LENDY investors will start to receive money in their accounts on Monday 28 October, Peer2Peer Finance News has learned.
In a letter to investors – seen by Peer2Peer Finance News – Phillip Sykes, joint administrator at RSM, confirmed that further to previous reporting, “the joint administrators anticipate that on Monday 28 October 2019 the respective investor accounts will be updated for the interim distributions in respect of the following loans: DFL012; DFL034; DFL037; and DFL032.
“We will send a further update to investors whom have cleared the anti-money laundering checks to advise when the withdrawal facility is available.”
DFL012 refers to a loan on the Herculaneum Quay tower in Liverpool, on which Lendy had targeted a 12 per cent return.
Loans DFL034 and DFL037 both relate to loans on land in and around the town of Falmouth. The land was due to be developed into residential properties, and lenders were given a target annual return of 12 per cent on their investments.
Loan DFL032 also targeted a 12 per cent return by investing in a Southampton property development.
Over the next three weeks, RSM intends to make further distributions on a further seven loans. These are: PBL163; PBL164; PBL056; PBL103; PBL193; PBL177; and PBL178.
PBL163 and PBL164 were loans on development sites in Porthtowan, Cornwall; PBL056 was a loan on a farm in Somerset; PBL103 was a loan on a building site near Hastings; PBL 193 was a loan on a site in Rotherham; PBL177 and PBL178 were loans on a series of properties in Lowestoft, Suffolk. Each of these loans was offered with a target return of between 10 and 12 per cent.
“Please note these are interim distributions and it is anticipated there could be further distributions in respect of these loans,” said Sykes.
He added that the Lendy team will continue liaising with individuals who currently have not fulfilled the money laundering checks, and asked account holders to assist the team as much as possible in order to accelerate the process.
Sykes addressed concerns that the anti-money laundering process was taking a long time for some investors, adding: “Regrettably these final checks are a manual exercise, hence it will take some time to complete these processes.”
“These distributions reflect the on-going progress of the administration and this illustrates the administration moving to the next stage of the process after our original appointment,” said Damian Webb, joint administrator at RSM.
“We are conscious of the difficulties faced by investors with their funds being tied up in Lendy and we are aiming to ensure there will be regular distributions as we gradually wind down the loan book. As stated previously in exceptional circumstances the administrators will look to accelerate payments to avoid any unnecessary hardship for investors.”
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