blueninja
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Post by blueninja on Nov 12, 2017 11:35:49 GMT
Not sure I'm an expert, but I'd say google the borrower and I think it would be fair to say they are a colourful character, showing skills of how to dance round the legal system. Given that then I'd say that both loans will go to 0, and very likely to negative. The eventual resolution and payback of any capital, interest, etc. will me many months (years) down the line.
Fortunately for me I only held this loan for a few weeks its infancy.
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mary
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Post by mary on Nov 12, 2017 11:39:45 GMT
To the experts, In your view are the two loans going to 0 (or thereabouts)? I got blindsided by the suspension of the loans on the SM ahead of term. I usually check my portfolio monthly (relatively small amount of overall assets) and it looks like I was a couple of days late. I must admit that I have slacked on the DD over the last year because of the time it took relative to how much it would improve my returns on an absolute basis. Selling ahead of term was one of the ways I attempted to mitigate this. Had worked well so far this being my first 2 default/suspension events since I started in 2014. Not an expert, but these are likely good for full recovery as the LTV is not too high and Lendy have 1st charge priority. However interest and overdue interest are far less certain, and highly dependent on how long it takes to sell. The house should be easier, but not sure how big the market is for boatyards, but obviously the area is highly desirable.
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Post by harryvederci on Nov 12, 2017 12:49:48 GMT
it went back up for sale on the usual portal nearly 2 weeks ago...... Added on 01/11/2017 by S*******he wouldnt have done this if he already had a buyer I'd imagine there's quite a narrow market for a chocolate box gingerbread house grossly fitted out with kitsch, but thats just my view have to say it would make a statement as a potential new Ly HQ though!
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Post by GSV3MIaC on Nov 12, 2017 13:15:29 GMT
Not an expert, but these are likely good for full recovery as the LTV is not too high and Lendy have 1st charge priority. However interest and overdue interest are far less certain, and highly dependent on how long it takes to sell. The house should be easier, but not sure how big the market is for boatyards, but obviously the area is highly desirable. The issue is 'how good was the valuation', given the planning issues around some of the boatyard facilities (moorings etc.) and the rather, errm, 'unusual' nature of the property, and I suspect, by now, a rather negative local ambience about the whole thing. I wish you luck, but I expect Ly might be dipping into the PF again (but not until it sells, which could be 'quite some time'). Unlike some other platforms, lenders don't get a vote as to whether to accept any offer(s).
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Dec 2, 2017 16:06:27 GMT
Vot ist der updaten on diss, I am needink gut laughen!
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Post by eascogo on Dec 2, 2017 17:21:33 GMT
Vot ist der updaten on diss, I am needink gut laughen! I detect an inclination towards the German language. Not wanting to second-guess the meaning of your post I asked Google to translate with the following result: "Vot is the update on diss, I'm good at the needink lazy!" A lazy translation wouldn't you agree?
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Post by loftankerman on Dec 2, 2017 17:46:37 GMT
A couple of years ago my son was invited to join a small international group on a cultural exchange to China. The intention was that they would provide training in their field of expertise. He had an interpreter assigned to him and early on he agreed to create a Power Point presentation that would establish the basic principles. He decided to supplement his interpreter by using Google to translate his bullet points into Mandarin Chinese. The presentation to an audience of about 200 was going well, until the point where he described some outcome as being good. Then they all fell about laughing uncontrollably. When his interpreter stopped laughing, he explained that the term he used for the good outcome normally related to "Sexy happy time."
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trevor
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Post by trevor on Dec 2, 2017 18:32:22 GMT
Any news on the 27th Nov court hearing?
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brianlom1
Member of DD Central
He's not the Messiah, he's a very naughty boy!
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Post by brianlom1 on Dec 2, 2017 22:04:56 GMT
A couple of years ago my son was invited to join a small international group on a cultural exchange to China. The intention was that they would provide training in their field of expertise. He had an interpreter assigned to him and early on he agreed to create a Power Point presentation that would establish the basic principles. He decided to supplement his interpreter by using Google to translate his bullet points into Mandarin Chinese. The presentation to an audience of about 200 was going well, until the point where he described some outcome as being good. Then they all fell about laughing uncontrollably. When his interpreter stopped laughing, he explained that the term he used for the good outcome normally related to "Sexy happy time." A bit like the time when 'out of sight, out of mind' was translated as 'invisible idiot'?
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Post by skint4achange on Jan 5, 2018 18:13:42 GMT
Here we go again!! Sounds like the IOW saga all over again!
From Lendy update:
"The LPA Receiver has now met with the borrower to discuss his original plan for the disposal of the property. Following this meeting, the LPA Receiver will be obtaining its own advice regarding realistic pricing and marketing strategy"
I would have thought realistic pricing would have consisted of working out what the borrower owes us, including interest and the LPA receivers fees! After that, who gives a s***e if the borrower gets nothing from the sale?
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moist
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Post by moist on Jan 5, 2018 18:57:00 GMT
I'm sure a garish house with dodgy planning and a boatyard with no planning will make a fortune.........
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Post by skint4achange on Jan 5, 2018 19:00:39 GMT
I thought it was just that the boatyard was not year round living licensed? I don't think there is anything wrong with the house (Apart from it looks like Cr*p) and the boatyard from a planning point of view?? But, I might be wrong.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 5, 2018 19:25:56 GMT
I thought it was just that the boatyard was not year round living licensed? I don't think there is anything wrong with the house (Apart from it looks like Cr*p) and the boatyard from a planning point of view?? But, I might be wrong. I vaguely recall there's a raft of PP violations. The esteemed Borrower owns a fine coach with even finer horses.
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Post by skint4achange on Jan 5, 2018 19:43:00 GMT
Oh dear. Luckily for me, this was a loan that was available when I first joined Lendy and there was only £50 on the SM (I hadn't found this website at that point!).
Seems like I dodged a bit of a bullet (Apart from the £50 of course!). That is why forum's like this are priceless.
I will look at the £50 as an investment in the entertaining mayhem that is about to take place! Although, where the property is, the marina and the land alone would probably cover most of the loan.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 5, 2018 20:15:01 GMT
Oh dear. Luckily for me, this was a loan that was available when I first joined Lendy and there was only £50 on the SM (I hadn't found this website at that point!).
Seems like I dodged a bit of a bullet (Apart from the £50 of course!). That is why forum's like this are priceless.
I will look at the £50 as an investment in the entertaining mayhem that is about to take place! Although, where the property is, the marina and the land alone would probably cover most of the loan. Methinks the Borrower's penchant for surrounding themselves with Legal Eagles and fighting tooth and nail creates a real danger of any "fat" being very quickly devoured by numerous voracious vultures with no limits on their feeding capacity. Time will tell, but tbh I thought this one had the largest & reddest flag I have seen for quite some years sticking out of it, right into your face. Hope it works out well for everyone, it's not good, let alone fair, when "characters" get away with "stuff".
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