trevor
Member of DD Central
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Post by trevor on Mar 29, 2017 15:56:39 GMT
I need PBL085 to be paid to fund this loan as per their overview write up, but I see PBL085 still can available on SM.
Edit - just badgers comment about PBL085 being repaid before this one drawn down. Oooops, need to find some cash and I must be more careful reading the write ups!
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 29, 2017 15:57:43 GMT
There is no fracking. A nice oil drilling rig and possible plans for fracking... but no fracking (yet). I can see PBL167 and some others appearing on a certain new platform soon... Didn't a national newspaper report protesters were forming a camp in the area in anticipation of fracking starting in the area this summer ? There were, but it seems to have been a protest based on misinformation. The site applied for PP to for a different process entirely called water reinjection which is basically like scraping the barrel of an existing well, not fracking. Not that it matters - not sure I would be happy to spend my holiday next to an oil drilling site! C_D Note - Not talking about this loan (conversation is about PBL167)
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cooling_dude
Bye Bye's for the PPI
Posts: 2,853
Likes: 4,298
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Post by cooling_dude on Mar 29, 2017 15:59:53 GMT
I need PBL085 to be paid to fund this loan as per their overview write up, but I see PBL085 still can available on SM. SS note that it will pay back before this loan drawsdown (possibly dome juggling going on) That could take days... or it could take weeks. 48hr rules still applies - you may want to contact SS to see what they say
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trevor
Member of DD Central
Posts: 557
Likes: 381
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Post by trevor on Mar 29, 2017 16:03:11 GMT
Just lowered my pre fund of PBL167. Sorted.
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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
Posts: 11,330
Likes: 11,549
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Post by ilmoro on Mar 29, 2017 16:52:11 GMT
Just lost its cross collateralisation. Pbl085 supposed to repay within 2 weeks which ends Fri
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withnell
Member of DD Central
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Post by withnell on Mar 29, 2017 17:36:07 GMT
From the comment "This loan will not be drawn-down until Wednesday 5 April 2017", that implies to me a pay-down date for PBL085!
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Post by supernumerary on Apr 5, 2017 17:35:00 GMT
From the comment "This loan will not be drawn-down until Wednesday 5 April 2017", that implies to me a pay-down date for PBL085! Well spotted, it was drawn down today, (Wednesday, the 5th April 2017), in the afternoon.
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twoheads
Member of DD Central
Programming
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Post by twoheads on Nov 3, 2017 10:48:39 GMT
This site received a massive hike in it's valuation yesterday (02/11) at 15:22.
Value was increased from £14,400,000 to £17,625,000 with a corresponding reduction in LTV from 15% to 13%.
And indeed, there is a very recent VR on the Lendy site.
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SteveT
Member of DD Central
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Post by SteveT on Nov 29, 2017 14:48:43 GMT
Interesting use of the latest tranche request (£280K) on this one: Presumably lender's contract with the Borrower doesn't explicitly prohibit the use of funds on projects other than that which relate to the security. Makes me wonder how much of the £340K raised in tranche 1 was spent on this project. Surely it must be considered a PBL, rather than a DFL, if the funds raised against the asset are being spent elsewhere?!
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Post by skint4achange on Nov 29, 2017 14:59:50 GMT
The funds were used to purchase the property as far as I can see. A further loan was then taken to assist with all the planning permission/architectural guff etc. The developer is building out the site due to the increase in value of the property in Glasgow.
That is how I read the update on 10/11/2017
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Post by skint4achange on Nov 29, 2017 17:05:38 GMT
Where is it stated that the funds have been used on another project? I do not understand where that fact has come from?
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Post by skint4achange on Nov 29, 2017 17:38:06 GMT
Ok, so there is nothing written anywhere that says that the money is being spent elsewhere. Just the assumption that the car park is still open as it is still available on the E**o *** ***** website.
Just to clarify a point or two though. The company in question own very few of their own land, they merely manage areas as car parks for a monthly rent. If the person who owns the land, and hence is currently formalising his plans to develop the land, why would he close it to paying customers while there is no need to?? Does not make very good business sense.
If it was me, I would keep it operating as a car park until the day before ground was broke, as in all reality, when you are taking on a £12m+ project, £300k really doesn't go that far (Especially when you are paying 12%pa interest out of it)
I may be wrong, but nothing appears to be untoward about this to me. 
P.s. Please don't tell me you have based this assumption on the picture shown on Lendy?? We all know how up to date they are! 
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Post by skint4achange on Nov 29, 2017 19:41:20 GMT
Above is the statement you made in your previous comment. This appears to me that you have found the car park on the website (I did not find it listed as a location, they only list Gatwick on my browser).
"I couldn't see any locations listed - but if you have then that all but confirms the lack of actual 'boots on the ground' development activity having taken place.
Again, I did not find it, I was merely quoting the fact that your statement appeared to indicate you had found it."
"For the first tranche? No. For the second tranche we have: "The second development tranche of £279,213 is now required to release equity in order to assist the borrower with planning costs for another development site." I don't have a problem with any borrower releasing equity on an asset it owns, but I do have a problem with the way Lendy have elected to facilitate that release in this instance."
My understanding is that the developer was undecided as to whether to develop the site or not. The first tranche was used to purchase the land (Pay off mortgage to give Lendy 1st charge) the second tranche to obtain planning permission and drawings etc.
I just think that people like to highlight problems on this forum when the problem is not there. This is highlighted by the indication that the LTV has been increased with this second tranche to +40%. It has been calculated using GDV and not LTV (There is also a 1st charge on the property not 2nd ). How is this an issue when most (ALL) other DFL's %'s are calculated using GDV?
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Post by skint4achange on Nov 30, 2017 10:43:04 GMT
I must have been on the bottles of wine when I was having this conversation, I have just read it and the DFL proposal again!! 
I think the only thing I was trying to say (In a very, VERY roundabout way) was that if they want to draw funds against their asset then fine. As long as Lendy keep on top of the amount of the loan against the undeveloped collateral. However, I do understand your point that some others on the platform may not understand what has gone on and will blindly pile money in seeing the GDV figure while not realising that the security is not heading towards that value of GDV while seeing an increase in LTV.
At the same time though, investors will always invest in what they see that suits them (Usually 12% with 1% CB) and unless they all read forums like this, they will be blindly led by the likes of Lendy.
Apologies for the misunderstanding! 
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Post by skint4achange on Dec 16, 2017 14:18:49 GMT
3rd Tranche just added to pipeline for this. It states:
"The third tranche of development funding of £329,472 is now required to cover initial costs of this development, including professional fees, surveys and specialist reports. The Independent Monitoring Surveyor has been appointed. A full breakdown of costs spent to date has been provided."
Now, forgive me but I thought that was what the first tranche was used for??
"The first development tranche was drawn last week to assist with set up costs and commencement of the development. "
I have fallen out of love with this DFL already 
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