richox
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Post by richox on Jun 30, 2018 10:04:38 GMT
I’m happy to give this borrower a lot of leeway based on payment history to date. I’m pretty relaxed about this loan, even if it goes much longer overdue Fair enough but bear in mind that past performance is not a guide to future performance, and things can turn sour pretty quickly. This borrower has been given well over 100 days leeway already and although Lendy agreed to extend the loan there seems to be a problem as he is failing to cover the extension costs. Maybe it will all come together when DFL03/22 are completed, but maybe it won't. If there is such a dependency then Lendy should not be continuing an uncovered loan that is dependent on the success of other incomplete projects.
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rocky1
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Post by rocky1 on Jul 18, 2018 6:24:37 GMT
this borrower has lendy and us lenders over a barrel. we are funding tranches of the many DFLs he has on the go[or not on the go].why is this loan not up to date and nothing being done.
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sarahcount
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Post by sarahcount on Jul 19, 2018 20:08:29 GMT
Interesting that whilst there is a lot of anger towards Lendy at the moment I see that with the exception of Bradford and Huddersfield all their other projects now have zero availability on the SM.
I've taken the opportunity to sell out my remaining holdings in Cardiff, Edinburgh and Glasgow.
Might well be that there is optimism that this borrower is finally coming out of the woods but at the moment I feel happier pulling away from Lendy when the chance presents itself.
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Post by GSV3MIaC on Jul 20, 2018 6:31:34 GMT
Quite a lot with no availability because they are defaulted, suspended, or 35% repaid .... but good luck with your fire sale ..
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rocky1
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Post by rocky1 on Jul 23, 2018 16:04:54 GMT
2 more pipeline tranches for this borrower going live tomorrow.what is happening to this one to be brought back into IOA.come on lendy no wonder so many lenders are trying exit.
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averageguy
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Post by averageguy on Jul 23, 2018 18:41:03 GMT
2 more pipeline tranches for this borrower going live tomorrow.what is happening to this one to be brought back into IOA.come on lendy no wonder so many lenders are trying exit. Spot on.
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averageguy
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Post by averageguy on Aug 3, 2018 23:21:27 GMT
So the borrower knows that the situation needs to be resolved within two weeks....that was 2 weeks ago...nothing about todays update mentions that ...waste of time
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rocky1
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Post by rocky1 on Aug 4, 2018 13:05:10 GMT
this borrower worries me.7 DFLs millions of pounds already funded on a car park,bit of land and derilict building due to be demolished.nice computer pics of how they might look.NOTHING is happening at any of them. funds have been used for prelims whatever that means.lendys handling of this particular DFL and the borrowers dont give a sh*t attitude towards lenders makes me concerned that we are in for a right bit of messing about when/if anything is ever completed and sold/refinanced after all the votes on this and that and the securities turn out to be pie in the sky valuations.bit to late late to diversify but not a penny more going anywhere near this borrowers schemes.
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elliotn
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Post by elliotn on Aug 4, 2018 14:00:57 GMT
this borrower worries me.7 DFLs millions of pounds already funded on a car park,bit of land and derilict building due to be demolished.nice computer pics of how they might look.NOTHING is happening at any of them. funds have been used for prelims whatever that means.lendys handling of this particular DFL and the borrowers dont give a sh*t attitude towards lenders makes me concerned that we are in for a right bit of messing about when/if anything is ever completed and sold/refinanced after all the votes on this and that and the securities turn out to be pie in the sky valuations.bit to late late to diversify but not a penny more going anywhere near this borrowers schemes. The other side of the coin would be the two blocks coming to practical completion which, if they release millions (to lenders and borrower  ), could see significant movement on his other projects (or so Ly must be land-banking on ).
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averageguy
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Post by averageguy on Aug 17, 2018 20:57:16 GMT
So head of lending had a meet with the borrower..who wants an extension of the facility....well he's already had 150 days plus...how about paying some interest first! Geez Lendy w** are you doing
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rocky1
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Post by rocky1 on Aug 18, 2018 7:56:57 GMT
the borrower wants to extend the facility and a few million loan to build it out.i do not want my funds rolled over into any more of this borrowers projects.of course the latest GDV valuation has gone up by a few million.LENDYS/BORROWERS valuations mean nothing when it comes to payback time as we have found out time and time again.
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averageguy
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Post by averageguy on Aug 18, 2018 8:56:24 GMT
the borrower wants to extend the facility and a few million loan to build it out.i do not want my funds rolled over into any more of this borrowers projects.of course the latest GDV valuation has gone up by a few million.LENDYS/BORROWERS valuations mean nothing when it comes to payback time as we have found out time and time again. Maybe we could have a vote...I'll tick yes ..as I want out
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Post by spareapennyor2 on Aug 18, 2018 10:07:08 GMT
it appears accounts are overdue ?
too many projects on the go / too manage?
finish a project first before funding more/ then split into phase`s to show development can be finished
security is cross collaterised so a tick for lendy
as lendy says only security matters
but at what price?
50% of land value would be a good start
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Post by charliebrown on Aug 18, 2018 14:45:03 GMT
the borrower wants to extend the facility and a few million loan to build it out.i do not want my funds rolled over into any more of this borrowers projects.of course the latest GDV valuation has gone up by a few million.LENDYS/BORROWERS valuations mean nothing when it comes to payback time as we have found out time and time again. The borrower is looking for development funds so obviously LY will hire a valuer who claims the value of the land has increased.
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rocky1
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Post by rocky1 on Aug 28, 2018 13:29:04 GMT
updates 0n 11th and 25th may states borrower has funds to extend loan.then funds have been delayed.why is this loan of almost 3 million on 2 little plots of land that is still 2 little plots of land not being chased down.lendy and this borrower are taking the p*ss. this loan was due for full repayment over 5 months ago now lendy expect lenders to fund a bloody extension AND provide a loan for over 5 million to build.come on lendy might as well throw in a few hundred grand to help him out as he is obviously skint and hitting on hard times.lendys handling of this loan is just another example of their incompetance and borrower before investor attitude.
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), could see significant movement on his other projects (or so Ly must be land-banking on 