dermot
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Post by dermot on Oct 3, 2017 17:32:05 GMT
It has been pointed out above that DFL016 and 017 are the same borrower. British Virgin islands family trust, bankrupt, fronting director aged 21. Squeaky clean, no worries. And has the borrower's family trust solicitor on the BVI even survived the 155MPH hurricane winds of Maria last month? I could foresee some real sob stories with that excuse ...
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cwah
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Post by cwah on Oct 3, 2017 17:55:25 GMT
It has been pointed out above that DFL016 and 017 are the same borrower. British Virgin islands family trust, bankrupt, fronting director aged 21. Squeaky clean, no worries. Where can you see that? Or is it sarcasm?
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Post by bracknellboy on Oct 3, 2017 18:51:38 GMT
It has been pointed out above that DFL016 and 017 are the same borrower. British Virgin islands family trust, bankrupt, fronting director aged 21. Squeaky clean, no worries. And has the borrower's family trust solicitor on the BVI even survived the 155MPH hurricane winds of Maria last month? I could foresee some real sob stories with that excuse ... Yep, they're fine. I'm reliably informed they made a speedy getaway in a certain Power Boat.
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jaswells
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Post by jaswells on Mar 26, 2018 10:27:52 GMT
Been offered to vote on this. Agree to auction with potential of 40-50% capital repayment @350k or put on open market. Any thoughts? Just realised this was a 9% loan.  , never again. |
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Jeepers
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Post by Jeepers on Mar 26, 2018 10:31:50 GMT
All of a sudden, Lendy seem to be accepting there will be losses and putting these properties into auction, instead of prolonging it for 500+ days whilst they 'progress with their recovery strategy but cannot expedite it' or whatever the usual BS line is.
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jaswells
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Post by jaswells on Mar 26, 2018 10:33:05 GMT
Yes there a clear out, and will be make or break for Lendy. Too many with 50% repayments and I think some investors will be lost forever.
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zlb
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Post by zlb on Mar 26, 2018 11:09:32 GMT
They imply that sale on open market would not be followed by recovery of excess by additional means; whereas if auctioned, there would be additional recovery. Is this true, or a questionnaire design fault? Ie if it goes to open market, dies that legally mean one can't continue to recovery the loan by other means?
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bramhall17
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Post by bramhall17 on Mar 26, 2018 11:12:36 GMT
Makes sense IMO to take the auction cash and then pursue other routes subsequently
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mary
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Post by mary on Mar 26, 2018 11:52:48 GMT
Compared to the recent auction of the Castle (30% recovery) and now DFL16 with a (maybe) 50% recovery of capital over on L, this is a good outcome.
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rocky1
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Post by rocky1 on Mar 26, 2018 12:57:25 GMT
Compared to the recent auction of the Castle (30% recovery) and now DFL16 with a (maybe) 50% recovery of capital over on L, this is a good outcome. so as LENDY now try to clear out all the IA/SUS/DEF we are supposed to be happy with 30/40/50% recovery of capital. what is bloody good about this outcome.so you will be happy to get 50% of your money back from every loan you are in.this does not seem a good outcome at all if LENDY are going to deal with the rest of the dark side of the loan book in this way.this all makes LENDYs home pages read like you are not even looking at the same company it is completely giving potential lenders false sense of security with the get out of YOUR CAPITAL IS AT RISK. that is about the only true statement inthe whole made up jackanory marketing spin .
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invester
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Post by invester on Mar 26, 2018 13:22:03 GMT
Exactly, every recovery has to be judged on the facts and both the fortified house and this are frankly disasters.
What was the adverse issue that caused such a major drop in price? Using the ultimate ceiling price doesn't seem viable, as wasn't it these same values that the GDV was based on?
ISTM that someone can acquire the land and build something at a much lower cost than the c.£760k build cost and be massively in profit considering the area.
It almost sounds to me that Lendy are trying to push people towards the exit.
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mary
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Post by mary on Mar 26, 2018 13:35:15 GMT
Compared to the recent auction of the Castle (30% recovery) and now DFL16 with a (maybe) 50% recovery of capital over on L, this is a good outcome. so as LENDY now try to clear out all the IA/SUS/DEF we are supposed to be happy with 30/40/50% recovery of capital. what is bloody good about this outcome.so you will be happy to get 50% of your money back from every loan you are in.this does not seem a good outcome at all if LENDY are going to deal with the rest of the dark side of the loan book in this way.this all makes LENDYs home pages read like you are not even looking at the same company it is completely giving potential lenders false sense of security with the get out of YOUR CAPITAL IS AT RISK. that is about the only true statement inthe whole made up jackanory marketing spin . Apologies, I meant that the potential 90% recovery against the Hotel on MT is a (relatively) good outcome, this is obviously very bad.
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rocky1
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Post by rocky1 on Mar 26, 2018 13:44:50 GMT
hi mary my statement was not aimed at you at all it is the frustration of being manipulated by LENDY for their own gains and being totally helpless to do any thing but watch our funds dissapear. of course we all know capital is at risk but LENDY never really said this sort of risk other wise they would only have the real gamblers on register
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webwizard
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Post by webwizard on Mar 26, 2018 13:57:27 GMT
Valuation report section 13.6 gave this as £890,000 in the state it was in at valuation..... now £350k.
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wilja
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Post by wilja on Mar 26, 2018 14:35:49 GMT
I just don't understand how RICS red book standard valuation can be this far out and not be called into a question as incompetent. Surely for this valuation and many others likely by the same valuers to be this far out has some case for challenge. I know the risk is relative to 13% return but that is based on the valuation being plausible with a little extra due diligence from myself.......BAAAAAHHHHHHH!
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, never again.
