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Post by brightspark on Aug 18, 2018 15:33:04 GMT
The Estate Agent publicly accessible property website states that the property has been withdrawn. Asking price was offers in excess of £6M.
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Post by Proptechfish on Aug 18, 2018 15:39:22 GMT
The Estate Agent publicly accessible property website states that the property has been withdrawn. Asking price was offers in excess of £6M. I do recall it being marketed, but i checked before I posted it had indeed disappeared...
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Post by balloonthief on Aug 24, 2018 16:29:10 GMT
I have spoken to lendy directly regarding this loan. I believe we shall get a substantial update within the next 3 months with clear direction on the recovery method and situation.
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dovap
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Post by dovap on Aug 24, 2018 16:45:59 GMT
Is it fingers crossed and hope for the best on the lottery ?
it is isn't it
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Post by balloonthief on Aug 24, 2018 18:48:56 GMT
Is it fingers crossed and hope for the best on the lottery ? it is isn't it Ha, well that's what I've been doing that past year... 😬 I believe they have good options ahead that will come good for investors. In order for me to discuss these matters with Lendy I had to sign a non disclosure form so I can't possibly give any more information at this time however if you would like to gain more information for yourself about this loan I highly recommend speaking to the support team about it. They should accommodate and give you a call about this loan and any others held on your loan book. I am in no way associated with lendy, I have over 5k tied up in this loan.
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Godanubis
Member of DD Central
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 Aug 24, 2018 19:43:34 GMT
Is it fingers crossed and hope for the best on the lottery ? it is isn't it Ha, well that's what I've been doing that past year... 😬 I believe they have good options ahead that will come good for investors. In order for me to discuss these matters with Lendy I had to sign a non disclosure form so I can't possibly give any more information at this time however if you would like to gain more information for yourself about this loan I highly recommend speaking to the support team about it. They should accommodate and give you a call about this loan and any others held on your loan book. I am in no way associated with lendy, I have over 5k tied up in this loan. I think we will all be able to claim PIP in the future because we won't be able to look after ourselves because our fingers were ruined from being permantly crossed due to iffy loans.
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Post by brightspark on Aug 24, 2018 20:25:09 GMT
I've been scratching me head about this balls up for a while now. LY have a first legal charge over the property, the update on the 25/05/2018 state the property will be listed for sale on the 30/05/2018. Every update since - 'Legal proceedings to recover the outstanding capital, accrued interest and bonus accrual are progressing although we will continue to explore all settlement options with the borrower.' Why would a proposed sale of an asset suddenly turn to a legal proceeding ? I don't think LY are in possession of an enforceable 1st legal charge over this property at all, given the amount of paper work missing from the original loan agreement, this wouldn't be a surprise to me. So the 'Legal proceedings' i would say is referring to the 2nd legal charge (Debenture, Personal Guarantee). If the borrower truly has absconded to the BVI with a nice £7.5 million retirement package then investors are relying solely on the kindness of the borrows heart to repay any of the 'stolen capital', which ain't ever going to happen. I think the only action investors have left is a legal action against LY based on total meltdown of due process on LY's part. Regardless of their T&C's i do believe LY could well be found liable for the entire value of the loan. Other than that i would rate chances of any recovery on loan between 0-0% I am wondering if you have posed the question to Lendy of an enforceable first legal charge?
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Post by Proptechfish on Aug 24, 2018 21:49:45 GMT
I am wondering if you have posed the question to Lendy of an enforceable first legal charge? I have not personally. To be honest i'm fairly apathetic with LY these days and could only envisage a standard 'legal' stone wall response. I'll let others shake the tree and see if any credible pine cones fall out.
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Post by brightspark on Aug 25, 2018 7:54:25 GMT
OK. I have sent the following e-mail request to Lendy this morning:-
"It has been intimated that Lendy may not have an enforceable first legal charge over the property to which the above loan relates. It is suggested that the property was withdrawn from Allsop because of this issue. As an investor in this loan I am naturally concerned. I would be grateful for confirmation that Lendy does have a first legal charge over the property."
I would regard no response as ominous.
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arby
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Post by arby on Aug 25, 2018 8:21:10 GMT
OK. I have sent the following e-mail request to Lendy this morning:- "It has been intimated that Lendy may not have an enforceable first legal charge over the property to which the above loan relates. It is suggested that the property was withdrawn from Allsop because of this issue. As an investor in this loan I am naturally concerned. I would be grateful for confirmation that Lendy does have a first legal charge over the property." I would regard no response as ominous. Good email. Although they may still hide behind the legal argument, they shouldn't as they'd already informed us they have a first legal charge. Simply affirming that the information provided at the outset is correct should still be possible (assuming it's still valid).
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elsee
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Retired:D
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Post by elsee on Aug 25, 2018 8:23:22 GMT
OK. I have sent the following e-mail request to Lendy this morning:- "It has been intimated that Lendy may not have an enforceable first legal charge over the property to which the above loan relates. It is suggested that the property was withdrawn from Allsop because of this issue. As an investor in this loan I am naturally concerned. I would be grateful for confirmation that Lendy does have a first legal charge over the property." I would regard no response as ominous. Part 8.0 (Tenure) of the valuation report makes interesting reading. Lots of pitfalls there. No mention of these problems in the Lendy updates during the pipeline phase.
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Post by balloonthief on Aug 25, 2018 8:29:45 GMT
OK. I have sent the following e-mail request to Lendy this morning:- "It has been intimated that Lendy may not have an enforceable first legal charge over the property to which the above loan relates. It is suggested that the property was withdrawn from Allsop because of this issue. As an investor in this loan I am naturally concerned. I would be grateful for confirmation that Lendy does have a first legal charge over the property." I would regard no response as ominous. If you get the standard lendy reply keep at them until you get to speak to someone more senior. I did have this confirmed on my telephone call with lendy. As I mentioned before they have a couple of options with this property and we will find out what direction we will be going in a few months time. I'm confident that we will see full recovery for investors however the time scale is unknown until they decide on the route taken which still depends on a number of factors. Sorry I can't be more precise but if you want more information then ask for a telephone call through the support network.
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registerme
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Post by registerme on Aug 25, 2018 12:00:13 GMT
OK. I have sent the following e-mail request to Lendy this morning:- "It has been intimated that Lendy may not have an enforceable first legal charge over the property to which the above loan relates. It is suggested that the property was withdrawn from Allsop because of this issue. As an investor in this loan I am naturally concerned. I would be grateful for confirmation that Lendy does have a first legal charge over the property." I would regard no response as ominous. If you get the standard lendy reply keep at them until you get to speak to someone more senior. I did have this confirmed on my telephone call with lendy. As I mentioned before they have a couple of options with this property and we will find out what direction we will be going in a few months time. I'm confident that we will see full recovery for investors however the time scale is unknown until they decide on the route taken which still depends on a number of factors. Sorry I can't be more precise but if you want more information then ask for a telephone call through the support network. Not having a pop at you balloonthief , but you do have to wonder whether it's appropriate for Lendy to give out information regarding a loan selectively....
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Post by paul123 on Aug 25, 2018 13:47:09 GMT
If you get the standard lendy reply keep at them until you get to speak to someone more senior. I did have this confirmed on my telephone call with lendy. As I mentioned before they have a couple of options with this property and we will find out what direction we will be going in a few months time. I'm confident that we will see full recovery for investors however the time scale is unknown until they decide on the route taken which still depends on a number of factors. Sorry I can't be more precise but if you want more information then ask for a telephone call through the support network. Not having a pop at you balloonthief , but you do have to wonder whether it's appropriate for Lendy to give out information regarding a loan selectively.... Well yeah, but then it was only on the phone not in writing. Many p2p platforms are more....., candid, when it’s off the record.
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Post by balloonthief on Aug 25, 2018 15:41:35 GMT
Of you doubt me then ask for a telephone call your self. You will have to fill out a non disclosure form beforehand and bear in mind that they are withholding information to better their negotiation position. The person (Not naming names on purpose) I spoke to could have been any more straight down the line. I had been sending them emails threatening legal action so I think they were fairly straight up with me. If you have any doubts then make some effort so speak to them directly, it's easy to comment on here negatively about almost everything lendy does and I even mentioned how poor public relations they have. They totally understand that money is being withdrawn when ever it can, I for one used to have over 100k invested and now have under 10k because of the lack of transparency. And I will be continuing to withdraw as much as I can when possible. But as for the condition of this loan I'm quite happy that they are doing what they can, yes mistakes have been made, I brought all that up during the telephone call but they still have 1st charge and are in a position to rectify it.
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