debaura
Member of DD Central
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Post by debaura on Aug 26, 2018 7:22:08 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 It is suggested that the property was withdrawn from Allsop because of this issue.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. I am also firing off abou this one.
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Post by brightspark on Aug 26, 2018 18:53:36 GMT
The more the merrier. In spite of optimism from some quarters I think the lack of concrete proposals points towards a bad outcome for lenders. In Lendy world no news is not good news.
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Post by balloonthief on Aug 26, 2018 19:53:48 GMT
The more the merrier. In spite of optimism from some quarters I think the lack of concrete proposals points towards a bad outcome for lenders. In Lendy world no news is not good news. I fully understand your uncertainty and frustration with lendy but before causing your self anguish wouldn't it be better to find out all the facts first? I highly recommend you give them a call if that is how your feeling because you don't know all that is going on behind the locked vault of lendy.
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Post by Proptechfish on Aug 26, 2018 20:20:21 GMT
I fully understand your uncertainty and frustration with lendy but before causing your self anguish wouldn't it be better to find out all the facts first? I highly recommend you give them a call if that is how your feeling because you don't know all that is going on behind the locked vault of lendy. What a beautifully serendipitous line. I think thats where a lot of the frustration comes from as lenders/investors we spend time conducting DD and pick out a deal thats sounds reasonable based on the limited information made available. As soon the funds are committed the door slams shut and the security of our funds becomes entirely reliant on the competence of LY which far too often has been found wanting. We make the decision where to invest, using our funds and taking all of the risk while LY remain largely insulated to any level risk. I don't know what the answer is other than walk away but i can understand the frustration and where its coming from.
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Post by brightspark on Aug 27, 2018 8:21:08 GMT
The more the merrier. In spite of optimism from some quarters I think the lack of concrete proposals points towards a bad outcome for lenders. In Lendy world no news is not good news. I fully understand your uncertainty and frustration with lendy but before causing your self anguish wouldn't it be better to find out all the facts first? I highly recommend you give them a call if that is how your feeling because you don't know all that is going on behind the locked vault of lendy. Other than for limited reasons of business confidentiality why is it that I have to go through some mythical locked vault in order to be told information that should already have been made available on the website? Are you not overlooking the fact that it is the money of lenders' that is at stake? The way Lendy have behaved over the previous 12 months are not those of a business operation - ducking and diving, weasel words, now you see it now you don't, jam tomorrow etc. I have only a small sum invested in this and little left within the Lendy umbrella of loans but the shenanigans concerning the Marylebone loan, from the moment the money was released to the borrowers, have not boded well. For me it was the final nail in Lendy's coffin. Pleadings with Lendy to change its approach has got nowhere. Lendy's best interests are served by openness, a solid body of loans with risks properly described and a well motivated recoveries team all working in harmony. Uncertainty -no, frustration-no, anguish no. - Irritation that Lendy can't do better yes!
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Post by balloonthief on Aug 27, 2018 8:45:14 GMT
I fully understand your uncertainty and frustration with lendy but before causing your self anguish wouldn't it be better to find out all the facts first? I highly recommend you give them a call if that is how your feeling because you don't know all that is going on behind the locked vault of lendy. Other than for limited reasons of business confidentiality why is it that I have to go through some mythical locked vault in order to be told information that should already have been made available on the website? Are you not overlooking the fact that it is the money of lenders' that is at stake? The way Lendy have behaved over the previous 12 months are not those of a business operation - ducking and diving, weasel words, now you see it now you don't, jam tomorrow etc. I have only a small sum invested in this and little left within the Lendy umbrella of loans but the shenanigans concerning the Marylebone loan, from the moment the money was released to the borrowers, have not boded well. For me it was the final nail in Lendy's coffin. Pleadings with Lendy to change its approach has got nowhere. Lendy's best interests are served by openness, a solid body of loans with risks properly described and a well motivated recoveries team all working in harmony. Uncertainty -no, frustration-no, anguish no. - Irritation that Lendy can't do better yes! Your absolutely correct. They are shocking and everything about this loan stinks. I agree with everything you say and it doesn't matter how much you have invested... They should treat every investment size the same. However, (after a 50 minute telephone call with the lead debt recovery officer in charge of this loan) I can understand some of what is going on behind the scenes and why they are not posting more information qon the website at this time. I can't go in to more information than that. It's easy to complain and moan and yes I totally agree they as lenders we have a right to be aggrieved by the way Lendy has acted. So I took that complaint to Lendy and threatened legal action. In the end it was good speaking to a Human being on the end of the phone that had answers to my questions and answers as to why they are not posting any updates as yet. We have options and they are being explored, these things take time.
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TenKay
Member of DD Central
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Post by TenKay on Aug 27, 2018 9:49:52 GMT
although i understand things progress slowly what irks me yet again is the disparity between the agreed value and the proposed sale value
The property is valued at £10,647,000.
auction valuation 6m
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Post by loftankerman on Aug 27, 2018 9:59:57 GMT
although i understand things progress slowly what irks me yet again is the disparity between the agreed value and the proposed sale value
The property is valued at £10,647,000.
auction valuation 6K
6K? I'll have it!
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Post by charliebrown on Aug 27, 2018 14:24:25 GMT
Looks like another big mess. Asset to (eventually) be sold for a huge loss and the losses to be moved under the “claims underway tab” where they will sit in a state of suspended animation for eternity.
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Post by brightspark on Aug 29, 2018 18:20:51 GMT
Update on my previous posting - Lendy felt unable to answer my query concerning the presence or absence of a first charge on the property. I was advised that any further information would be provided in due course by updates as and when they became available. One could regard this as being economical with the truth/stonewalling/rather ominous or as simply a matter of business confidentiality. Eventually the truth will out. In the meanwhile I will of course continue not to provide Lendy borrowers with any more of my hard earned money.
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debaura
Member of DD Central
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Post by debaura on Sept 15, 2018 9:39:12 GMT
although i understand things progress slowly what irks me yet again is the disparity between the agreed value and the proposed sale value
The property is valued at £10,647,000.
auction valuation 6m
Do you know where this is being auctioned?
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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 Sept 15, 2018 10:05:41 GMT
although i understand things progress slowly what irks me yet again is the disparity between the agreed value and the proposed sale value
The property is valued at £10,647,000.
auction valuation 6m
Do you know where this is being auctioned? Might be wrong but don't think it is. I suspect he's found the previous listing which was withdrawn when the borrower claimed to have a refinance package. Google the street & receivers and you should find it. As far as the valuation goes, as soon as property goes into recovery all bets are off. It's become obvious valuations are only for sales in normal market conditions, even the quick sale ones. No valuation ever contains a distressed sale value, in fact I'm not sure any valuer would give one (I've seen some where they state they aren't allowed to) as they can't determine the assumptions required as circumstances will always differ. So I'm afraid when it goes to recoveries, expect the worst, and hope for the best, the more complicated/odd the security the more likely the former ISTM.
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GeorgeT
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Post by GeorgeT on Sept 15, 2018 10:51:05 GMT
Cement poured down pipes, holes drilled in plumbing, legal complications, all sorts of creditors coming out of the woodwork ..... You only pay a knockdown price for a repo.
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Post by loftankerman on Sept 15, 2018 13:17:45 GMT
Do you know where this is being auctioned? Might be wrong but don't think it is. I suspect he's found the previous listing which was withdrawn when the borrower claimed to have a refinance package. Google the street & receivers and you should find it. As far as the valuation goes, as soon as property goes into recovery all bets are off. It's become obvious valuations are only for sales in normal market conditions, even the quick sale ones. No valuation ever contains a distressed sale value, in fact I'm not sure any valuer would give one (I've seen some where they state they aren't allowed to) as they can't determine the assumptions required as circumstances will always differ. So I'm afraid when it goes to recoveries, expect the worst, and hope for the best, the more complicated/odd the security the more likely the former ISTM. It is reasonable that they shouldn't be allowed to speculate on the value in a distressed sale, as it could lead to the possible return at auction being limited by that valuation to everyone's detriment, apart from the purchaser. That risk aside, it ought to result in fewer over optimistic loans.
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sarahcount
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Post by sarahcount on Sept 27, 2018 11:00:20 GMT
Any one else received an e-mail that's 'time sensitive and urgent update'?
My e-mail server suggests that that it's a scam. (The e-mail - not the loan. But now you mention it...)
I'm reluctant to open it - having only got £1 invested here and can't see what could be quite so time sensitive.
Logged onto the platform and nothing showing.
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