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Post by spareapennyor2 on May 21, 2018 6:54:02 GMT
09/05/2018 advised that there has been some slippage on the timelines and target completion date is no set for May 25. or should that be a intermission adrian77 |
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adrian77
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Post by adrian77 on May 21, 2018 7:09:24 GMT
Thanks for above - my loan was not updated unlike the additional borrowing loan...
note to electrionic diary for 25th...
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adrian77
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Post by adrian77 on May 21, 2018 11:01:10 GMT
update to my last post
25/04/2018
Property is being sold sufficient to repay the debt. Expected completion date is May 18.
Well I contacted FS today and after 2 attempts to what I thought was a simple question I was told the buyer has not yet exchanged there will be an "update" tomorrow.
I knew it and I still had a nibble - I am a total idiot! Please feel free to throw digital rotting vegetables at me whilst I lock myself in my VR stocks!
I am not exactly convinced FS are acting within the law regarding the above statements but I am no laywer.
Anybody else is wondering that this update will be confirmation that there is no buyer?
Surely not.
As I said this chap or chappesse owes £1.65M plus I guess interest at 32% so around £2m - personally I don't have £2m in cash so intrigued to know what is going to happen with this one. Glad I only have a nibble and not a 6 figure sum in this one...
Anybody want to buy a cheap cinema?
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adrian77
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Post by adrian77 on May 21, 2018 15:59:05 GMT
hopefully we will find out tomorrow - you may well be right but I am worried and annoyed the information we have been given seems to have possibly been a tad on the optimistic side.
Some original buyer (s) of this loan dumped it on the SM which I suspect was a very smart move.
What annoys me is "promises to pay" and we being told completion which was expected last week has now slipped a bit but to be told today that exchange has not even taken place.
I have now sold all my loans with over 1 month to redemption but this still leaves me with about 25% (never realised that many were late!) of my original portfolio so I can sit back relax whilst loans such as this one are being dealt with...
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Post by brummiefred on May 21, 2018 17:06:26 GMT
09/05/2018
We have spoken with the purchaser this morning who has advised that there has been some slippage on the timelines and target completion date is no set for May 25.
My Bold
This purchaser is not the original borrower nor the party that he was intending to sell to but someone who approached Lendy when the loan went overdue AFAIRI
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woodland
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Post by woodland on May 21, 2018 20:55:46 GMT
"Completion June 1st or June 8th"  |
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rogerthat
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Post by rogerthat on May 22, 2018 4:27:39 GMT
"Completion June 1st or June 8th" 2018 or ? 
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lucky
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Post by lucky on May 22, 2018 5:34:44 GMT
"Completion June 1st or June 8th" 2018 or ? Don’t be so cynical Roger——-what could possibly go wrong!!!
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adrian77
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Post by adrian77 on May 22, 2018 7:08:39 GMT
is this the same chap who "promised" the balance in Nov 2017
and told us
I am getting ever more annoyed with how FS are treating we lenders - lender stating "all systems are go" is not exactly the professional and pro-active reponse I expect. It is not rocket science - all FS have to do is contact the lender's solicitor and ask for a notarised statement.
As I said FS told me that exchange had not even taken place yesterday so I just don't understand how completion will occurr within 7-14 days.
Personally I have budgeted a 50% loss of my capital on this one which will not be paid until 2019 at the earliest.
I welcome any polite and constructive criticisms of my logic but I am having a Whitehaven moment.
Time for work now - if any of my contractors tell me their work is late but "all systems are go" I will throw a wobbly,...
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Post by spareapennyor2 on May 22, 2018 7:11:47 GMT
completion date of May 18, being 28 days
completion either Friday week (June 1) or the following Friday (June 8).
so that`s x 2 then
must be the director`s cut
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rogerthat
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Post by rogerthat on May 22, 2018 8:59:39 GMT
completion date of May 18, being 28 days completion either Friday week (June 1) or the following Friday (June 8). so that`s x 2 then must be the director`s cut "All systems were go" ?...sounds more like Thunderbirds to me...the irony being the puppets...or is that muppets 
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adrian77
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Post by adrian77 on May 22, 2018 10:37:19 GMT
good analogy - you could see the strings in the TV series and possibly here as well as who is pulling them...
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blender
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Post by blender on May 22, 2018 11:11:02 GMT
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adrian77
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Post by adrian77 on May 28, 2018 12:11:16 GMT
I am concerned about my nibble - as I see it this chap has 3 loans
1) 1,65m at 13% due 25.05.18 - late
2) 250K at 14% due 13.01.18 - very late
3) 100K at 15% due - 10.02.18 - late again
so that is £2m - nice round number all late being charged at , I guess, 2.4% per month which is 48K per month in simple interest alone
Glad this one is "all systems go" because if not I would be worried that FS would foreclose which after fees etc would leave about 50% recovery on loan 2 and zero recovery on loan 3...yet another interesting one!
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adrian77
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Post by adrian77 on Jun 2, 2018 9:42:51 GMT
I have added a post to the excellent DD in FS DD as I have a question about the "stocks" on the company balance sheet. Well this is an interesting one!
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