averageguy
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Post by averageguy on Oct 1, 2018 12:45:12 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. Exactly ...I’ve amended my post just as you were replying ..but it’s just a sad joke of affairs
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mary
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Post by mary on Oct 1, 2018 13:46:37 GMT
Not only is this loan in default, yet Lendy are considering giving him more of our money (we’ll, not mine), but he’s not paid his bills in Scotland, but thinks he can find/borrow yet more cash to commence development in Wales?
All the while the continually, nearly, but not quite, finished two blocks in Hudders*****, never get over the finishing line either.
A very precarious edifice built on huge Lendy borrowings!
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averageguy
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Post by averageguy on Oct 1, 2018 15:26:59 GMT
Not only is this loan in default, yet Lendy are considering giving him more of our money (we’ll, not mine), but he’s not paid his bills in Scotland, but thinks he can find/borrow yet more cash to commence development in Wales? All the while the continually, nearly, but not quite, finished two blocks in Hudders*****, never get over the finishing line either. A very precarious edifice built on huge Lendy borrowings! Ah but they do have a satisfactory relationship with the ultimate geezer in charge ..how reassuring. I wish they would just state the b*******g obvious that the borrower is over committed and under capitalised
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Post by Deleted on Oct 1, 2018 17:28:41 GMT
I don't wish to stir the hoards but surely it must be the case that the borrower will struggle to raise funds on their other loans, which have an impending substantial demand for capital raise, with this one drifting deeper into default.
Surely the bulk of investors can't be so detached they don't realise the link between all these student loans or so blasè that they choose to see them all in complete isolation. It sure as heck worries me about 1. Their cash situation and 2. Their reliability!
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richox
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Post by richox on Oct 1, 2018 20:18:54 GMT
You may call being twisted round the borrower's little finger an overall satisfactory relationship Lendy, but apart from the borrower noone else is going to agree with you. This borrower is deep in default, can't pay for an extension, can't pay the bills on his other schemes, and can't even finish those that he's been telling you for months just need a bit of cleaning. He's out of control of his business, he's out of cash and he's laughing at you for letting him hang on to his patches of waste land. If you or he think he's going to get more cash from us to develop them then you've another think coming. Just look at how the sales queues on all his schemes have been shooting up over the last couple of weeks.
Don't think for a minute you'd be upsetting this borrower by calling in the loan. If the truth be known he's likely expecting you to do it and would probably have a lot more respect for you if you did. Just get on with it and call it in and sell the land for what you can. It would make absolutely no difference to his other schemes, most of which stand a good chance of going the same way, and you'll probably eventually end up doing so in any case. Your supposed to be looking after our interests, not running a charity for over extended failures and their deluded daydreams.
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hazellend
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Post by hazellend on Oct 1, 2018 21:02:58 GMT
You may call being twisted round the borrower's little finger an overall satisfactory relationship Lendy, but apart from the borrower noone else is going to agree with you. This borrower is deep in default, can't pay for an extension, can't pay the bills on his other schemes, and can't even finish those that he's been telling you for months just need a bit of cleaning. He's out of control of his business, he's out of cash and he's laughing at you for letting him hang on to his patches of waste land. If you or he think he's going to get more cash from us to develop them then you've another think coming. Just look at how the sales queues on all his schemes have been shooting up over the last couple of weeks. Don't think for a minute you'd be upsetting this borrower by calling in the loan. If the truth be known he's likely expecting you to do it and would probably have a lot more respect for you if you did. Just get on with it and call it in and sell the land for what you can. It would make absolutely no difference to his other schemes, most of which stand a good chance of going the same way, and you'll probably eventually end up doing so in any case. Your supposed to be looking after our interests, not running a charity for over extended failures and their deluded daydreams. Thankfully Lendy will ignore your expert advice
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rocky1
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Post by rocky1 on Nov 4, 2018 6:07:20 GMT
Recent update says borrower has received offer to buy site that would fully repay loan.lendy can you push borrower to accept said offer.this has just been a very expensive land banking scheme along with a few of his other massive DFLs that are still bits of land 18 months later.l cannot see lendy lenders funding millions more into these schemes that are not even off the ground yet.
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picnicman
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Post by picnicman on Nov 4, 2018 12:27:05 GMT
Recent update says borrower has received offer to buy site that would fully repay loan.lendy can you push borrower to accept said offer.this has just been a very expensive land banking scheme along with a few of his other massive DFLs that are still bits of land 18 months later.l cannot see lendy lenders funding millions more into these schemes that are not even off the ground yet. The recent update also mentions one Scotland and one Welsh loan that are seeking refinance in order to develop, so that may be the medium term answer to your point. At least the update on this one seems more encouraging (I know I know  ) I am more concerned as to whether dfl003 will find a refinance/purchaser now it is virtually complete!  - Cheers P
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averageguy
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Post by averageguy on Nov 5, 2018 9:51:17 GMT
Recent update says borrower has received offer to buy site that would fully repay loan.lendy can you push borrower to accept said offer.this has just been a very expensive land banking scheme along with a few of his other massive DFLs that are still bits of land 18 months later.l cannot see lendy lenders funding millions more into these schemes that are not even off the ground yet. According to that update ...offer and possible refinance (if believed)....formal demand possible in few weeks...should have issued that a few months ago!
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nyneil
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Post by nyneil on Nov 5, 2018 21:45:51 GMT
Recent update says borrower has received offer to buy site that would fully repay loan.lendy can you push borrower to accept said offer.this has just been a very expensive land banking scheme along with a few of his other massive DFLs that are still bits of land 18 months later.l cannot see lendy lenders funding millions more into these schemes that are not even off the ground yet. The recent update also mentions one Scotland and one Welsh loan that are seeking refinance in order to develop, so that may be the medium term answer to your point. At least the update on this one seems more encouraging (I know I know ) I am more concerned as to whether dfl003 will find a refinance/purchaser now it is virtually complete! - Cheers P Why didn't Lendy insist on the sale when they posted this update, back in June? Hmmm 08/06/2018
DFL013 - R******* R***, Bradford The loan is overdue for full repayment and we previously agreed to extend it, but extension costs have not yet been covered by the borrower. At a meeting between the Head of Lending and the borrower earlier this week, the borrower advised that two repayment options are being considered, as follows: - Sale of the site – there is an interested purchaser at a figure sufficient to fully repay the loan, which we are advised could possibly complete reasonably quickly (perhaps within a month); or - Refinance via a development loan as the borrower is now considering building out the site. The borrower is in the process of completing a detailed project appraisal and costings for consideration.
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averageguy
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Post by averageguy on Nov 6, 2018 8:59:17 GMT
The recent update also mentions one Scotland and one Welsh loan that are seeking refinance in order to develop, so that may be the medium term answer to your point. At least the update on this one seems more encouraging (I know I know ) I am more concerned as to whether dfl003 will find a refinance/purchaser now it is virtually complete! - Cheers P Why didn't Lendy insist on the sale when they posted this update, back in June? Hmmm 08/06/2018
DFL013 - Richmond Road, Bradford The loan is overdue for full repayment and we previously agreed to extend it, but extension costs have not yet been covered by the borrower. At a meeting between the Head of Lending and the borrower earlier this week, the borrower advised that two repayment options are being considered, as follows: - Sale of the site – there is an interested purchaser at a figure sufficient to fully repay the loan, which we are advised could possibly complete reasonably quickly (perhaps within a month); or - Refinance via a development loan as the borrower is now considering building out the site. The borrower is in the process of completing a detailed project appraisal and costings for consideration. Presumably because the ‘sales’ side of Lendy didn’t want to upset the borrower and holds more sway than the ‘credit control’ side
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Post by GSV3MIaC on Nov 6, 2018 11:40:32 GMT
More likely because the "interested purchaser, at the sufficient price", was every bit as real as Sherlock Holmes and Inspector Morse?
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nyneil
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Post by nyneil on Nov 6, 2018 12:56:26 GMT
More likely because the "interested purchaser, at the sufficient price", was every bit as real as Sherlock Holmes and Inspector Morse? What do you mean? They are every bit as real as Santa, aren't they?
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richox
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Post by richox on Nov 18, 2018 18:33:13 GMT
Why didn't Lendy insist on the sale when they posted this update, back in June? Hmmm 08/06/2018
DFL013 - Richmond Road, Bradford The loan is overdue for full repayment and we previously agreed to extend it, but extension costs have not yet been covered by the borrower. At a meeting between the Head of Lending and the borrower earlier this week, the borrower advised that two repayment options are being considered, as follows: - Sale of the site – there is an interested purchaser at a figure sufficient to fully repay the loan, which we are advised could possibly complete reasonably quickly (perhaps within a month); or - Refinance via a development loan as the borrower is now considering building out the site. The borrower is in the process of completing a detailed project appraisal and costings for consideration. Presumably because the ‘sales’ side of Lendy didn’t want to upset the borrower and holds more sway than the ‘credit control’ side The DFL003 borrower is now borrowing money to pay the interest on the loan. He doesn't seem able to complete, even though he reckoned practical completion would be last August. What hope is there for his other pie in the sky schemes. The updates on DFL013 over the last 20 months have been a joke. Talk about Lendy being taken for a ride. Swallowing one bit of nonsense after another, or at best just passing the nonsense on to us. Can anyone find evidence of the so called enhanced planning application that featured over several months leading to the end of 2017 ever having been submitted? Has Lendy seen any evidence of an offer from the mystical purchaser or any evidence of serious attempts to seek refinance? Lendy seems to be quite happy if the borrower just agrees that the situation is unacceptable and says he is thinking about maybe doing something at some time in the future. It is now time for Lendy to call in this loan and to sell the land to the mystical purchaser, if he does indeed exist.
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Post by charliebrown on Nov 19, 2018 3:20:57 GMT
Presumably because the ‘sales’ side of Lendy didn’t want to upset the borrower and holds more sway than the ‘credit control’ side The DFL003 borrower is now borrowing money to pay the interest on the loan. He doesn't seem able to complete, even though he reckoned practical completion would be last August. What hope is there for his other pie in the sky schemes. The updates on DFL013 over the last 20 months have been a joke. Talk about Lendy being taken for a ride. Swallowing one bit of nonsense after another, or at best just passing the nonsense on to us. Can anyone find evidence of the so called enhanced planning application that featured over several months leading to the end of 2017 ever having been submitted? Has Lendy seen any evidence of an offer from the mystical purchaser or any evidence of serious attempts to seek refinance? Lendy seems to be quite happy if the borrower just agrees that the situation is unacceptable and says he is thinking about maybe doing something at some time in the future. It is now time for Lendy to call in this loan and to sell the land to the mystical purchaser, if he does indeed exist. I’m concerned about this loan and about this borrower’s other loans; I am in most/all of his loans. There’s clear misrepresentation as most of these loans were given on the basis that the sites would be developed but instead no development has taken place. It’s unacceptable that LY has taken no action at all. With LY’s track record the borrower can start rolling out excuses about having a buyer or a JV partner or all the usual guff. I think in all DEFAULT loans where there’s no hard evidence of a viable exit then receivers should be appointed and instructed to execute a fast resolution. I’m quite sure most lenders would vote for that.
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!!
) I am more concerned as to whether dfl003 will find a refinance/purchaser now it is virtually complete! 
- Cheers P
