tjtl
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Post by tjtl on Oct 23, 2019 14:10:04 GMT
Received an email on Evesham dated 17th October with an update from Relendex. Conscious that my previous post was deleted what I hope is uncontroversial to post is
1. They are still hoping for an offer for the property as is - so incomplete 2. If an offer is made they hope for it within two weeks 3. Decision is then to accept the offer, or compete the work and then look to sell
As you will have gleaned from the August email the residential units are only 60% complete.
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Post by gramsky on Oct 23, 2019 14:31:37 GMT
Received an email on Evesham dated 17th October with an update from Relendex. Conscious that my previous post was deleted what I hope is uncontroversial to post is 1. They are still hoping for an offer for the property as is - so incomplete 2. If an offer is made they hope for it within two weeks 3. Decision is then to accept the offer, or compete the work and then look to sell As you will have gleaned from the August email the residential units are only 60% complete. Thanks
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tjtl
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Post by tjtl on Dec 5, 2019 17:11:10 GMT
Useful update on Evesham, London& Liverpool, Bridge House, and Clapham South loans received today. If anyone is a lender on these and hasn't received the updates let me know and I will forward (or you can get them from Relendex). They have improved their communications- and on these four loans (all of which have issues) Relendex appear to be taking a sensible, professional approach- money may be slow to be received, but their interests appear to be aligned with ours. I will post a copy of this against the other loans.
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Post by pennyrelendex on Dec 6, 2019 11:49:29 GMT
Thanks tjtl , all updates can now be found in the Virtual Data Room.
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tjtl
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Post by tjtl on Jan 13, 2020 18:12:06 GMT
Thanks Penny
Spent a chunk of the weekend going through ll the relevant updates in the VDR- helpful (and would be even more helpful if they were put in chronological order for each loan)- impression given is that the management look to be taking the right steps on each loan- I still expect some losses on a couple of the loans I am exposed to (out of 20 the I am in) - but not as bad as feared. Could you please keep the updates coming- often the lack of any news is worse than being told any bad news in. timely manner. Given the grief enveloping the sector I think Relendex have done a good job of getting on top of the issues they faced and look to now be one of the best run platforms (alright, I accept that isn't the highest bar to set given the incompetence elsewhere) - be good to see this being followed up with regular, clear, updates for each loan at least every two months.
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maotw
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Post by maotw on Aug 25, 2020 1:02:44 GMT
If not spotted (and if interested!) All the flats appeared on RM on the 20th.
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maotw
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Post by maotw on Aug 25, 2020 15:47:42 GMT
Update today.
Further monies have been provided by R for the build completion (should we be told how much?)
Barclays have surrendered their break in exchange for 6 months free rent. (Should we be told the valuation estimate for the GF?)
Prediction is capital back, but not all the interest.
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tjtl
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Post by tjtl on Aug 28, 2020 13:22:55 GMT
To get the capital back they have to sell the 4 flats (good to see all now on rightmove), and then sell the Barclays Bank lease - so will take some time. It looks as though best we can hope for is capital back in instalments, but I would be astonished if we got a penny of the interest. This is my biggest investment with Relendex (over £30k) , so a pain to see the interest go- but delighted if I get capital back.
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mrsb
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Post by mrsb on Aug 29, 2020 9:30:15 GMT
To get the capital back they have to sell the 4 flats (good to see all now on rightmove), and then sell the Barclays Bank lease - so will take some time. It looks as though best we can hope for is capital back in instalments, but I would be astonished if we got a penny of the interest. This is my biggest investment with Relendex (over £30k) , so a pain to see the interest go- but delighted if I get capital back. This looks awful. Loan is £1.3M plus what ever R have advanced since. 7 flats at avg c£125K = £877K (Assuming they sell OK) - Valuation figures were £165~£185 !! - and we're supposed to be in a mini-property-boom just now. I think the intention is to sell the F/H of the GF (Don't know if that'll include the f/h for whole building). Barclays were paying £49Kpa (don't know if they still are). On an 8% yield, that makes it "worth" perhaps £630K, but it's hard to imagine anyone going for that. The post C19 planning environment may make it ripe for convert to res, but would the numbers run to re-develop it (sniff test says no). At least the good people of Evesham can have some confidence of having a high street bank branch until 2026. So gross sales maybe £1.507M .. less what R have advanced, less fees etc. My prediction for lenders ... 10-15% capital loss, and of course no interest; perhaps better than that if the Barclays rent money has been accumulating ....
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tjtl
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Post by tjtl on Aug 30, 2020 14:38:02 GMT
mrsb- agree. Having worked the numbers through I expect we will, at best, get capital in dribs and drabs, but cannot see how we get more than 80% of capital back- so a significant write off of capital, and foregoing all accrued interest. I know there was talk of legal action which looks to have died a death. A very painful car-crash.
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mrsb
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Post by mrsb on Jan 7, 2021 9:56:22 GMT
RM listing of the flats has been pulled in the last few days?
Any explanation? (Penny?)
[edit] now reappeared as new listings. Agent has clearly mastered the swerve of RM’s block on refreshing listings!
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tjtl
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Post by tjtl on Jan 31, 2021 15:31:40 GMT
I have emailed and contacted relendex several times in recent weeks on this loan- on the chat function two weeks ago I was promised there would be a full update last week- of course there wasn't. I am already reconciled to a full loss of interest, and a 15% capital loss- given that none of the flats seem to have sold, and the sale of the Barclays is going at the speed of a dehydrated slug, I reckon we will be facing a bigger write-off than that. I have over £30 k in this loan ( idiot that I am), so this is hurting. Relendex- if you read this PLEASE PROVIDE AN UPDATE and put us out of our uncertainty
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mrsb
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Post by mrsb on Feb 9, 2021 13:12:20 GMT
Well now we know - lets hope the update is not unduly optimistic.
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tjtl
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Post by tjtl on Feb 9, 2021 13:49:41 GMT
Also a pity they have taken so long to 'fess up. The 80% capital back is exactly in line with the earlier posts predicted here- they have been facing a loss for a long time. I don't get why platforms think that by delaying bad news they will get more sympathy- I would be much more willing to reinvest if one felt they were always upfront about issues. Oh well, a six k predicted loss- pales into insignificance against my losses out of Wellesley (that fine , upstanding, always honest management team). Message to Relendex- if there are problems flag them - you will build much more confidence that way than holding on, keeping quiet, and praying for a miracle (or a good day to release bad news).
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mrsb
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Post by mrsb on Feb 10, 2021 8:21:17 GMT
Mean time (not attacking you comments) all/any new loans simply fly out the door .... even the latest BH one!
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