TitoPuente
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Post by TitoPuente on Nov 13, 2017 20:06:07 GMT
Either *15* is all some need to read, or the expectation of a premium sale has helped.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Nov 6, 2017 10:56:38 GMT
Maybe it’s an operator wanting exactly that.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Nov 3, 2017 8:15:58 GMT
Any updates on repayment process status? It has 10 days to run.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Nov 1, 2017 21:45:11 GMT
Considering the latest update:
"Whilst the borrower company brought the mandated rental income up to date following the loan default event it did not pay all accrued default interest. However, following negotiations with the borrower's solicitor, it has been agreed that all accrued default interest will be brought up to date in early November 2017 and that the borrower company will commence work to exit the loan in its entirety before the due date".
Taking into account the following:
"During the last six months of the 12 month loan period, the loan interest will actually be paid by the borrower, rather than rolled up into the loan".
And in light of the latest trend of suspending loans due to "changes in risk profiles", I now believe that these three loans are candidates of being suspended before the end of November. I therefore have sold my stakes.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 27, 2017 18:50:34 GMT
Unclear update. This should be an easy recovery case at 49% LTV or am I missing something?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 23, 2017 19:47:55 GMT
Original valuation £650k. Marketing at £500-500k. Loan £455k. Offers shy of asking price. Accounting for costs, etc, I would expect a haircut - maybe 25% capital loss. Forget interest. Boo, hiss. Totally unacceptable. This shows how corrupt is RICS.
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TitoPuente
Member of DD Central
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Post by TitoPuente on Oct 22, 2017 10:47:06 GMT
Hopefully this coming week we'll have meaningful progress to announce on DFL001 and 002. I remind Lendy Support savingstream Paul64 that their credibility is on the line with their first and second development loans.
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TitoPuente
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Post by TitoPuente on Oct 19, 2017 7:44:54 GMT
Hi ablrate, Many of your investors have day jobs and are unable to spend time reviewing loan documents during business hours. You mention in your latest email that there will be a loan posted at 1-2pm today but there is still no sign of the documentation. Given the size of the loan it is possible that it will be fully subscribed before COB today. Can you please provide at least 24 hours of document reviewing time before posting a loan? It is not an unreasonable request.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Oct 10, 2017 11:32:04 GMT
Would be interesting to get hold of the EY business case report.
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TitoPuente
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Post by TitoPuente on Oct 3, 2017 19:44:10 GMT
Wow.
Fair to say kudos to Lendy.
If this was heading this way then there was no need to post ambiguous updates, unless this came at a surprise for Lendy as it was for us lenders. We’ll never know.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Sept 16, 2017 10:04:32 GMT
Latest update 15th Sept " The borrower is continuing to work hard to excecute the exit strategy and we are in constant discussions" Is this Lendy speak for the sale nearing completion has been withdrawn? The lack of clarity in loan updates is absolutely frustrating and seems to be intentional.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Sept 16, 2017 9:41:09 GMT
I am looking for HMRC CT filing software able to handle IFRS 9. Any recommendation would be much appreciated.
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TitoPuente
Member of DD Central
Posts: 624
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Post by TitoPuente on Sept 2, 2017 9:22:26 GMT
17/08/2017
The sale is believed to be going ahead. The buyer is currently negotiating access to the site.
30/08/2017
We have been provided with evidence that a sale is nearing completion as the borrower continues to work towards resolving the road access issue.
Looks like there is philosophical discussion about the meaning of "access".
What road access issue, please?
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Aug 21, 2017 15:02:32 GMT
In this thread there are some proposals by lenders to try to save this loan from a sure default but Lendy don't seem to care.
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TitoPuente
Member of DD Central
Posts: 624
Likes: 655
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Post by TitoPuente on Aug 19, 2017 8:18:10 GMT
Christ, 'believe' means 'believe'. Presumably they'd like to be more declarative but can't right now. In the absence of absolute proof, would you prefer 'No change'? Life isn't black or white, leave some room for nuance. "Believe" and "No change" add the same amount of information. Life advice not welcome.
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