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Post by p2plender on Sept 17, 2018 6:58:03 GMT
Failed a re-finance 3 times usually means no one wants it anything like on decent terms. Of course the original figs would initially have looked fine n dandy to get the project financing away.....
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adrianc
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Post by adrianc on Sept 17, 2018 10:10:12 GMT
Questions: Is this realistically a viable business? A Shop, Spa and Cafe for 8 lets in the middle of nowhere? "Middle of nowhere"? Nah, it's just up the road from here... Oh, wait. I'm going to point back to my initial comments about the precise location.
As for this one... The val doc doesn't mention that, lovely building and views notwithstanding, it's not the most - umm - sensually relaxing of holiday locations. If you look at the aerial shots, you'll see some industrial chicken sheds ENE. There are more now in the fields immediately SW, not shown on the google satellite pics (which are coming up to four years old if they're contemporaneous with the ones of our house, a handful of miles away as the crow flies). One of the nearer neighbours is the operational base of the local septic tank emptiers. The oval worn in the field just E is the local grasstrack motorsports course. It's a whiffy and occasionally loud location, even ignoring what passes for a very busy road in this neck of the woods, the main trunk to points west. When the rate increased, I dived in. I still think it is viable, but I think somebody's cutting their losses.
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adrianc
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Post by adrianc on Jan 15, 2019 14:13:13 GMT
So here we are, two and a half months since the lawyers were instructed to get started on vacant possession, and they're just launching a new menu for the new year.
Let's see what the new recoveries team have to say when they've had a bit of a think.
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sarahcount
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Post by sarahcount on Jan 15, 2019 19:57:20 GMT
So here we are, two and a half months since the lawyers were instructed to get started on vacant possession, and they're just launching a new menu for the new year.
Let's see what the new recoveries team have to say when they've had a bit of a think.
They think they'll have the steak.
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Post by Badly Drawn Stickman on Jan 15, 2019 21:28:44 GMT
So here we are, two and a half months since the lawyers were instructed to get started on vacant possession, and they're just launching a new menu for the new year.
Let's see what the new recoveries team have to say when they've had a bit of a think.
They think they'll have the steak. Seems they have ordered lightly grilled for the borrower, and well and truly done for the lenders. Select your own side dishes.
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Post by loftankerman on Jan 15, 2019 23:22:07 GMT
Looks like another LY dud. Everything they touch turns to the brown stuff. It's what's known as the Reverse Midas Touch.
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Godanubis
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Anubis is known as the god of death and is the oldest and most popular of ancient Egyptian deities.
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Post by Godanubis on Jan 16, 2019 1:04:19 GMT
Looks like another LY dud. Everything they touch turns to the brown stuff. It's what's known as the Reverse Midas Touch. I Think in this modern time nothing will be turned to gold as Midas is in jail for ”inappropriate touching “ Further cases of historical misdeeds being investigated.
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adrianc
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Post by adrianc on May 6, 2019 16:33:28 GMT
I finally popped in here today, although I kept my lender hat well hidden. Not to eat - although I still plan to - but they're one of the venues in a local art/craft weekend. I'm very impressed with everything the owners/operators have done. It's a truly beautiful place, very nicely done, and very well set up - and they seem like genuinely lovely people. They're disappointed not to have the accommodation up and kicking quite yet - there's been some final snags, but they're weeks away. They're also imminently opening a shop in another part of the site for their homeware business. Business is apparently doing well, and increasing all the time. However... My misgivings about the sensory effects of the location really were justified. The neighbouring chicken sheds made their presence very known on the breeze... and traffic noise from the trunk road they're on did not help one bit. I genuinely hope the accommodation succeeds, but I'm not sure I'd be wanting to stay too long. Feb 2017 - p2pindependentforum.com/post/167614
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adrianc
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Post by adrianc on Mar 18, 2020 18:26:43 GMT
Oh, the irony...
Now, what do the loan updates say?
August - Further to discussions with the borrower, we can confirm that a refinance offer has been agreed. The Solicitors are instructed and matters are moving forward, with the completion aimed for the end of August 2019. No further action will be taken on possession proceedings prior to 31st August 2019 on the basis the refinance is proceeding.
September - Further to last month’s update the borrower has provided outline terms of a potential refinance, however this does not provide a satisfactory outcome for investors so we have asked the borrower to reconsider their offer. The appointed LPA receiver’s solicitors have already obtained an order for possession of the property and if a satisfactory proposal for refinance can not be agreed, then the LPA will need to consider the next steps.
October - The borrower has failed to provide any evidence or ability to be in a position to repay the outstanding debt. We are considering what action to be taken following discussions with our solicitors.
...and here we are in March... Meanwhile, their Sunday lunches appear to sell out regularly.
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jcb208
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Post by jcb208 on Mar 18, 2020 18:55:23 GMT
Maybe we should leave them a few payment reminders on there face**** page
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adrianc
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Post by adrianc on Aug 5, 2020 15:29:32 GMT
...and now they've been awarded a "Traveller's Choice" award on a rather large internet bookings and ratings site, which allegedly puts them in the "top 10% of restaurants worldwide"...
Not reopened yet, though, post-Covid.
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adrianc
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Post by adrianc on Aug 5, 2020 21:22:26 GMT
Well, I guess somebody's outing themselves as members here...  Very kind, but I'm happy to stick to the anonymity required by the lender contract. Perhaps while you're here, guys, you'd care to give us an update on the repayment from your perspective? (BTW, we have met. And don't forget to read this thread from the start.)
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adrianc
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Post by adrianc on Aug 6, 2020 7:37:31 GMT
![]()  Let's have a conversation, absolutely. But why not do it here? Registering to comment is quick and easy. So what do us lenders know? Only what Ly have told us... Maybe you can't see that, so I'll precis it: As we both know, the loan was initially drawn down in Feb 2017. Tranche 1 was £470k for nine months. Tranche 2 came along a couple of weeks later, taking it to £650k for nine months. Tranche 3 mid-April, then Tranche 4 in May taking it to £900k. Tranche 5 in August. The term was formally extended by six months in November 2017. By April 2018, and the opening of the C***** S***, we were up to Tranche 9 with a reassurance that refinancing would happen in time for the agreed term expiry. It's showing on the platform now as £1.25m borrowed. May 2018 was the first loan comment about the loan being overdue for repayment. The loan comments state that receivers weren't appointed until August 2018, once your attempts to refinance fell through. Then by late September 2018, there was another plan involving equity investors... By the start of November 2018, that had fallen through, too, and we were being offered a significant shortfall in our capital. That was when seeking vacant possession was first mentioned. February and March 2019 saw further refinancing and purchase offers on the table, but they fell through. In May 2019, Ly hit the skids and RSM came in... A year after the amended date, two and a quarter years into the original nine month term. In July 2019, the courts agreed a 28-day possession order, but it didn't take long for that to be put on hold to try to rescue the situation. By September 2019, there was talk of another refinance. But by the end of October 2019, we were being told there was no sign of repayment or refinance... So, by that last comment we were already a year and a half past the repayment being due. And that's nearly a year ago now. That's what we know of this situation. Perhaps that's not quite the same as the view from your perspective? So tell us. But doing half the story on Facebook seems a bit... public... don't you think? Do you really want all your customers knowing this fairly sorry timeline...? Remember, as a lender, I'm contractually bound not to <hides cape, puts underpants back inside> reveal my identity to a borrower. Meanwhile, here we are, two and a quarter years after that first "overdue" comment, over three and a half years after we lent you the money for a year... and we'd quite like it back. "All of it" would be very nice. "Most of it" will be acceptable by now. Even "some of it" would be an improvement from our perspective... I'm on your side. I want you to succeed. Your place is lovely, and has immense scope. Yes, I have reservations about the location (and you can't really say I'm wrong, can you?) - but it's such a shame your plans to develop the site haven't got further forward - even before the current situation - and I agree with you about re-openings in the present climate. We're not the greatest fans of Ly here, these days, either... So if we're all being lied to... It'd be nice to hear your side. Right now, we're all thinking "Yep, perhaps they did behave badly, but only after they needed to bring in the recoveries because you guys weren't repaying..." - and frankly, with a lot of other loans, a bit more aggression in the recovery department would have been welcome.
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Post by mrpc on Aug 6, 2020 14:04:17 GMT
Dear All,
First time poster, my username should provide a clue...
adrianc, following legal advice regrettably I'm unable to post sensitive information on an open forum.
What I can say is that you have not been given an accurate version of events.
LY, R*M and Sa***ls llp receivers are in breach of a total of 9 FCA Handbook regulations relating to our case only.
Between them they have systematically scuppered a total of 3 deals on agreed terms with one (March '19) being reneged upon 24 hours prior to transfer of funds.
The original refinance in May '18 fell through purely due to the negligence of a valuer and blame cannot be apportioned to the above.
The behaviour of LY, R*M and Sa***ls has lead to the prolonged involvement of my MP who in turn was in discussions with Andrew Bailey (formally FCA).
From the start, all we have asked for is open dialogue, firstly with LY and subsequently with R*M.
Attempts have been made by myself, my solicitors, my broker and since December '19 a professional company of strategists all to little or no avail.
R*M now appear to have handed the recovery process back to LY despite assurances by a partner in December '19 that he would oversee negotiations.
In October '19 I made a formal complaint to R*M this was ignored as was a subsequent prompt.
After another email to an R*M partner cc'ing their entire board, the FCA, my MP, everyone at LY and more, I received a reply stating their solicitors would respond to mine.
Of course this never happened.
It is now my intention with the offer of assistance from my MP to make a formal complaint to the Insolvancy Service Gateway.
I have now spent over £25k on conveyancing fees only to have the actions or inactions of the so called recovery teams cause lenders to walk away in disgust.
As stated on our FB post, I am happy to meet at any time and demonstrate the mountain of evidence we have to corroborate the above.
We continue to source funding to pay back investors, however the attitude at R*M must change in order for us to do so.
My offer of a conversation or meeting is extended to all and if it concerns you I do not expect to be given your names.
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Post by angel19 on Aug 6, 2020 17:18:35 GMT
I am sure all these irritations are annoying to the borrowers. But I am more concerned with the lenders who have handed over more than £1.25 million and received little in return. Obvious questions for example why no interest has been serviced for over two years go unanswered. I’m sorry, but I cannot feel sorry for the borrower while my money is funding their current business with no return or prospect of recovery.
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