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Post by tinkerbell59 on Aug 11, 2020 7:37:32 GMT
If you reach a deal and get most or all of your money back..then surely we all should,, aren't we all equal?.. I'm not attempting to get my money back, I'm fighting eviction from my home, my business and my young son's future. I have done everything by the book and to the letter. The second an incompetent valuer made a complete hash of the valuation report I required to redeem the Lendy loan on time and in full, Lendy then had their chance to ruin all our lives. By coming on this forum I willingly entered the lions den and I did so to give you some clarity where Lendy would not. You're correct, Lendy and others have, and continue to screw us all equally.
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Post by tinkerbell59 on Aug 11, 2020 7:41:01 GMT
mr pc can you tell us in your own words how much you borrowed please? we were told our ltv was 55%. then the value of the property went up and the ltv was 65%
I can see you borrowed circa £1.2million. and originally the value was the same, then it was increased by circa 300,000. so how does that equate to the percentages we were given? can you shed any light please?
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Post by mrpc on Aug 11, 2020 9:54:07 GMT
mr pc can you tell us in your own words how much you borrowed please? we were told our ltv was 55%. then the value of the property went up and the ltv was 65% I can see you borrowed circa £1.2million. and originally the value was the same, then it was increased by circa 300,000. so how does that equate to the percentages we were given? can you shed any light please? Following on from my first post, I'm unable to go into specifics at this point I'm afraid. This isn't my decision, I'm just following advice as I have done throughout. I hope you understand my position.
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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 Aug 11, 2020 10:54:22 GMT
mr pc can you tell us in your own words how much you borrowed please? we were told our ltv was 55%. then the value of the property went up and the ltv was 65% I can see you borrowed circa £1.2million. and originally the value was the same, then it was increased by circa 300,000. so how does that equate to the percentages we were given? can you shed any light please? It was a development loan so the LTGDV would change through the course of the loan where Lendy used the final GDV as the benchmark figure. Initially it was 29% LTGDV and 8%, then 40% on the second tranche, and so on until it hit max LTGDV or would have if it hadnt had a valuation bump to allow a bit more to be lent (needed to cover an interest rate bump as well). The underlying LTV would obviously increase against the valuations provided but then value of WIP has to be taken into account which after a point should increase the value of the property as it moves towards the ultimate GDV. The question is where on the J curve the property is now as I believe the works were not complete (at least Lendy never indicated PC) which will inevitable affect the value in a distressed sale. Very important that LTV & LTGDV arent mixed up. The loan was always advertised as LTGDV on the loan page if not the list page
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adrianc
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Post by adrianc on Aug 16, 2020 12:30:50 GMT
It was a development loan so the LTGDV would change through the course of the loan where Lendy used the final GDV as the benchmark figure. Initially it was 29% LTGDV and 8%, then 40% on the second tranche, and so on until it hit max LTGDV or would have if it hadnt had a valuation bump to allow a bit more to be lent (needed to cover an interest rate bump as well). The underlying LTV would obviously increase against the valuations provided but then value of WIP has to be taken into account which after a point should increase the value of the property as it moves towards the ultimate GDV. The question is where on the J curve the property is now as I believe the works were not complete (at least Lendy never indicated PC) which will inevitable affect the value in a distressed sale. Very important that LTV & LTGDV arent mixed up. The loan was always advertised as LTGDV on the loan page if not the list page Indeed. GDV is given on the loan page as £1.9m, with a loan value of £1.2m - 65% LTGDV The loan details say... "The property is in the process of being refurbished to provide eight holiday lets, a storage barn and a range of outbuildings.
Approximately 1.95 acres of the land could be separated from the main site if necessary.
It was purchased by the present owners for £750,000 in February 2016 and planning permission has recently been granted to convert the property into a private residence, eight self-catering holiday lets, indoor swimming pool and spa facilities, and a café/ shop."The details also say that work was expected to take 5-6 months. The cafe has been up and running since March 2018, over a year after the first tranche was drawn down. The private residence is, presumably, in a habitable standard although we have no idea how complete. None of the rest is trading, although there have been public statements that some of them weren't far away a while back. I was told by Mr PC that the homeware shop was "imminent", and the accommodation was "weeks away" when we met in the flesh in May 2019. Perhaps, Mr PC, you could give us a clue as to the issues with the development timescales? Are you likely to be in a position to trade from some or all of those other facilities in the near future? (Obvs, Covid notwithstanding)
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Post by mrpc on Aug 17, 2020 12:18:16 GMT
We had a number of issues with Lendy throughout the build.
One particular time they were unable to pay the requested tranche on time which let me to lay off various trades until funding had been secured.
This event happened to coincide with the days surrounding Cowes Week...
At one point they withdrew all funding until I had injected further funds myself. The figure they required from me varied wildly from day to day.
They then stated that they would only 'consider' future funding once I had committed the additional funds.
This caused a three month stand off with no works undertaken until I received confirmation that they would honour the future payments.
This effectively caused me to require the extension.
Each time trades were layed off, as you'll appreciate it then took time to get them back onsite.
The final tranch was however not honoured in full despite my understanding subsequently that it was fully subscribed by investors.
This again created its own problems.
Each fraustrated attempt we have made to refinance has included the shortfall from Lendy and also the cost to furnish the cottages, without which clearly we cannot open.
When J****n C***ke of Savills was appointed as llp receiver, at the end of his first visit in August '18 he informed me that P****** would be on the market by December that year.
Had I known at the time this was not to be the case, I would have raised the funds required to commence trading the cottages and shop and would have had the trading figures required to approach high street lenders some time ago without the need for a further bridge from second tier lenders.
adrianc, when we met I was again confident of an impending refinance however again Lendy's behaviour and their subsequent administration caused one of the two potential funders to withdraw their offer.
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Post by tinkerbell59 on Aug 19, 2020 12:47:54 GMT
we know who financed Cowes Weeks now then! or paid for the champers omg this debacle its worse
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MarkT
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Post by MarkT on Aug 19, 2020 15:29:10 GMT
It looks like we were all completely bonkers, lenders and borrowers alike, to get involved with this bunch of crooks.
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Post by tinkerbell59 on Aug 21, 2020 8:59:45 GMT
We had a number of issues with Lendy throughout the build. One particular time they were unable to pay the requested tranche on time which let me to lay off various trades until funding had been secured. This event happened to coincide with the days surrounding Cowes Week... At one point they withdrew all funding until I had injected further funds myself. The figure they required from me varied wildly from day to day. They then stated that they would only 'consider' future funding once I had committed the additional funds. This caused a three month stand off with no works undertaken until I received confirmation that they would honour the future payments. This effectively caused me to require the extension. Each time trades were layed off, as you'll appreciate it then took time to get them back onsite. The final tranch was however not honoured in full despite my understanding subsequently that it was fully subscribed by investors. This again created its own problems. Each fraustrated attempt we have made to refinance has included the shortfall from Lendy and also the cost to furnish the cottages, without which clearly we cannot open. When J****n C***ke of Savills was appointed as llp receiver, at the end of his first visit in August '18 he informed me that P****** would be on the market by December that year. Had I known at the time this was not to be the case, I would have raised the funds required to commence trading the cottages and shop and would have had the trading figures required to approach high street lenders some time ago without the need for a further bridge from second tier lenders. adrianc, when we met I was again confident of an impending refinance however again Lendy's behaviour and their subsequent administration caused one of the two potential funders to withdraw their offer.
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Post by tinkerbell59 on Aug 21, 2020 9:02:59 GMT
hi mr pc. can you go into more detail when you say "the amounts required altered wildly each day" please I get your frustration in part and unless you have dialogue nothing much is achieved. with the passage of time can you explain to us if you have made another offer to settle this please? if your offer covers all the capital and some interest I think we would all be in a better position. unless someone else knows more?
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Post by tinkerbell59 on Jan 21, 2021 13:10:02 GMT
we know who financed Cowes Weeks now then! or paid for the champers omg this debacle its worse
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adrianc
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Post by adrianc on Feb 9, 2021 16:32:14 GMT
mrpcAny update? I know it's been a torrid six months since you were last here, but hopefully spring is just round the corner metaphorically as well as literally...
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adrianc
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Post by adrianc on Sept 9, 2021 7:50:08 GMT
mrpc Any update? I know it's been a torrid six months since you were last here, but hopefully spring is just round the corner metaphorically as well as literally... And there was an update on FB, just before the bank holiday. Trading again soon. Finally. Ish. Maybe.  Gawd knows what's kept them so long - everywhere else locally has been trading relatively normally for months, and it certainly can't be because infection rates have fallen, nationally and especially locally...
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adrianc
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Post by adrianc on Oct 8, 2021 11:45:19 GMT
Look who's back...  Just in time for tourist season. |
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Post by mrpc on Oct 10, 2021 1:31:36 GMT
mrpc Any update? I know it's been a torrid six months since you were last here, but hopefully spring is just round the corner metaphorically as well as literally... And there was an update on FB, just before the bank holiday. Trading again soon. Finally. Ish. Maybe. Gawd knows what's kept them so long - everywhere else locally has been trading relatively normally for months, and it certainly can't be because infection rates have fallen, nationally and especially locally... Hello all, Apologies for the lack of update although I would have expected RSM to have kept you informed. Firstly adrianc : Investing considerable sums to reopen a business which relied on an asset that as you know was no longer in my possession and from which we were facing eviction obviously makes no commercial sense... For this reason the decision to reopen was only made once we had successfully refinanced back in August. It would appear that RSM are content with sitting on a seven figure sum that is by rights yours. Why they are doing this is not for me to question. Whilst I appreciated adrianc's initial concern regarding lender confidentiality, as you are now no longer investors in Penrhos Court I believe we are free to discuss the situation in person. In light of recently discovered and potentially criminal activity within the recovery process I am reluctant to speak openly on this forum. I can however be contacted by the means mentioned in previous posts. Wishing you all the very best...
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