elliotn
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Post by elliotn on Oct 11, 2018 8:53:16 GMT
Still to look into the valuation details but credit to MoneyThing for trying a new (and improved?) loan format. I’d imagine everyone dumping at 6m so we only have half the time available to sell, still will do wonders for the SM total in the interim Other possible outcomes: - new lenders get excluded from existing loans and the opportunity for quicker diversification. - existing lenders are prevented from exit should the development not complete in the stipulated amount of weeks (think back to some other developments). Such niceties may not bother investors blinded by only having 94% of capital will be at risk. Of course, unless there were any future problems and we’re still stuck in the mother of all flips after six months.
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elliotn
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Post by elliotn on Oct 11, 2018 8:49:26 GMT
The borrower could be forgiven for his reason given for the accounts of this one company being overdue, but I wonder what the reason is for the other 3 of the borrowers companies also having overdue accounts? Looking at the Gazette notice, admin doesn't seem to be a strong point....... More than 3 (certainly previously anyway). Have a look at some of his other ventures with the prospective borrower too.
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elliotn
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Post by elliotn on Oct 11, 2018 4:11:07 GMT
I feel that seeing as Ablrate sponsor the PGA Europro Tour that I should issue the warning "fxxx!" You’re a braver investor than me. I got an absolute b’llocking for punning on a borrower’s name. (So I have redacted your quote to avoid the same fate! )
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elliotn
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Post by elliotn on Oct 11, 2018 4:07:06 GMT
Why would no-one want to steal your calendar with so much investment information left on display? Also a target for anyone who's forgotten the rubbish, recycling and garden waste collection days! I suspect George may be covering up some tits and should not rule out birding from twitchy neighbours!
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elliotn
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Post by elliotn on Oct 11, 2018 3:56:36 GMT
Still to look into the valuation details but credit to MoneyThing for trying a new (and improved?) loan format. I’d imagine everyone dumping at 6m so we only have half the time available to sell, still will do wonders for the SM total in the interim
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elliotn
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Post by elliotn on Oct 11, 2018 3:54:56 GMT
The accounts being filed as a condition subsequent is a concern. As are all his other accounts.
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elliotn
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Post by elliotn on Oct 11, 2018 3:50:53 GMT
I've just tried to buy a loan part but couldn't; an error message "System is busy, please retry" appeared for a moment or two followed by return to the "invest now" with that normally rather helpful box of that name greyed out. As I was trying to complete the sale to - well, cross the ISA divide, this prompted a certain amount of hair tearing. Still, I was able to cancel the sale eventually and therefore didn't lose anything. Luckily. I've emailed MT about this. Tax avoidance isn’t meant to be easy
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elliotn
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Post by elliotn on Oct 10, 2018 16:50:32 GMT
Based purely on a random though, I would wager £5 that it is a Countryfile Calendar attached to an American style fridge with a fridge magnet showing a picture of the Queen walking at Balmoral. Also if that is one of the highlights of your coming week, have you considered Knitting as a hobby? FYI, it is an RSPB calendar of Robins. This month I have a lovely pic' of a robin hovering in the air as it takes a red berry from a bunch on what looks like a Rowan tree.They have organised the robin pictures to reflect the month.It is hanging on the wall on a picture hook. I only have 1 fridge magnet - I like the clean and uncluttered look.
I note all sorts of things on the calendar. Everything from the rubbish, recycling and garden waste collection days, to hospital appointments, to the day when I need to submit my repeat prescription form, to birthdays to P2P loan dates - and, crucially, expected completion dates for recoveries on defaulted loans. It is an essential life tool for me and what makes it so good is that it doesn't need batteries, it can't suffer a software failure and I can't lose it or have it stolen. A bargain for about £5.
Why would no-one want to steal your calendar with so much investment information left on display?
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elliotn
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Post by elliotn on Oct 10, 2018 3:48:46 GMT
Of course the Switchers lose their place in the queue, genuine long term investors will be first served in the smaller A loans 😉 .
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elliotn
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Post by elliotn on Oct 9, 2018 17:35:20 GMT
Worth looking across the related companies as well for an insight into the group.
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elliotn
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Post by elliotn on Oct 9, 2018 7:34:05 GMT
Thankyou....... this is the first sensible and helpful post in a long time.... IMHO #294 was only 5 posts before that nudged it
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elliotn
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Post by elliotn on Oct 9, 2018 7:30:28 GMT
recent update says one plan is to rent out the property, how does that work ? do we just get drip fed little bits of rent ? With long term tenants the prop can then be re-sold to investors by capitalising the future rent receivables (as opposed to looking for an owner taking over at vacant possession value ie tin shed).
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elliotn
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Post by elliotn on Oct 9, 2018 7:25:54 GMT
"We are writing to advise of the Creditors’ Meeting that took place today with Lendy in attendance. Its objective was to consider the options under review by the administrator, including the potential build out of the site.
From a Lendy investor’s perspective, it’s important that we make you aware that the meeting took place today. The directors of the borrower company were also present at the meeting. Whilst the borrower company reiterated some vexatious allegations about our conduct throughout the development at the meeting, Lendy’s position remains the same. As previously communicated, our decision to appoint an administrator and to propose to build out the site was made with a view to protecting our investors. With the borrower company breaching various material terms of the loan facility, having amongst other things, not been open about the level of deposits that had been paid by off-plan purchasers, we lost confidence in the developer’s ability to compete the project within a reasonable timescale, and on budget. We were therefore left with no alternative but to proceed with the appointment of an administrator.
Our approach in situations like this is to always act in the best interests of our investors, and to do everything in our power to maximise the return of their investment.
We will continue to update you as the administration progresses." I’m sure Ly have complied with any NDA from the Creditors’ Meeting although I’m not sure sensitive updates about administration behind a security wall (or private email) should be published in full on a public forum. Edit - or even re-quoted, d’oh.
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elliotn
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Post by elliotn on Oct 9, 2018 7:22:23 GMT
Yes, the solicitors pay off the mortgage, estate agents etc directly so the con doesn't work in a domestic situation. So why is it allowed on £24m scale. Why don't the buyers solicitors pay directly to the first charge lender rather than allowing the borrower to waltz off with the money? There are agreements that can be put in place, for examples solicitors controlling monies in escrow. In fact the PBL seemed very much like that ie development paid for by apartment deposits released by Ly based on IMS reports before Ly let them have a facility for the development to be paid for by us and now the depositors may lose all their money.
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elliotn
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Post by elliotn on Oct 9, 2018 3:44:34 GMT
Given the new valuation, I am very hopeful of a full recovery here, which would likely encourage me to re-start MT investments, this being my only MT default. How can that be a full recovery when they start advertising at half the value £XXX, of the valuation value? (£X.XM) With the accumulated interest + legal fee + administration fee... How is it going to reach full recovery even if £XXXk is achieved? It may also not reach this amount! I feel scammed... We’re not recovering full market valuation (highly unlikely in a distressed sale), we are recovering our much lower loan amount (and hopefully accrued interest). If you’re unhappy with a low reserve to encourage bidders may be you took succour at the other assets available for our recovery? Edit - I’ve redacted the values provided by MoneyThing in a behind log-in update.
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