richox
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Post by richox on Sept 2, 2018 19:05:52 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. This "development" was supposed to have been completed in time for the Sept 2018 intake of students but not a sod has been dug yet. The borrower is just landbanking without paying the borrowing costs. It's time for Lendy to call in this loan and sell off the land. We'll then see whether its value has increased.
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rocky1
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Post by rocky1 on Sept 3, 2018 6:38:00 GMT
lendy are not capable of calling anything in and these 2 little plots of land are probably worth sod all compared to what the borrower has had on the strength of his big plans.lendy are in to deep now with this borrower and all his other DFLs and are pushing tranche after tranche of all the others to try and get something completed and sold.gone are the days when lendy could leave 4/5 pipelne loans on a friday evening and come in monday morning rubbing their hands with everything gone.should not take to long this morning to count the weekends take and check the TP reviews.hopefully after scratching their heads and wondering what to do next they will get onto the business of the day and start rounding up these borrowers and sorting this mess out.lets see what next months investor round up brings.
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averageguy
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Post by averageguy on Sept 3, 2018 8:46:00 GMT
Lendys credit control is a joke
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Post by p2plender on Sept 3, 2018 9:28:58 GMT
Lendys credit control is a joke Yeah made me LOL that one. Lendy is the most unprofessional outfit I have ever come across. They come across as an organisation in total disarray. Just wish I didn't have anything left in then I could enjoy my popcorn in peace.
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richox
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Post by richox on Sept 11, 2018 9:44:08 GMT
Everyone, including the borrower, has agreed for weeks that "the present unsatisfactory condition needs to be corrected". So will Lendy continue to tolerate it when the so called "Tolerance period" comes to an end in 2 days time?
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Post by charliebrown on Sept 11, 2018 13:34:08 GMT
Everyone, including the borrower, has agreed for weeks that "the present unsatisfactory condition needs to be corrected". So will Lendy continue to tolerate it when the so called "Tolerance period" comes to an end in 2 days time? I’m sure the next update will say that LY have been pushing and working tirelessly. As has been said very well on another thread we need to see action.
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rocky1
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Post by rocky1 on Sept 12, 2018 5:24:11 GMT
This borrower and his DFLs make up a big part of lendys loan book.this one is still 2 bits of land which he has had 3million quid on already.lendy and borrower are taking the p:ss while throwing tranche after tranche and extensions of all his other schemes.
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richox
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Post by richox on Sept 13, 2018 14:24:50 GMT
This loan has now officially gone non-performing and is in default. Lendy say "We are taking all appropriate steps to recover 100% of the capital from these loans". If the borrower doesn't pay up today then the appropriate steps are to call the loan in immediately and, if need be, take possession of the land and sell it.
This borrower has borrowed huge amounts of money from Lendy for several different projects, most of which are just fenced off land. It seems he had no intention of developing this site, at least not until other projects are completed and sold. Fine if he makes a profit but fatal otherewise. The nonsense about the council wanting to increase the proposed number of units seems to be just that. Was any amended planning proposal ever submitted? See if you can find any evidence of a revised submisssion, even though Lendy's updates implied it. No doubt Lendy does not wish to act against him, but each loan must be considered independent of the outcome of any other loan and should be treated as such.
Borrowing money to increase the value of land through securing planning permission and then either selling on or developing immediately may work well. However, paying huge amounts of interest just to be able to hang onto land is in any case a highly questionable strategy. I doubt that the borrower has the cash to pay the interest any longer, and has now run out of both time and excuses. There is now no reason not to call in this loan.
If tomorrow's update does not confirm that all outstanding interest has been paid along with sufficient cash to cover an extension then it should confirm that the loan is being called in. Otherwise Lendy will clearly be acting against the interest of lenders and acting unreasonably in favour of the borrower. This is a real test of Lendy's true colours.
Beware if you have lent money for projects on land lying fallow in Cardiff, Glasgow and Edinburgh because they just might end up going the same way.
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empirica
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Post by empirica on Sept 13, 2018 14:30:49 GMT
This loan has now officially gone non-performing and is in default. Lendy say "We are taking all appropriate steps to recover 100% of the capital from these loans". If the borrower doesn't pay up today then the appropriate steps are to call the loan in immediately and, if need be, take possession of the land and sell it. This borrower has borrowed huge amounts of money from Lendy for several different projects, most of which are just fenced off land. It seems he had no intention of developing this site, at least not until other projects are completed and sold. Fine if he makes a profit but fatal otherewise. The nonsense about the council wanting to increase the proposed number of units seems to be just that. Was any amended planning proposal ever submitted? See if you can find any evidence of a revised submisssion, even though Lendy's updates implied it. No doubt Lendy does not wish to act against him, but each loan must be considered independent of the outcome of any other loan and should be treated as such. Borrowing money to increase the value of land through securing planning permission and then either selling on or developing immediately may work well. However, paying huge amounts of interest just to be able to hang onto land is in any case a highly questionable strategy. I doubt that the borrower has the cash to pay the interest any longer, and has now run out of both time and excuses. There is now no reason not to call in this loan. If tomorrow's update does not confirm that all outstanding interest has been paid along with sufficient cash to cover an extension then it should confirm that the loan is being called in. Otherwise Lendy will clearly be acting against the interest of lenders and acting unreasonably in favour of the borrower. This is a real test of Lendy's true colours. Beware if you have lent money for projects on land lying fallow in Cardiff, Glasgow and Edinburgh because they just might end up going the same way. Unless you are expecting 'special' one for this loan (which would be warranted given the circumstances, Lendy Support ), updates have now moved to a monthly basis.
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ilmoro
Member of DD Central
'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 Sept 13, 2018 14:40:10 GMT
This loan has now officially gone non-performing and is in default. Lendy say "We are taking all appropriate steps to recover 100% of the capital from these loans". If the borrower doesn't pay up today then the appropriate steps are to call the loan in immediately and, if need be, take possession of the land and sell it. This borrower has borrowed huge amounts of money from Lendy for several different projects, most of which are just fenced off land. It seems he had no intention of developing this site, at least not until other projects are completed and sold. Fine if he makes a profit but fatal otherewise. The nonsense about the council wanting to increase the proposed number of units seems to be just that. Was any amended planning proposal ever submitted? See if you can find any evidence of a revised submisssion, even though Lendy's updates implied it. No doubt Lendy does not wish to act against him, but each loan must be considered independent of the outcome of any other loan and should be treated as such. Borrowing money to increase the value of land through securing planning permission and then either selling on or developing immediately may work well. However, paying huge amounts of interest just to be able to hang onto land is in any case a highly questionable strategy. I doubt that the borrower has the cash to pay the interest any longer, and has now run out of both time and excuses. There is now no reason not to call in this loan. If tomorrow's update does not confirm that all outstanding interest has been paid along with sufficient cash to cover an extension then it should confirm that the loan is being called in. Otherwise Lendy will clearly be acting against the interest of lenders and acting unreasonably in favour of the borrower. This is a real test of Lendy's true colours. Beware if you have lent money for projects on land lying fallow in Cardiff, Glasgow and Edinburgh because they just might end up going the same way. Just another example why Lendy's default policy is so daft. The loan was in default the minute it breached the loan conditions ie went into arrears but that in itself deosnt mean anything. Why should Lendy initiate recovery action after 180 days but not after 179 days. Meanwhile DF012 which is in administration isnt non-performing. Utter nonsense and Lendy has no hope gaining any creditability until they realise just how ludicrous their position is on this.
By Lendy's definition this is a perfoming racing car and will be until its been sat there for 180 days!
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rocky1
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Post by rocky1 on Sept 13, 2018 15:38:39 GMT
Does not give you anybody much incentive to keep funding his 6 other schemes.we can see what we are dealing with here by the way his attitude and actions towards this loan.the 2 plots of land are not worth anywhere near what he owes.lendy need to sort him out and quickly before lenders STOP funding any more tranches of all his ducking and diving schemes.i do not call anything on here projects anymore.
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rocky1
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Post by rocky1 on Sept 24, 2018 7:22:14 GMT
company accounts/confirmation overdue just like our loan.yes a very experienced borrower we have here.i hope lendy have some good updates coming next week regarding this unsatisfactory situation.
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hazellend
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Post by hazellend on Sept 24, 2018 8:03:01 GMT
company accounts/confirmation overdue just like our loan.yes a very experienced borrower we have here.i hope lendy have some good updates coming next week regarding this unsatisfactory situation. That’s normal
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averageguy
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Post by averageguy on Oct 1, 2018 12:37:50 GMT
Latest update is garbage ..several meetings and yet no further forward and yet they would still advance further cash if they can ..who is going to lend the money after what’s been witnessed?  Time to call in the security and flog it ..although gawd knows what we will get for it |
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Post by charliebrown on Oct 1, 2018 12:43:29 GMT
Latest update...am I reading this right through all the waffle that they are now considering ‘’regrettably’’a development loan  !! No one on LY is going to fund a development loan. They’d updated another loan with a comment to the effect “our lenders didn’t have any appetite to fund a development loan”. Correction LY, no one has any appetite to fund anything on LY.
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!!