sarahcount
Member of DD Central
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Post by sarahcount on Jul 5, 2019 19:58:20 GMT
Rather than being any sort of priority I would suggest that refinance is going through due to the borrower wanting to keep the development moving and, unusually for Lendy, is actually trying to make money the old fashioned way by building homes and selling them for a profit.
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tony9239
Member of DD Central
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Post by tony9239 on Jul 25, 2019 14:40:01 GMT
July update says our charge is now second to a new one granted to get finance to complete the project. I suppose they didn't have much of a choice, but not a great start from RSM to be weakening our security position. Especially as pjt1 says close family ties between borrower & L Brooke. |
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Post by billy169 on Jul 25, 2019 15:56:27 GMT
Family ties !!.. that's news
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djp
Posts: 23 
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Post by djp on Jul 25, 2019 19:21:33 GMT
July update says our charge is now second to a new one granted to get finance to complete the project. I suppose they didn't have much of a choice, but not a great start from RSM to be weakening our security position. Especially as pjt1 says close family ties between borrower & L Brooke. Can this connection between LB and family member be substantiated? I would be very grateful if you could point me in the right direction of this information.
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Post by mrclondon on Jul 25, 2019 20:11:17 GMT
July update says our charge is now second to a new one granted to get finance to complete the project. I suppose they didn't have much of a choice, but not a great start from RSM to be weakening our security position. Especially as pjt1 says close family ties between borrower & L Brooke. Can this connection between LB and family member be substantiated? I would be very grateful if you could point me in the right direction of this information. pjt1 hasn't been logged into the forum since 23rd June. One of his/her other eight posts is known to be factually incorrect (overstating the sale price of HQ by £1m.)
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joe91
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Post by joe91 on Jul 26, 2019 8:38:15 GMT
Not a great start from RSM. Moving us from a position where we had first charge on an asset presumably worth 'something', to a position where we could potentially get nothing!
Is that what we're paying those ridiculous fees for?
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Post by investorni on Jul 26, 2019 9:48:19 GMT
How can they change our charge from first to second without consent?
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tony9239
Member of DD Central
Posts: 101
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Post by tony9239 on Jul 26, 2019 9:54:37 GMT
July update says our charge is now second to a new one granted to get finance to complete the project. I suppose they didn't have much of a choice, but not a great start from RSM to be weakening our security position. Especially as pjt1 says close family ties between borrower & L Brooke. Can this connection between LB and family member be substantiated? I would be very grateful if you could point me in the right direction of this information. I noticed it in a post from pjt1 but have no idea what evidence he/she had. As mrclondon indicates some of pjt1 's other posts had inaccurate info maybe we should disregard the claim.
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Monetus
Member of DD Central
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Post by Monetus on Jul 26, 2019 10:01:08 GMT
Not a great start from RSM. Moving us from a position where we had first charge on an asset presumably worth 'something', to a position where we could potentially get nothing! Is that what we're paying those ridiculous fees for? I’m not sure they had much choice. Delivering a finished project will yield far more than a half-finished building site and anyone offering to fund the additional build costs would insist on a first charge. I imagine they did the maths and established finishing the project would return more money to investors or they wouldn’t have built it out.
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joe91
Member of DD Central
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Post by joe91 on Jul 26, 2019 11:11:31 GMT
Delivering a finished project will yield far more than a half-finished building site In principle, I agree, but I think you should have put 'should yield' instead of 'will yield'. Alternatively, 50% of something is worth more than 100% of nothing. I guess we'll have to wait & see what we get before deciding if RSM are worth their fee.
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Post by pjt1 on Jul 26, 2019 14:43:55 GMT
Good to see everyone has missed me! 😃
I don’t log in normally as check the P2P at work but has the price stated on HQ taken into account the 2 flats Lendy arranged to take once the project was complete?
Might be wrong as you say.
Started looking into Derby as it struck me that this was the only project being funded by Lendy Wealth when everything else dried up. So the question was why??
I understand the link is a family friend through LBs mother so they grew up together.
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