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Post by gaspilot on Feb 1, 2021 13:51:13 GMT
I've just had some money paid back on this loan. It amounts to about 2%. Does anyone have any more information about this?
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ilmoro
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'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 Feb 1, 2021 14:30:09 GMT
I've just had some money paid back on this loan. It amounts to about 2%. Does anyone have any more information about this? I believe the property was sold backend of last year and RSM received the proceeds as they were included in the funds to be distributed section of the last admin report. Next loan specific admin report due in the next couple of weeks which may clarify situation.
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adrianc
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Post by adrianc on Feb 1, 2021 14:51:40 GMT
I've just had some money paid back on this loan. It amounts to about 2%. Does anyone have any more information about this? Yup, exactly 2% of capital. It's showing as £57,841 repayment - and £15,250,000 security reduction. The 4th Sept administrators report says there'd been a cash offer for the property which had been accepted and was progressing. It doesn't say how much. I'd like to think that £57,841 is just the start of what'll be repaid to us from the sale, post-waterfall.
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ilmoro
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'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 Feb 1, 2021 15:12:24 GMT
I've just had some money paid back on this loan. It amounts to about 2%. Does anyone have any more information about this? Yup, exactly 2% of capital. It's showing as £57,841 repayment - and £15,250,000 security reduction. The 4th Sept administrators report says there'd been a cash offer for the property which had been accepted and was progressing. It doesn't say how much. I'd like to think that £57,841 is just the start of what'll be repaid to us from the sale, post-waterfall. My hat says otherwise - there was £186k in the client account for this one, knock of Lendy costs, SLA and 50% share. This is basically a waste site without planning (appears to have lapsed) so Im not holding any hopes for much more other than through claims against PG (ha ha) and PI.
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adrianc
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Post by adrianc on Feb 1, 2021 15:31:05 GMT
What can I say...? I am an eternal optimist...
And, yes, forget any hope of PG - it was one of the St*w*rt D*y M*d*rc* loans.
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adrianc
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Post by adrianc on Feb 1, 2021 16:58:23 GMT
...and there's the email...
£300k sale price
£114k third party cost
£18k paid by Lendy
£25.5k Lendy service fee
£84k Lendy contractual entitlement...
£58.5k left for the lenders.
But it's OK, it's interim. There might be more to come! Possibly.
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averageguy
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Post by averageguy on Feb 1, 2021 17:15:52 GMT
£12 I’m ecstatic ...  |
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rocky1
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Post by rocky1 on Feb 1, 2021 17:36:38 GMT
lendy seem to have done ok again.
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adrianc
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Post by adrianc on Feb 1, 2021 17:49:48 GMT
£12 I’m ecstatic ... Look on the bright side... If you'd got more, it'd mean you'd lost even more...
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boundah
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Post by boundah on Feb 1, 2021 18:25:20 GMT
£12 I’m ecstatic ... I'm heading down the pub with my £40 to buy everyone a round! No wait...
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one21
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Post by one21 on Feb 2, 2021 15:38:16 GMT
Amazing 300k for 2 acres of Building Land, Original purchase price around 1.5 mil. Would anyone care to guess how much planning fees would have cost? see here: ecab.planningportal.co.uk/uploads/english_application_fees.pdf Loan to Borrower £2,834,429 I wonder how these funds have been spent, apart from a few Ks Legal fees, Architects sketch plans and site survey ........... ! Would the Borrower need to account to the administrator for these expenses? Edit: additions to last sentence. |
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adrianc
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Post by adrianc on Feb 3, 2021 15:06:49 GMT
Would the Borrower need to account to the administrator for these expenses? The borrower doesn't exist any more... The borrower was one of a nest of SPVs tracing back to a single individual. He was the borrower for a whole STACK of loans on Ly and other platforms. His little pyramid collapsed spectacularly nearly two years ago. There is zero hope for any PG comeback, not least because whatever personal wealth is traceable is going to be spread SOOOOOO thin as to make nanoparticles look like Nigella putting butter on hot toast. You're a DD Central member - there's lots in there about Mister St*w*rt D*y and his M*d*r*c* shenanigans. Or just google for him - there's at least one online petition to the SFO about him, as well as articles in the FT.
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Post by billy169 on Feb 3, 2021 16:55:21 GMT
So much for lendy due diligence..but then,mates rates etc.
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one21
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Post by one21 on Feb 3, 2021 17:36:41 GMT
Adrianc -Yes I realised after I'd posted embarrassingly, but it had been such a long time I had forgotten. Still think the land was a giveaway though. On a different note, would cross 'collateralisation' still be implemented when the other properties are sold, that is if by a miracle there is any surplus?
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easynow
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Popcorn anyone?
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Post by easynow on Feb 3, 2021 17:59:04 GMT
Adrianc -Yes I realised after I'd posted embarrassingly, but it had been such a long time I had forgotten. Still think the land was a giveaway though. On a different note, would cross 'collateralisation' still be implemented when the other properties are sold, that is if by a miracle there is any surplus? You have as much hope of that as you do getting a tea time drink and a hair cut on your way home from work tomorrow.
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