damar
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Post by damar on Dec 30, 2017 10:44:43 GMT
Does anyone know when they first took these off the market, I seem to think it was mid October, but not too sure?
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damar
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Post by damar on Dec 28, 2017 18:07:36 GMT
In answer to the original question, it appears it takes propertymoose more than two and a half months to revalue a property and still counting. Thank god these guys don’t value your property when you want to sell. You’d never manage to get it on the market. I can suggest some good surveyors if that helps, ours took 24 hours to value! In their defence hmo's are likely more difficult to value than a normal house, and the valuers have more than one to do and the festive period likely isn't helping matters, though it is dragging on a bit isn't it?! I agree the festive period will slow them down, but that only started a week ago, two at the most, so that means they have had two months, more than long enough to revalue a HMO or 10.
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damar
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Post by damar on Dec 28, 2017 17:39:17 GMT
two and a half months, and we now have an update on the platform, well that was timely.......
maybe someone complained about the lack of information.
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damar
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Post by damar on Dec 21, 2017 20:56:11 GMT
kaya , I would agree that this is positive, if they were not taking control of OUR properties away from us to do whatever they are doing, with the audacity not to even tell us what they planned to do in advance (let alone asking our permission)! I wonder what would happen if the SPV voted to change the management agent? I have some more info from them. i am still unimpressed, so I have raised an official complaint. As per Jessica's email, a number of PLC property companies are undertaking valuations. The firms include Savills, Allsops, Knight Frank, and JLL. Due to a number of companies being involved, it is more complex than a simple desktop valuation. We agree that you can get a desktop valuation done relatively efficiently, but dealing with big firms is unfortunately not that efficient. Furthermore, this is part of a wider strategy and we aim to do everything we can to maximise value for members and we are exploring all options on behalf of our members, as is in line with our aim to increase potential value.
This means as well as gathering information on these units, we are also creating a plan for them. This could mean that we ask shareholders to vote on any of the following options:
- let the terms mature and process the exit vote as usual (business as usual) - sell the properties on the open market - sell the properties privately
For these properties, we are preparing to send a vote that will instruct us to seek sales early in January. As above, this doesn't mean that there will be any action for some time, and those properties that are performing will hopefully continue to do so. In terms of valuation, some of the properties will have increased in value, others reduced in value, and others may have stayed the same. I appreciate the 'market value' is whatever someone will pay for the shares on the Secondary Market. However, I also believe it is important to ensure information is updated to assist both buyers and sellers.
In terms of us only revaluing some of the properties at this time, the reality is that all of the properties on the platform are going through the process that I've described above, and for the reasons described above. The next batch is likely going to be removed early in Q1. In relation to our platform performance, this is not something our members need to worry about, and we are not having cashflow issues - speculation the forum platform is quite unhelpful and does not represent the firm!
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damar
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Post by damar on Dec 20, 2017 20:48:04 GMT
i took all mine out as soon as the changes were announced, I have a few bad debts left, which are slowly repaying. I moved into FS and Lendy, but I am now moving out of FS and into MT.
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damar
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Post by damar on Dec 17, 2017 8:05:16 GMT
They should be custodians managing the investments on the investors behalf for a fee, like a fund manager. If the whole democratic philosophy is bypassed, the model becomes extremely unpalatable. I agree, they should be contacting the shareholders to suggest an early sell, or at the very least, contacting them to tell them that they are going to take them off the market to get them revalued, and then give updates on the progress, eg; we have had two valuations back we are waiting on a third, which we are promised on xxxx. communication leaves a lot to be desired
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damar
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Post by damar on Dec 16, 2017 18:48:07 GMT
Regardless of the reasoning behind it, I'm uncomfortable with the idea they will just choose to sell off investments, mid term for their own reasons. Nevermind taking those properties off the secondary market. So every SPV that might make them cash they'll pull? While us members just buy and sell shares of the remaining investments, hoping for smaller returns or the day they choose to pull that particular investment. Definitely not as transparent as I would like! it makes you wonder who ones the property, the shareholders or PM....................
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damar
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Post by damar on Dec 15, 2017 18:46:59 GMT
i can't get anywhere apart from it takes time, this was their last response.
I hope you had a good day and thank you for the swift response.
As per my previous email, there are number of PLC property companies that are undertaking valuations. The firms include Savills, Allsops, Knight Frank, and JLL. Due to a number of companies being involved, it is more complex than a simple desktop valuation. I agree that you can get a desktop valuation done relatively efficiently (and I've done them plenty of times myself), but dealing with big firms is unfortunately not that efficient! Furthermore, this is part of our strategy and aim to do everything we can to maximise value for members and we are exploring all options on behalf of our members, as is in line with our aim to increase potential value.
This means as well as gathering information on these units, we are also creating a plan for them. This could mean that we ask shareholders to vote on any of the following options:
- let the terms mature and process the exit vote as usual (business as usual) - sell the properties on the open market - sell the properties privately
It is our hope that being proactive and ahead of timetable is value additive and something our members generally appreciate, and although communication from us can improve, most importantly, as you are the owner of the shares, you have day-to-day control over the asset meaning that we can't do anything affecting the asset without your explicit consent. You may have seen this with tenant and renovation votes that get emailed as and when the need arises. We do not want to email you until there is actually any substance or facts to support an opportunity. I can appreciate your frustration, and once again I apologise for that but as per my previous email, we are working towards providing the most optimum returns for investors.
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damar
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Post by damar on Dec 8, 2017 9:27:19 GMT
I have been following this thread with interest, as to how FS deal with this type of issue, as it is clear that they have not visited the site.
Has there been any updates?
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damar
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Post by damar on Dec 6, 2017 21:16:11 GMT
All just guesswork on my part.. I was actually in the middle of increasing my holdings in one of these properties and I'm sure there's sellers out their who would happily want the money. It's annoying at best I am trying to get out, so you are welcome to all my holding on SPV41
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damar
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Post by damar on Dec 5, 2017 19:36:08 GMT
I too am not impressed. despite chasing and getting nowhere, so today I emailed one of the directors and asked.
I got an email back not from the director I emailed, but from someone else, below is the response.
Please accept my apologies for the delayed response in regards to the HMO properties being put back on the Secondary Market.
Over the last 6 or so weeks, we have been working hard to get a number of the units in the portfolio revalued. There are still some properties that we are waiting to hear back about as this is not a small undertaking.
Those properties that have been looked at have been given a desktop valuation from one (or more) PLC property companies and are 'investment valuations'. The reason for us obtaining this type of valuation initially is part of our on-going aim to offer the best exit route for all properties. We are exploring a private investor sale for some of the units, whilst others may go on the open market. You will, as ever, be asked to vote on the preferred exit strategy as and when the time comes.
Now we are starting to receive some of the investment valuations, we are getting ready to start marketing some of the units on the open market. Whilst undergoing this process, we felt it was appropriate to remove the properties being valued from the secondary market as it would be unfair to trade shares whilst we await an offer and confirmation of an updated valuation.
I hope this helps provide some insight and we aim to provide an exit as soon as possible, whether it be on the open market or by releasing again on the secondary. As soon as there is further information to disclose, will be in touch. As always, please don't hesitate to get in touch if I can assist with anything else in the meantime.
What I don't understand, is why it takes such a long time to do a desktop valuation, and why are they looking to exit (SPV41) when there is over a year left. Call me cynical but I think it the answer is a load of rubbish
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damar
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Post by damar on Dec 5, 2017 14:21:35 GMT
I have emailed one of the directors to see when it will be back on the market, as no on one has contacted me.
I wonder if I will get a response now.
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damar
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Post by damar on Dec 3, 2017 10:26:36 GMT
Just an update, no response, true to form as always
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damar
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Post by damar on Dec 3, 2017 10:23:44 GMT
The facts, based on my experience, are poor returns and very poor communication, which is why I am getting out.
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damar
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Post by damar on Dec 3, 2017 10:21:26 GMT
Maybe it’s a cynical attempt to stop people selling out Strange, I had the same thought this morning, I am down to two investments, the second one is drifting away nicely, and SPV41 will be the only one left.
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