neal
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Post by neal on Feb 20, 2019 19:28:56 GMT
Maybe these big hitters have not worked out that borrowers are watching what is going on and they realize this loan had around 30 in front of it should it join the defaulted queue. Many years of earning good interest until they get chased for it...
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sl75
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Post by sl75 on Apr 10, 2019 12:14:53 GMT
Another tranche live, which will take LTV up to 69%.
A long list of works complete; to my untrained eye it looks like block 1 might be nearly finished, but unclear exactly how much is still outstanding before they can declare block 1 complete (at which point, presumably unit sales could start even if the proposed refinance doesn't materialise).
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Post by mrclondon on Apr 10, 2019 12:30:34 GMT
Another tranche live, which will take LTV up to 69%.
A long list of works complete; to my untrained eye it looks like block 1 might be nearly finished, but unclear exactly how much is still outstanding before they can declare block 1 complete (at which point, presumably unit sales could start even if the proposed refinance doesn't materialise). The exit strategy may no longer be unit sales. (Details have been on DDC for a few days, otherwise spend some time with google, the refinance will almost certainly be in the context of the alternative exit strategy currently being persued)
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sl75
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Post by sl75 on Apr 10, 2019 13:04:46 GMT
The exit strategy may no longer be unit sales. Indeed, which is why I referred to unit sales as the alternate strategy ("... if the proposed refinance [referred to in last 2 monthly updates] doesn't materialise").
Given that the last update stated "We are yet to be provided with evidence that a refinance has been agreed", I wasn't holding up too much hope for it, and unit sales seemed to be the natural fallback (with or without a formally-agreed extension), and the latest monitoring update seemed to suggest that such sales might be able to start completing before much longer, unless I missed a whole range of extra work that would need to be done first?
My short time with google didn't show much, mainly because I had no clue what additional information relating to the refinance I might be seeking (spent some time on a completely unrelated page for a residents association with the same name in a different part of the country!)
Edit:
I subsequently received a private message (from another forum member) with a link to a website which offers a commercial investment opportunity to lease an entire building as "serviced apartments" with a lease of 5+ years.
It's unclear how that aligns with the previous news on the developer's website from October last year that 50% of the development had already been sold "off plan" 8 months ahead of completion.
I suspect that they're both true - one referring to selling the individual apartments, and the other to selling the rights and obligations of servicing and maintaining them (and the common areas), separating this role from that of the freeholder...?
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Post by picanto on Apr 18, 2019 19:44:51 GMT
Looks like the latest tranche is struggling to get filled; perhaps Lendy Wealth has dried up and unless there are other loan repayments in the next few days so investors can reinvest funds into the latest tranche, I am concerned that this loan may end up in the same situation as previous ones which couldn't get the required funding from the Lendy platform. Worrying times...
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sarahcount
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Post by sarahcount on Apr 18, 2019 20:58:51 GMT
I check the Lendy website is still operational most days and investment in this loan seems to have stalled. £200 in the last couple of days.
We've heard all along that this developer has the sense of urgency that is required when interest is accruing at such high rates.
However getting these developments fully finished and sold off quick enough to make a profit is quite an ask.
Just like most readers on this forum we want to see Lendy have legitimate successes so that they'll be around to oversee all the other recoveries without the additional burden of administrator's fees getting in the way a la Collateral etc.
So without thinking too much about the personal circumstances of Wealth investors I'm hoping that they'll come good and buy out the tranche.
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adrianc
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Post by adrianc on Apr 19, 2019 7:38:06 GMT
I'm more surprised this one hasn't stalled long before. Tranche 22, for the love of gawd, when there's absolutely zero new loans to tempt money in. We've all got our fill of this one... And there's still clearly plenty more to go. £600k land loan + £4.65m build loan. I make that £5.25m total. The main loan is showing at £5.02m, T22 is showing at £313k. Is that £5.315m between the two? Or just £5.02m...? Is it already over-budget, or just imminent? The build loan was to be drawn down over 11 months from launch... in June 2016. And here we are, 22 months later... and not one building is complete, with one of the four a bare steel frame as of the last IMS report.
I subsequently received a private message (from another forum member) with a link to a website which offers a commercial investment opportunity to lease an entire building as "serviced apartments" with a lease of 5+ years. It's unclear how that aligns with the previous news on the developer's website from October last year that 50% of the development had already been sold "off plan" 8 months ahead of completion. I suspect that they're both true - one referring to selling the individual apartments, and the other to selling the rights and obligations of servicing and maintaining them (and the common areas), separating this role from that of the freeholder...? Not necessarily incompatible. It's entirely the 50% of the dev split between blocks 1/2/3 is what's been sold off-plan, and you can lease the entirety of block 4. |
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Post by supernumerary on Apr 30, 2019 18:53:16 GMT
Just when we thought all the big hitters had gone... 
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rocky1
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Post by rocky1 on Apr 30, 2019 19:35:07 GMT
banking issues must be sorted then. this whole lendy lendy business stinks.
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Monetus
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Post by Monetus on Apr 30, 2019 19:43:21 GMT
Got to be Lendy Wealth surely?
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Post by brummiefred on Apr 30, 2019 20:51:40 GMT
Walked past the site last week and work is still progressing on a number of fronts, bricklayers, roofers and others active on site.
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iRobot
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Post by iRobot on Apr 30, 2019 21:24:30 GMT
Got to be Lendy Wealth surely? Underwriters? (Possibly of the commercial variety so structured not to impact the client account and thereby bypassing FCA 'restictions' but not necessarily their knowledge and approval. Cutting off the Borrower isn't going to help anyone.) Edit: so the amounts showing as the two most recent transactions are just 'housekeeping' to close out the tranche availability.
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neal
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Post by neal on May 10, 2019 17:54:38 GMT
As this is my only loan paying interest, I'd like to ask if it has payed out yet this month or am I in the not so exclusive 0% interest club earlier than I thought?
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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 Jul 5, 2019 10:10:52 GMT
Possible refinance as new charges registered at CH in favour of another funder
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sl75
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Post by sl75 on Jul 5, 2019 10:54:26 GMT
Possible refinance as new charges registered at CH in favour of another funder That'd certainly be consistent with the update published on 11 June (itself probably pertaining to events some days/weeks earlier).
Hopefully some good news in the forthcoming report when this and other loans have also got repayments added to the [pot of client money awaiting distribution] which stood at just over £10M last time RSM told us anything about it in early June.
Edit: I imagine this loan was something of a priority to get resolved, given that "Wealth" was probably very heavily invested in it, so it would have a big impact on what solutions can be offered to those customers.
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