery action. In the meantime, we have been engaging with the borrower and expect to receive his settlement proposals shortly. In the event that these are not received and/or are insufficient to settle the outstanding balance owed, we shall review with our solicitors the best method of enforcing the loan.So was the valuation report indicative that the value is as originally indicated, or has it suddenly dropped to be a small fraction of the former. This update, once again lack detail that allows an informed decision on this investment. Sounds like this will be heading for suspension/default like many others and Lendy does not want to give a statement that they know it is going that way. I think you may have the wrong loan webwizard latest update states: 02/02/2018 The new second charge loan formalities are being checked with our solicitors and should be completed soon, after which further loan tranches will be added to the platform. No definitely PBL156 and update from 19 Jan 2018
|
|
|
|
Post by skint4achange on Feb 3, 2018 17:34:47 GMT
Our agent has completed the requisite report on value in readiness for any recovery action. In the meantime, we have been engaging with the borrower and expect to receive his settlement proposals shortly. In the event that these are not received and/or are insufficient to settle the outstanding balance owed, we shall review with our solicitors the best method of enforcing the loan.So was the valuation report indicative that the value is as originally indicated, or has it suddenly dropped to be a small fraction of the former. This update, once again lack detail that allows an informed decision on this investment. Sounds like this will be heading for suspension/default like many others and Lendy does not want to give a statement that they know it is going that way. I think you may have the wrong loan webwizard latest update states: 02/02/2018 The new second charge loan formalities are being checked with our solicitors and should be completed soon, after which further loan tranches will be added to the platform. I think valuehunter you have the totally wrong loan! Your update is for DFL012.
|
|
|
|
Post by valuehunter on Feb 3, 2018 17:36:51 GMT
haha my bad guys!  |
|
mary
Member of DD Central
Posts: 698
Likes: 711
|
Post by mary on Mar 7, 2018 12:26:43 GMT
Update 07/03/2018: PBL156 - We have today received notice that a County Court Judgment has been entered against the borrower in the sum of £4,925. We are investigating this further with the borrower and will closely monitor the situation If he's not paying £5k, then it seems unlikely that our £2.2m is safe...it's -110 days with no offer to repay. Should Lendy not be appointing a receiver?
|
|
webwizard
Member of DD Central
Posts: 157
Likes: 145
|
Post by webwizard on Mar 19, 2018 10:42:00 GMT
On companies house website it appears that on 6 Feb a Final Gazette was filed for voluntary strike-off of and the M**** Quay Hull LLP was dissolved.
This LLP is not specifically stated in the valuation document but given the specificity of the name it is likely to be associated.
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Aug 31, 2018 15:28:02 GMT
It's been over 4 months since the terms of refinance were provided. Per the Lendy update "The only issue that might prevent us from telling you absolutely everything that happens on a loan is if we are forced to take legal proceedings against a borrower".
How should we interpret a refinance that hasn't materially progressed for 4 months on a loan overdue by 9-10 months?
|
|
moist
Member of DD Central
Posts: 241
Likes: 251
|
Post by moist on Aug 31, 2018 16:25:19 GMT
It's been over 4 months since the terms of refinance were provided. Per the Lendy update "The only issue that might prevent us from telling you absolutely everything that happens on a loan is if we are forced to take legal proceedings against a borrower". How should we interpret a refinance that hasn't materially progressed for 4 months on a loan overdue by 9-10 months? on a site rezoned to be green space.........
|
|
|
|
Post by harryvederci on Sept 1, 2018 10:30:41 GMT
its very unfortunate theres almost £2.3m of investors money locked into this loan where Ly know exactly what it is isnt worth
19/01/2018
Our agent has completed the requisite report on value in readiness for any recovery action
Theres plenty of recent news on the Environment Agency £42m Humber: Hull Frontage scheme with plans showing where the new flood defence barriers run right along the development limit from Victoria Village to wrap around and stop at St Andrews Quay (the retail park) leaving MQ unprotected, so theres no prospect of development here.
The borrower’s refinance of the security property is continuing.
What, as 25 acres of wetlands?
|
|
rocky1
Member of DD Central
Posts: 1,139
Likes: 1,963
|
Post by rocky1 on Sept 1, 2018 11:26:31 GMT
The borrowers family own or control large parts of hull.our borrower is extremely wealthy with assets and trusts.first charge,debenture and PG come on lendy think about your lenders instead of trying to screw everybody.
|
|
|
|
Post by loftankerman on Sept 2, 2018 8:13:08 GMT
Pages 2 and 3 of this thread were loud alarm bells when this was still moving on the 2M.
|
|
withnell
Member of DD Central
Posts: 550
Likes: 491
|
Post by withnell on Oct 30, 2018 15:23:40 GMT
"Terms in relation to a refinance of the loan" were provided over 6 months ago. I'm hoping that there is a more substantive update this month than that the refinance is "continuing"
|
|
