elliotn
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Post by elliotn on Oct 25, 2018 17:19:59 GMT
should have got the folk setting the auction reserves to do the valuations such jokers Perhaps we should follow up these loans and see who actually bought the properties and if they had any connection to Lendy or employees . Someone got a good deal. Is there no God?
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Godanubis
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Post by Godanubis on Oct 25, 2018 17:22:45 GMT
Perhaps we should follow up these loans and see who actually bought the properties and if they had any connection to Lendy or employees . Someone got a good deal. Is there no God? Just Thinking about moving house from my drafty temple.  I will be moving to a nice hotel I just bought for a song
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trevor
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Post by trevor on Oct 25, 2018 18:37:38 GMT
Now the big test, how much is in the provision fund?
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orvilorvil
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Post by orvilorvil on Oct 25, 2018 18:42:00 GMT
Now the big test, how much is in the provision fund? Hold on - There’s a few other loans looking at taking advantage of the PF as well.....
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Godanubis
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Post by Godanubis on Oct 25, 2018 19:06:24 GMT
Where did all the money go ?
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jeremy12
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Post by jeremy12 on Oct 25, 2018 20:02:44 GMT
The provision fund is deep underwater already without any new claims.
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GeorgeT
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Post by GeorgeT on Oct 25, 2018 20:17:07 GMT
Out of interest, do we know how the sale proceeds for the joint sale of PBL177 and PBL178 (@ £900k) are going to be allocated?
I note that PBL177 was paying 10% to lenders whereas PBL178 was paying 12%. That might suggest PBL177 ought to rank ahead of PBL178 in the distribution of funds, but I'm not aware of any such loan ranking?
Are lenders in both loans likely to end up with the same % capital recovery?
I'm sure this point is of importance to investors in either 177 or 178, or both.
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Post by brightspark on Oct 25, 2018 20:29:52 GMT
Auction Result: Lot 208
PBL177 + PBL178 (sold together as one lot):
LY 90 day sale valuations (as at 23 March 2017): £450k (PBL177) + £1.20m (PBL178)
LY loans: £483k (PBL177) and £1.144m (PBL178) = LY loan total of £1.627m
Auction Guide Price: £900k - £950k
Sold for: £900,000
[ Expected sale completion date: 22nd November 2018 ]Being sold as one lot how do the repayments to investors work? Being a somewhat biased lender to PBL178 i reckon PBL177 was next to worthless so most of the 900K should be apportioned to PBL178 lenders. Others with their own vested interests might wish to argue to the contrary. Who has the last say? I have just noted that the previous poster has made the same point whilst i was drafting mine. sorry for the duplication
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Post by slender on Oct 25, 2018 20:51:20 GMT
Where did all the money go ? Went to pay off the original lender who put the borrower into the receivership mentioned in the title:
But fear not:
Maybe now we'll find out much a telephone mast sells for in that part of the world. (We already know the value of a PG / Debenture in the real world.)
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adrianc
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Post by adrianc on Oct 25, 2018 21:08:20 GMT
Is that the same kind of "estimate" that just saw £2.75m of 90-day sell for £1.3m? (I wonder how much of my 3 x 1p I'll ever see again?)
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Post by slender on Oct 25, 2018 23:46:29 GMT
Given the sums involved, there's a very real chance of that being all or nothing.
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Godanubis
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Post by Godanubis on Oct 31, 2018 22:03:21 GMT
We paid to bring this company out of receivership. They get more money then bu""er off Side note <link removed as it identifies the asset>
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Post by scookey on Nov 12, 2018 16:11:23 GMT
Given the sums involved, there's a very real chance of that being all or nothing. So basically the 3 loans total £1.05M + £1.15M + £0.5M =£2.6775M - Proceeds of sales £1.3M which will be less some fees somewhere so say £1.15M - therefore a basic haircut of almost 60% - nice 
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Post by charliebrown on Nov 15, 2018 14:25:04 GMT
Given the sums involved, there's a very real chance of that being all or nothing. So basically the 3 loans total £1.05M + £1.15M + £0.5M =£2.6775M - Proceeds of sales £1.3M which will be less some fees somewhere so say £1.15M - therefore a basic haircut of almost 60% - nice I’m not in these loans as I really didn’t like the idea of lending to bring the borrower out of receivership. I am however looking at all LY loans to follow the recovery process. LY posting a 4 lines of text update after losing investors over 1 million quid just about sums it up. Over on the FS forum there’s 2 very useful threads, one of which tracks capital losses and the other tracks predicted capital loses and loans that are expected to fail spectacularly. Can we start a similar 2 threads for LY.
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Post by charliebrown on Nov 18, 2018 1:46:07 GMT
Was wondering why LY execute recoveries on some loans, like these loans, very swiftly, yet on other loans they refuse to take any tangible recovery action for years, probably never. These loans were quickly auctioned off, albeit at a significant capital loss, at least providing investors with some money back and a definite closure. The Castle was also a quick disposal, again at a significant capital loss, but there was closure. Why, then, are loans like Gloucester and exeter not auctioned? Why are they left to rot indefinitely and not giving investors closure.
I dont believe LY can survive having delivered such dreadful results and being in a situation where 99% of their customers (lenders that is, obviously not borrowers) want to exit.
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I will be moving to a nice hotel I just bought for a song 
