ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 11, 2017 10:10:18 GMT
Exactly, Guff, you understand. And what "Legal Issues" are SS currently clarifying? All will be revealed I suppose, in due course.
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ozboy
Member of DD Central
Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Jan 11, 2017 10:11:43 GMT
PS - I would be gobsmacked if SS ever uses this "Valuer" again.
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oldgrumpy
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Post by oldgrumpy on Jan 11, 2017 10:20:03 GMT
... All will be revealed I suppose, in due course. Ozzy the optimist eh? ... though this must be concerning SS that this is the perception investors now developing of their whole attitude towards DD.
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 11, 2017 10:39:46 GMT
So the consensus now is that the valuation report SS provided is correct after all? No. I think they have struck lucky with the C****t use. There is also the slim possibility the local authorities still view the property as a restaurant; there have been several applications to confirm its status, but have been withdrawn. There is no 'approval' and I think the current and past owner is relying on its historic use. What both VRS they don't address, is the numerous PP issues and appeals (many failed, many pending). Seriously; I've never seen so many, and it makes it hard to keep track. The borrower went through years simply doing what he wanted and not consulting the planners. He is now backtracking (and stalling, if the local comments are to be believed).
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 11, 2017 11:06:52 GMT
OP changed, as it seems the loan has been reduced on PBL157 (£3,190,509 > £2,940,273) PBL158 remains unchanged And.... back again £2,940,273 > £3,190,509 Wish they would make up their mind
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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 11, 2017 11:10:06 GMT
The questions are why did the Valuer omit information that they were clearly instructed to include, and why was the "Report" subsequently accepted and passed on to us?
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Post by supernumerary on Jan 11, 2017 11:58:59 GMT
OP changed, as it seems the loan has been reduced on PBL157 (£3,190,509 > £2,940,273) PBL158 remains unchanged And.... back again £2,940,273 > £3,190,509 Wish they would make up their mind Well spotted! Just a hunch, BUT perhaps some final 'tinkering' BEFORE launch TODAY... We shall see!
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toffeeboy
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Post by toffeeboy on Jan 11, 2017 12:00:15 GMT
Sorry are you suggesting that SS is a Ponzi scheme?
They wouldn't need to write loans of greater value as they only need the money to keep paying the interest for a Ponzi scheme, they would only need to write loans of bigger value if they were to pay out on the older loans. If someone on SS wants to take out their money then they sell it on the SM to another lender. Think you need to rework your business model, I won't say my next thought as it will only be redacted by a mod
No I am not suggesting that at all What I am saying is that they have to pay £1.5m per month in interest. If they are not receiving/holding that £1.5m in interest from existing borrowers because too many are overdue and not paying then they would need to make up the balance by writing new loans where they have a large chunk of upfront interest and can pay from that to balance things. at some point the negative loans must repay or the pf will need to be used Sorry lost me, if a borrower doesn't pay the interest before it is due to be paid to the lenders then the loan defaults. Why does SS need to be holding £1.5 million. I know that SS are paying the interest on a couple of the loans but they are happy that they will get that back when the sale/refinance goes through, I don't know how many but I doubt it is very many as it is a flawed business if they are propping up too many loans.
As we have seen with PBL020 if the borrower doesn't pay the interest then the loan defaults and no interest is paid. It does still accrue but it isn't guaranteed to be paid (depending on clarification of what the PF will pay out). The PF or other borrowers interest isn't used to pay the interest on negative loans, I would expect like our own money any interest held in advance is held in a client account as this isn't SS money.
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Post by savingstream on Jan 11, 2017 13:19:30 GMT
Hi everyone,
REF: The C****t
Thanks for all your comments and observations with regards The C****t.
It is worth remembering that our due diligence (DD) is ongoing concurrently with all the other activities necessary get a loan across the line. You see the valuation report when we receive it and we test the assumptions with the lawyers, i.e. the valuation doc and the loan amount we initially make available can then be amended following scrutiny of the valuation, legal and planning DD etc.
It is not our policy to provide a running commentary throughout the DD exercise. But please be assured that all the issues raised on the forum are known to us already through our thorough and detailed DD, and are all being dealt with in the background. During any process of this nature, there are always points that need clarifying. This can lead to us often renegotiating the deal to make it work or even it being withdrawn depending on the risk and circumstances.
We like to give you notice so that you can get your funds ready, and sometimes, especially when it is a large loan like this one, we judge it necessary to go live early in order to raise the funds so we can complete on time. Sometimes, of course, we don't complete on a deal at all and also the details can change at the last minute.
I hope this is helpful. If you have any specific queries please refer to the Q&A section on the loan, although there is not much more we can add at this stage.
Best
Liam Brooke, Lendy
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oldgrumpy
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Post by oldgrumpy on Jan 11, 2017 13:45:44 GMT
I read that " the borrower is an Architect and Landscape Architect who has also done some property development. He has been in the industry for decades and has worked on complex projects that include town planning, architecture and interior design on both domestic and commercial projects. The borrower has spent over £3mil on this project and has enhanced its value considerably, leaving lots of equity in the property."
My further DD reveals this architect is Swedish, but I can find no record whatsoever on Swedish websites or anywhere else about his qualifications and/or previous developments. Before I invest in this flamboyant property, does anyone know whether he has been trading under another name than the M**k D******g mentioned in the new valuation document? I would like to see some of his other successfully completed projects over the decades. savingstream Well that's been ignored then. What projects has this borrower been successful in before his buying in 2012 of the properties under discussion for these two loans?
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fasty
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Post by fasty on Jan 11, 2017 14:13:14 GMT
I read that " the borrower is an Architect and Landscape Architect who has also done some property development. He has been in the industry for decades and has worked on complex projects that include town planning, architecture and interior design on both domestic and commercial projects. The borrower has spent over £3mil on this project and has enhanced its value considerably, leaving lots of equity in the property."
My further DD reveals this architect is Swedish, but I can find no record whatsoever on Swedish websites or anywhere else about his qualifications and/or previous developments. Before I invest in this flamboyant property, does anyone know whether he has been trading under another name than the M**k D******g mentioned in the new valuation document? I would like to see some of his other successfully completed projects over the decades. savingstream It is also my understanding that the term "architect" is a protected title in the UK and may not legally be used by anyone without the appropriate professional qualifications and RIBA registration.
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twoheads
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Programming
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Post by twoheads on Jan 11, 2017 14:16:51 GMT
Well that's been ignored then. What projects has this borrower been successful in before his buying in 2012 of the properties under discussion for these two loans? Talking to yourself OG?
I have searched high and low and no, nothing I can find for M**k D******g prior to 2012.
As for trading under another name... S*****'**r P****t keeps coming up but there's no proof and again, nothing about the countless magnificent projects which should be linked to that name either.
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sussexlender
Member of DD Central
Cheat seeking missile
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Post by sussexlender on Jan 11, 2017 14:34:07 GMT
CD and many others.
Thanks to everyone for their DD and input on these 2 loans. It is greatly appreciated.
Still likely to put some funds in to the Marina loan at least as the security appears ok.
Also thanks to Liam Brooke at Lendy for the message of today (above). It may not answer a number of questions but at least it is communication, confirms that they read this Forum and actually consdier the issue being raised so skilfully by members.
Totally the opposite to the unhelpful attitude at Failing Customers.
Perhaps after all these issues have been raised both loans will disappear. It happened with the Graveyard loan I seem to recall.
Best wishes. SXLR
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jan 11, 2017 14:46:39 GMT
Well that's been ignored then. What projects has this borrower been successful in before his buying in 2012 of the properties under discussion for these two loans? Talking to yourself OG?
I have searched high and low and no, nothing I can find for Dr. M**k D******g prior to 2012.
As for trading under another name... Dr. S*****'**r P****t keeps coming up but there's no proof and again, nothing about the countless magnificent projects which should be linked to that name either.
Corrected that for you All speculation guys (and no concrete evidence), but it does seem that the above are at least connected - - A 'P****t' Lived at the C****t and submitted a 'general observation' which read like they were speaking as the, or behalf of the applicant
- Same Age
- Both registered as architects
- Both linked to the same company (Ma B***e M****n)
- Both referred to as doctors
- P****t disappeared & D******g appears (c2010 - no P****t after this date, no D******g before this date)
- D******g is described by SS as being in the industry for decades and has worked on complex projects that include town planning, architecture and interior design on both domestic and commercial projects - but no sign of him before 2010 (anywhere!)
- Allegations that they are the same person on a local forum that has been removed
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oldgrumpy
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Post by oldgrumpy on Jan 11, 2017 14:49:18 GMT
Well that's been ignored then. What projects has this borrower been successful in before his buying in 2012 of the properties under discussion for these two loans? Talking to yourself OG?
I have searched high and low and no, nothing I can find for M**k D******g prior to 2012.
As for trading under another name... S*****'**r P****t keeps coming up but there's no proof and again, nothing about the countless magnificent projects which should be linked to that name either.
Not quite. You're listening. Better avoid that apostrophe ... don't want to identify the s**p*ct to easily. (Think I'll change my name to oldgrum'py) edit: Oh, Hi Dude. I don't expect SS will be lending to anyone with doubtful provenance .... will they?
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