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Post by owen on Jul 7, 2018 20:16:47 GMT
....latest set of update seems to be nonsense that Lendy should be stopping....
...they're looking to sell units off plan.... when they haven't shifted the units that are actually built...
If they can't refinance the land to the same level as lendy lent them - borrower should be putting their hand in their pocket....
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Post by charliebrown on Jul 9, 2018 11:43:30 GMT
....latest set of update seems to be nonsense that Lendy should be stopping....
...they're looking to sell units off plan.... when they haven't shifted the units that are actually built...
If they can't refinance the land to the same level as lendy lent them - borrower should be putting their hand in their pocket....
There’s little incentive for borrowers to resolve these problems quickly. The consequences of doing nothing are seemingly nothing. A stalemate perpetuated by fortnightly BS updates.
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ilmoro
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'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 Jul 9, 2018 12:18:46 GMT
....latest set of update seems to be nonsense that Lendy should be stopping....
...they're looking to sell units off plan.... when they haven't shifted the units that are actually built...
If they can't refinance the land to the same level as lendy lent them - borrower should be putting their hand in their pocket....
There’s little incentive for borrowers to resolve these problems quickly. The consequences of doing nothing are seemingly nothing. A stalemate perpetuated by fortnightly BS updates. These loans seem to be taking much the some course as this borrowers previous loans on another platform, delays & frustration in achieving the borrowers plans, and with the platform cooperating but chivying them along ...
the result ... full repayment of all capital & interest.
Question is are Lendy chivying & are they as competent as the other platform in managing such borrowers. The borrowers strategy is perfectly logical as its two loans for a project where parts are at different stages of development.
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Post by stevie on Oct 18, 2018 21:13:39 GMT
Partial repayment of 22.5% paid back on PBL163 after one of the five houses is now sold. Pretty positive news!
The LTV has stayed pretty much the same, so I guess not a lot of profit on these sales, so probably going to need all 5 houses sold before this loan completes.
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sl75
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Post by sl75 on Oct 19, 2018 11:03:55 GMT
The LTV has stayed pretty much the same, so I guess not a lot of profit on these sales, so probably going to need all 5 houses sold before this loan completes. If all 5 sales resulted in the same repayment amount, the sequence of LTV values based on the reducing capital balance for PBL163 would be:
70% -> 68% -> 64% -> 57% -> 35%
Even if all 5 sales are not achieved within a reasonable amount of time, each reduction in LTV (and especially so the one from the 4th sale) would seem likely to make refinancing onto a lower-cost product with a lower maximum LTV more viable for the borrower...
... at least until you take the overdue interest into account - which a "back of envelope" calculation suggests will not be fully repaid even by the 5th sale, unless the borrower funds it from some other source.
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ilmoro
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Post by ilmoro on Oct 19, 2018 11:31:08 GMT
I make the current situation £10k short of all sums required today to repay lenders, a deficit increasing by £270 a day which means 60 days until the bonus has gone.
Except it has already gone as that ignores Lendy interest, default charges & exit fees so a good result would be capital and a bit of interest, likely result is a modest capital loss.
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sl75
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Post by sl75 on Oct 19, 2018 11:53:52 GMT
I make the current situation £10k short of all sums required today to repay lenders, a deficit increasing by £270 a day which means 60 days until the bonus has gone.
Except it has already gone as that ignores Lendy interest, default charges & exit fees so a good result would be capital and a bit of interest, likely result is a modest capital loss.
Do you have reason to believe that the remaining 4 units are significantly less value than the one already sold? 4 more payments of the same amount already repaid to lenders from the first sale (after Lendy and others have presumably had their cut) will easily repay the capital, with around £135k to go towards interest etc.
If it's fairly close, I'd also not be surprised if Lendy reduced their cut slightly just so they can make a full interest payment to lenders and put this one to bed as "fully repaid", so they can highlight it as another successful full recovery rather than having to fall back on other recovery methods such a small amount.
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ilmoro
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Post by ilmoro on Oct 19, 2018 13:34:48 GMT
I make the current situation £10k short of all sums required today to repay lenders, a deficit increasing by £270 a day which means 60 days until the bonus has gone.
Except it has already gone as that ignores Lendy interest, default charges & exit fees so a good result would be capital and a bit of interest, likely result is a modest capital loss.
Do you have reason to believe that the remaining 4 units are significantly less value than the one already sold? 4 more payments of the same amount already repaid to lenders from the first sale (after Lendy and others have presumably had their cut) will easily repay the capital, with around £135k to go towards interest etc.
If it's fairly close, I'd also not be surprised if Lendy reduced their cut slightly just so they can make a full interest payment to lenders and put this one to bed as "fully repaid", so they can highlight it as another successful full recovery rather than having to fall back on other recovery methods such a small amount.
No, but then I never discount Lendy/borrowers capacity to surprise. To be fair this borrower had much the same sitution on AC, massive overrun but they did achieve full repayment of all sums owed eventually IIRC.
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sl75
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Post by sl75 on Oct 24, 2018 9:17:49 GMT
So, the update on 28/09/2018 indicated we were expecting two sales to complete "in the next couple of weeks".
We did indeed receive payment of half the amount predicted, indicating that one sale did indeed complete as predicted.
Do we know if today's appointment of administrators means that the second sale has fallen through due to buyers pulling out? ... or even worse would the appointment of administrators directly prevent the second sale from completing as scheduled if it was still progressing? ... or maybe the second sale did complete with funds now in transit, and Lendy are appointing administrators to deal with only the final 3 from phase 1 together with phase 2 in whatever state it currently stands?
Guess I'll just need to wait for the "Further updates ... provided in due course".
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invester
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Post by invester on Oct 25, 2018 8:33:56 GMT
Let's face it, a sale could fall through any time before exchange without repercussion for the purchaser. In these times I can see that happening a bit, because the same property might be cheaper in a few months.
At no time did Lendy say that exchanges had taken place, more that they 'expected them to complete in the next few weeks'. That could easily mean exchange was expected imminently with completion shortly after, as per the norm.
It would be a pretty fundamental question for Lendy to ask whether contracts had been exchanged before verifying the completion timescale - and they could easily have mentioned that exchange had not taken place in the updates. That they did not would be because it would make the news sound less good.
The fact that it has now gone to receivers suggests to me that the sale has gone, and discounting the rest of the houses should see the loan being repaid.
The other loan looks more problematic, again over a million quid advanced on a bit of land with nothing done to it.
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rocky1
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Post by rocky1 on Oct 25, 2018 9:23:13 GMT
a bit of land with nothing done on it.a few of these massive student DFLs that have had millions so far for land purchase,planning,enhanced planning,extensions,etc.these are all still little bits of land with massive GDVs and not even started yet. where are the millions of pounds that are going to be needed to fund these schemes coming from?lendys last legs?
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sl75
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Post by sl75 on Oct 25, 2018 12:37:07 GMT
Let's face it, a sale could fall through any time before exchange without repercussion for the purchaser... Sure, and Lendy could update us with the current status at any time (except in cases where they judge that this would impair the recovery process, which doesn't seem to apply here).
I realise that this is just one of a growing trend of status updates that completely fail to acknowledge that what was stated in the previous status update didn't happen. I suspect that there are additional "internal-use-only" status logs, and that they forget that certain information (like the status of the sale that hasn't been completed) has not been passed on to investors.
I also realise that as the loan has already been suspended for many months, and is likely to remain suspended until repaid, that there's no action I can take in response to the updates (e.g. buying more or selling out), but if they're going to provide updates, why not do them properly?
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invester
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Post by invester on Oct 25, 2018 12:58:36 GMT
I think we all might guess the answer to that: providing detailed updates (like those we have seen on other sites) kind of sets a precedent, because everyone will be asking for them on other loans.
At the moment there is no argument that current updates are all consistently vague.
If the sale of the other property was imminent and took down the LTV to a decent level there would be no need for the suspension and Lendy Wealth might even get involved in it to purchase the secondary market parts as it would have a good chance of producing its target returns for investors.
I have to say I don't like PBL164 (and this is the ones I am stuck with). The plans that didn't show enough detail (in 2017) seem quite alarming to me, and I do wonder whether they might get done over with a similar issue to Exeter/IOW.
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ilmoro
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Post by ilmoro on Jan 22, 2019 15:12:18 GMT
Another 200k repaid on PBL163
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Post by peterpea on Jan 22, 2019 16:34:39 GMT
Does anyone know why there is no interest or bonus paid on this capital repayment on 163 ?
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