blata
Posts: 77 
Likes: 62
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Post by blata on Sept 8, 2018 16:06:58 GMT
I thought this one was dead in the water, cracked foundations? No insurance etc etc (all info from here). Now a loan that I thought had no hope is paying back maybe some others may be turned around.
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69m
Member of DD Central
Posts: 122
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Post by 69m on Mar 1, 2019 19:09:18 GMT
Surely this should have been one of the easier loans for the Enhanced Recoveries Team to tackle? The building's complete and some flats have already been disposed of (which suggests that any structural problems either got dealt with or they didn't exist in the first place).
Yet it's almost six months since the last partial repayment. More concerning is the apparent lack of marketing activity for the remaining nineteen(?) properties - there's nothing listed on Rightmove or Zoopla, for instance.
For reasons unknown the borrower is persisting in trying to refinance the loan (something that we were previously promised would happen in April / May 2018, then again in December 2018). I'm wondering if some of the 'empty' apartments actually have rent-paying tenants in them?
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richox
Member of DD Central
Posts: 66
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Post by richox on Mar 2, 2019 1:07:39 GMT
Surely this should have been one of the easier loans for the Enhanced Recoveries Team to tackle? The building's complete and some flats have already been disposed of (which suggests that any structural problems either got dealt with or they didn't exist in the first place).
Yet it's almost six months since the last partial repayment. More concerning is the apparent lack of marketing activity for the remaining nineteen(?) properties - there's nothing listed on Rightmove or Zoopla, for instance.
For reasons unknown the borrower is persisting in trying to refinance the loan (something that we were previously promised would happen in April / May 2018, then again in December 2018). I'm wondering if some of the 'empty' apartments actually have rent-paying tenants in them?
According to Rightmove No 50 was sold on 29th Nov 2018 (after having previously been sold in 2007) and No 104 was sold on 24th April 2018 (after having previously been sold in 2009. Neither was therefore in this development. According to Rightmove no other flats have been sold since August 2017. Why is there no mention of the 5 flats in this development that were supposedly sold in August/September 2018? The borrower might have paid back some of the loan and may have told Lendy that some of the flats had been sold, but were they really? Lendy will pass on anything they are told, and we know how good they are at checking whether what they are told is true. If these flats are flawed they are not going to be sold and the borrower will be mighty lucky to refinance.
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sqh
Member of DD Central
Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Likes: 1,212
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Post by sqh on Mar 17, 2019 4:21:23 GMT
These apartments are being marketed by Assetz Property. See DDC for details.
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