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 Feb 23, 2020 11:10:25 GMT
Administrators latest report states the site was sold for £2.65m. Less Administrators Fees Less Agents Fees Less Solicitors Fees Balance of circa £2.5m back to RSM Less RSM’s fees.... no, only Lendy have entitlement to fees Then the waterfall..... Balance back to us lenders will start with a 1.... Hi buryfc . Where is this update. I've not had an email and I've looked on the Lendy site and I have no loan updates? Latest administrators report for the borrower, not Lendy, on Companies House. RSM don't have any cash yet so possibly too early for an update, though they haven't provided any for a number of other loans that have been sold/refinanced previously.
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star dust
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Post by star dust on Feb 23, 2020 11:19:43 GMT
Hi buryfc . Where is this update. I've not had an email and I've looked on the Lendy site and I have no loan updates? Latest administrators report for the borrower, not Lendy, on Companies House. RSM don't have any cash yet so possibly too early for an update, though they haven't provided any for a number of other loans that have been sold/refinanced previously.
Also posted in DDC links on DFL013; DFL006; and PBL156 all also have recently filed/appearing Administrators Reports nothing sold in those.
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Post by buryfc on Feb 23, 2020 12:02:20 GMT
Not sure who deleted “ Less RSM’s fees” but I think you will find that RSM ONLY gets its fee income from funds that Lendy are entitled to....and their solicitors representing them “advising” them on dealing with Duff and Phelps, Walker Morris etc....then RSM’s property advisors....and so on.
i seem to remember that RSM issued a communication actually detailing what they would take up to a maximum I think was 10%.
Its “Lendys Recovery Costs” that rank highest in the waterfall....I think you will find when Duff and Phelps finalize their total fees (and their agents) prior to returning the balance to RSM / Lendy....this will NOT be the amount that is returned to us.
The fees that Lendy are entitled to are for the benefit of creditors....RSM get paid first.
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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 Feb 23, 2020 12:42:59 GMT
Not sure who deleted “ Less RSM’s fees” but I think you will find that RSM ONLY gets its fee income from funds that Lendy are entitled to....and their solicitors representing them “advising” them on dealing with Duff and Phelps, Walker Morris etc....then RSM’s property advisors....and so on. i seem to remember that RSM issued a communication actually detailing what they would take up to a maximum I think was 10%. Its “Lendys Recovery Costs” that rank highest in the waterfall....I think you will find when Duff and Phelps finalize their total fees (and their agents) prior to returning the balance to RSM / Lendy....this will NOT be the amount that is returned to us. The fees that Lendy are entitled to are for the benefit of creditors....RSM get paid first. Me, and you seem to be supporting that point. RSM doesn't get any fees directly from the realisation of M2 loans so the line less RSM fees is redundant as there aren't any. Lendy recovery costs are as you say no1 in the waterfall, that is the up to 10% communicated by RSM, then there is Lendys share of the remaining dividend for monitoring and default fees. All that goes into the pot of Lendy assets from which RSM will draw its fees first.
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jhamster
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Post by jhamster on Feb 23, 2020 14:29:13 GMT
Latest administrators report for the borrower, not Lendy, on Companies House. RSM don't have any cash yet so possibly too early for an update, though they haven't provided any for a number of other loans that have been sold/refinanced previously.
Also posted in DDC links on DFL013; DFL006; and PBL156 all also have recently filed/appearing Administrators Reports nothing sold in those. Could I get access please?
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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 Feb 23, 2020 16:15:58 GMT
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jhamster
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Post by jhamster on Feb 24, 2020 18:24:00 GMT
Thanks. I guess I need 5 more then :/
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jcb208
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Post by jcb208 on Feb 27, 2020 16:17:12 GMT
The first repayment has hit accounts with a return of 39.2% ,another shocking return
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Post by picanto on Feb 27, 2020 17:38:55 GMT
The first repayment has hit accounts with a return of 39.2% ,another shocking return You're right but I've set myself up mentally were I'll accept to get anything back. At least I've now got that 40% back and it can't go any lower, hopefully more will come back on this loan but anything extra would be an added bonus.
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jhamster
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Post by jhamster on Feb 28, 2020 17:02:27 GMT
Gross realisation £2,650,000
Third party costs £167,301
Costs paid by "the company" £12,000
Lendt fee £64,035
Lendy "contractual entitlement" £655,830
Returned to investors £1,750,832
It's absolutely outrageous that Lendy are grabbing that figure to reward the Directors. I can't see any reasonable judge upholding the waterfall. It is first and foremost investor capital, the fact that Lendy secretly changed the terms before the company went into administration to reward themselves for failure is neither here nor there, the recovered capital MUST be returned to investors.
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pi
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Post by pi on Feb 28, 2020 17:03:39 GMT
So we had 2.65 mill recovered for 2.70 mill loan and all we got was 39.2%? Where am I wrong with my calculations?
LOAN AMOUNT
£2,709,133
VALUATION:
Gross Development Value on completion of scheme –
£17,625,000
Market Value of the site with vacant possession -
£5,875,000
Market Value of the site with vacant possession subject to
180 day sale constraint period – £5,875,000
Market Value of the site with vacant possession subject to 90
day sale constraint period - £4,975,000
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borofan
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Post by borofan on Feb 28, 2020 17:06:22 GMT
I had £120 in the loan, and got back £78, so that seems to be about 65%? Unless I'm reading it wrong.
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pi
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Post by pi on Feb 28, 2020 17:09:07 GMT
Hi borofan, that matches with my calculations but somehow I received 1960£ out of 5000£. Not sure what's going on. |
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borofan
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Post by borofan on Feb 28, 2020 17:13:27 GMT
I received two payments of £39, so maybe you will receive another payment matching your first soon...fingers crossed.
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jhamster
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Post by jhamster on Feb 28, 2020 17:16:37 GMT
It's because Lendy have been clocking up interest as if the company were still active, so from the recovery amount Lendy have (IMHO illegally) seized £650k thanks to the secretive and deceptive change to the waterfall.
Even though the company is in administration it's earning interest from your capital, and then taking that interest out of your capital.
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