Liz
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Post by Liz on May 4, 2017 10:56:24 GMT
Good work, what could possibly go wrong with these loans?
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Post by lendinglawyer on May 4, 2017 10:56:49 GMT
I considered starting a very similar thread. And I was going to call them the "RBO" or "Receivership Bail-Out" loans...
I agree with your analysis. Also some of the rental income numbers in the VRs are non-sensical. Which if nothing else indicates they are sloppy reports.
These are not for me.
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sirius
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Post by sirius on May 4, 2017 11:07:48 GMT
No way, at any interest rate.
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Post by harryvederci on May 4, 2017 11:08:39 GMT
PBLa
its clear from the valuation report (para 5.9) its no longer being operated as a full service hotel, with no residents public areas, catering kitchen or food offerings & the 'hotel' bedrooms will effectively become more HMO accommodation sharing a self catering kitchen facility?
so has it got the mandatory HMO licence with fire regs approval etc, val report states
we have
assumed that all appropriate planning and other consents and approvals have been
obtained. If not, then this matter must be referred back to us for additional
commentary as our valuation figures may be affected
if it hasnt got an HMO licence it could be subject to enforcement proceedings
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Liz
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Post by Liz on May 4, 2017 11:10:24 GMT
No way, at any interest rate. What about 100% pa, 12 months interest up front? 
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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 May 4, 2017 11:14:12 GMT
PBLa its clear from the valuation report (para 5.9) its no longer being operated as a full service hotel, with no residents public areas, catering kitchen or food offerings & the 'hotel' bedrooms will effectively become more HMO accommodation sharing a self catering kitchen facility? so has it got the mandatory HMO licence with fire regs approval etc, val report states we have
assumed that all appropriate planning and other consents and approvals have been
obtained. If not, then this matter must be referred back to us for additional
commentary as our valuation figures may be affectedif it hasnt got an HMO licence it could be subject to enforcement proceedings Given all the press coverage on the hotels and this side of the business plus regular police attandence for various reasons, I suspect it probably has. It does have the required planning use. More importantly, given the number of catastrophes that seem to afflict the businesses of this gentleman ... s***h***s being the latest ... I hope extremely robust enquiries into the relevant insurance policies applying will be part of Lendy's DD as that isnt something we can check ourselves.
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oldgrumpy
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Post by oldgrumpy on May 4, 2017 11:16:56 GMT
Nothing to worry about. As Paul Liam says
Lendy advocates on four key steps in providing a better service than traditional financial firms:
Initial due diligence – carry out an extensive ‘know your customer’ (“KYC”) process when they first source a loan.
Legal panel – after the loan has passed the first stage it is then reviewed by a legal panel. Solicitors ensure that a legal charge is properly made against each security property, and that each of the security properties has good title.
Valuation – use a highly rated independent firm to value security properties.
Credit checks – put each lending proposition under extensive scrutiny to determine its viability. Quotation Source
Everything will be fine. 
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Balder
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Post by Balder on May 4, 2017 11:20:44 GMT
I hope this is one that we will see removed from the pipeline by Lendy.
Why should the exit strategy work in 6 months if it hasn't worked to pay the existing lender. Leave it to the receiver to sell Lendy, for the current lender and not us in 6 months!
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r1200gs
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Post by r1200gs on May 4, 2017 11:24:24 GMT
This could be merged with the "why I'm leaving Lendy" thread.
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oldgrumpy
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Post by oldgrumpy on May 4, 2017 11:35:31 GMT
I think we'll need it here as an independent discussion thread in the future, especially when DFL009 approaches maturity.
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elliotn
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Post by elliotn on May 4, 2017 11:44:51 GMT
@new2p2p - 'this isn't bridging financing / takes platform into new territory' - only other example off top of my head is PBL160, a cheeky 11%.
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dovap
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Post by dovap on May 4, 2017 12:10:44 GMT
I think we'll need it here as an independent discussion thread in the future, especially when DFL009 approaches maturity. very handy prompt to drop that particular pup - flying off the shelves to those punters with a 'system' etc
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am
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Post by am on May 4, 2017 12:52:35 GMT
I don't recall whether Lendy has offered loans to take properties/businesses out of receivership before, but AC certainly has.
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elliotn
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Post by elliotn on May 4, 2017 13:58:53 GMT
I don't recall whether Lendy has offered loans to take properties/businesses out of receivership before, but AC certainly has. PBL160.
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n
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Post by n on May 4, 2017 14:22:59 GMT
I don't recall whether Lendy has offered loans to take properties/businesses out of receivership before, but AC certainly has. PBL160. I heard you the 1st time. 
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