gustapher
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Post by gustapher on Mar 1, 2018 9:42:40 GMT
Yes I'm sure they will. The collateral stuff coupled with the MT disaster area in such quick succession is always going to cause a few wobbles. That's why Ly is underrated in my opinion. Very fashionable to slag them off but there's still plenty of money to be made on the platform. Plus to me it looks like they are steadily improving despite all the cynicism around here.
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gustapher
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Post by gustapher on Mar 1, 2018 8:24:27 GMT
Plenty of high class loans, must be an interim thing, waiting for the new pipeline behemoth. I would imagine that these loans will disappear quite rapidly once the monthly interest run completes this morning. At least that is the usual order of events. A large proportion of the long dated 12%ers are mine and I'm not liquidating my entire position. I'm not in Collateral at all so its got nothing to do with that and I'm still happy to continue investing in Lendy. Also nothing to do with pipeline. I need the money for other non-P2P investments.
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gustapher
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Post by gustapher on Feb 28, 2018 20:55:05 GMT
Gustapher - thanks for the feedback. We have added a transactions filter and export facility to the dashboard. We are planning further enhancements to our dashboard functionality in the coming months. Great thanks very much.
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gustapher
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Post by gustapher on Feb 23, 2018 7:28:40 GMT
Are there any plans to add something to the website providing an overall summary of investment performance?
It would be good to be able to select two dates and get a statement to help with tax returns and company accounts.
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gustapher
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Post by gustapher on Feb 18, 2018 16:27:54 GMT
Nothing substantial here but just got off the phone to my business partner and I asked him about the over-saturation of student blocks in Cardiff. He said that is what they keep hearing but they are still building. He said the sites that didn't do well or that are now getting permission for change of use were not built in good areas. That said he did think it was reaching saturation point.
On this project in particular he felt it was all down to the success of the Metropolitan University which is growing. The location is Gabalfa which is a bit rougher than Cathays and too far out for the majority of students in Cardiff Uni. It's an £8-9 taxi ride from the town centre. He said it is perfect for all the Chinese students coming who just want to study but not so great for those who want the nightlife. He also said there are no competing blocks that he knows of that would be closer to the Metropolitan University which has got to be a good thing. So mixed bag and overall sounds ok to me.
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gustapher
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Post by gustapher on Feb 17, 2018 12:47:51 GMT
Thanks all for the help with tagging. Much appreciated!
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gustapher
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Post by gustapher on Feb 17, 2018 10:24:20 GMT
4) On the flip side the business case of these new blocks for investors (who would be the exit strategy on this investment) does not add up as I looked into it before I'd even heard about Lendy. Hazellend is spot on with his analysis. The projected yields that they "guarantee" to investors for a set period are well above market rate (at about £400-£450 per room pcm compared to the wider market's £300-£350 pcm) so while it may attract some retiree chasing yield any savvy investor would see they are high risk and unproven as long term investments (that's not to say they would be bad investments though). Great post gustapher . One thing I'd like to check are the figures mentioned above. I had been looking for info about over-supply in respect of some PBSA developments in Plymouth, and came across this report. I recalled it mentioned Cardiff and going back to it, I note that the average en-suite price (as opposed to studio) for Cardiff is quoted as £125pw, and that is very much at the lower end of the spectrum. (Incidentally, the figures used for the revised DFL006 valuation has taken £140 pw but that is for a studio which, based on a typical major city average premium of 30% for studio accommodation over en-suite, seems to compare favourably.) Are the figures you quote nett of management costs or something? (I should say that I too am not an advocate of this sort of investment. Seems far too much 'jam today' for there not to be 'tummy-ache tomorrow' to my way of thinking.) I have to be honest my figures may be wrong as I was talking from memory and it was a while ago now. Basically I run a Ltd company property business as a side-project from my everyday work and we built a cash generative base by focusing on student lets in Cathays. I'm from Cardiff originally and my business partner works as a senior architect there on a lot of these kinds of builds (old school friend) so given we knew the market it seemed like a good starting point. We are now diversifying away from Wales, however, due to political risk but that is another story. Anyway before we settled on a formula that worked we started out thinking 7% yield was good (because that's what every BTL article tells you). As part of this we came across these blocks (and this developer) advertising "7% guaranteed yield after fees" with all these projections of how much more they would make after the guaranteed period was over. Eventually our research led us to three conclusions 1) That if the Ltd holding company goes bust during construction you are screwed; 2) That you are at the mercy of the property management company who can increase fees to whatever they like after the "guaranteed period", and 3) The projected rates after the "guaranteed period" were over were not in line with what students could pay elsewhere. The formula we settled on was to achieve 10% ROI (not yield) by buying a 4 bed (with existing HMO as they can't take it away once you have it), convert it to a 5 bed, upgrade the HMO and then pimp it out so it stands head and shoulders above the competition in terms of interior design/finish etc. We wanted to appeal to professionals in the Heath hospital and students in the University. So far it is working well with all properties being snapped up within weeks of being advertised and so far they are being kept in excellent condition by tenants (touch wood). Anyway, speaking to all the estate agents we found the max you could get in a shared house (4 bed) was about £350 pcm per person. For a 5 bed it was about £325 pcm pp. From there we could work backwards, look at the purchase price, the work that needed doing to it and then assess if it would achieve the 10% ROI. Those figures are current, based on todays market and for properties equal in quality to or even nicer than the ones being offered here (definitely not slums etc). They are also better positioned than this block would be. Now I know a studio or en-suite attracts a premium, but it is balanced by the fact many students (particularly British) don't want to live in a block like that. They would much rather live in a house for all sort of reasons I won't go into. These blocks appeal more to 1st year students new to the area or foreign students who have more money and their priority is to study rather than enjoy the social aspects of being in a proper house. So as long as foreign students keep coming to the UK to study I think these blocks (local market supply/demand notwithstanding) will always have appeal to a certain type of student. Regarding my figures of £400-£450 pcm I may be completely wrong but I think I got that from working out what 7% yield would equate to based on the purchase price - so it probably was net of fees. Looking at my emails this morning it was actually nearly two years ago we were looking so things might have changed. I can't find all the research we did but I do remember our main concern was that there were cheaper equally good alternatives in Cathays for those that wanted it. That's a big difference in price and made us think the yields may not increase after the "guaranteed" period was over as per the models they advertised. So yeah, take the numbers with a pinch of salt but that's where I got them from. Btw how do you tag people on here? I can't work it out.
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gustapher
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Post by gustapher on Feb 16, 2018 21:51:06 GMT
I just want to add a small note to this, but I want it to be small, that is I want you all to note that I AM NOT AN EXPERT ON ANYTHING and I don't want throw hysterical negativity around... However, I live in Cardiff, and there's reportedly a bit of an over supply of student flats here: www.walesonline.co.uk/news/wales-news/second-student-flats-block-cardiff-13924531I don't know how this plays in to the profitability of this project, but I think it's something worth knowing if you're thinking of investing here. Apologies if this has been covered before, I haven't read the whole thread, I'm pretty new here. Please do treat this information as part of the bigger picture, as I'm sure you will! This is quite a different location from the blocks in the newspaper report, which is low on details to be honest. (If anyone wants to have a long, off-topic discussion on the wisdom of putting so many of Cardiff's economic eggs in the education basket then please just give me a shout!) I'd also add that Cardiff's a fine city, a good place to live and work and no-doubt a good place to study too. (There, I think I've covered all my bases there.) Don't disagree with anything you have written but I'd add: 1) Cardiff Council are actively discouraging traditional student housing in the form of HMO houses in Cathays from new investors. They see the existing stock of terraced houses in the area as future potential affordable family homes. With additional taxes and bureaucratic schemes like RentSmart Wales they are working with the Welsh Assembly to make BTL in the city less and less attractive. Along with Osborne's original tax changes this will steadily reduce the supply of existing student properties which would be the main competitor for this block. 2) Given the above, I would assume the Council would be broadly supportive of this kind of development as it fits in with their long term plans. 3) Not only are family homes in demand in the area, the HMO's that are there are also in demand from professionals who can outbid students if an investor were to upgrade the quality. There is currently plenty of demand from professionals and I know from personal experience that if you improve the standard of some of these houses rental yields increase and demand is high. 4) On the flip side the business case of these new blocks for investors (who would be the exit strategy on this investment) does not add up as I looked into it before I'd even heard about Lendy. Hazellend is spot on with his analysis. The projected yields that they "guarantee" to investors for a set period are well above market rate (at about £400-£450 per room pcm compared to the wider market's £300-£350 pcm) so while it may attract some retiree chasing yield any savvy investor would see they are high risk and unproven as long term investments (that's not to say they would be bad investments though). 5) The location isn't brilliant for Cardiff University or the town centre which generates the most demand but it is in range. 6) There are plenty of overseas students who would much prefer this type of accommodation to the traditional student house so assuming that demand stays they will appeal to some. 7) My knowledge may be out of date (12 months old +) but according to a local architect there are no plans for competing blocks nearby. Mixed bag and I haven't looked at the valuation but I don't think this is a turkey or in same league as the one in that article.
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gustapher
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Post by gustapher on Feb 4, 2018 8:23:39 GMT
Just wanted to say love the new interface!
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gustapher
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Post by gustapher on Jan 31, 2018 17:47:29 GMT
How do you work that out? If they were "buttering up their easy-prey" would they not just offer it to everyone knowing the interest run is tomorrow? It's the " we are making this newly released investment allocation available to you first" when it appears to be available to every one. Assuming I'm correct that anyone with credit n their account can purchase, then in my opinion, it's disingenuous. Would have been more accurate to say " we are emailing you first". Ah sorry makes sense - I misunderstood.
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gustapher
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Post by gustapher on Jan 31, 2018 17:29:20 GMT
Hmmmnnn.... I think Lendy are buttering up their easy-prey (existing lenders) on this, I don't have funds on account, and not an investor, but it looks available to purchase by anyone to me. How do you work that out? If they were "buttering up their easy-prey" would they not just offer it to everyone knowing the interest run is tomorrow?
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gustapher
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Post by gustapher on Jan 27, 2018 12:50:32 GMT
Anyone relying on being able to sell down existing loans after a new pre-fund has been allocated is asking for trouble, IMHO. Look at DFL030, 340 days remaining and minimal availability until yesterday, now with £108k queued to sell. Yeah - I guessed totally wrong. I thought there would be a lot more investors in the last DFL and the 200+ day queues this morning would be gone. Investor numbers on the platform must have dropped significantly.
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gustapher
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Post by gustapher on Jan 27, 2018 11:28:47 GMT
Prefund £30k got £28,140.00
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gustapher
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Post by gustapher on Jan 26, 2018 15:17:16 GMT
Lots of good stuff on the SM because of this. I think this is because people are worried about the changes to the prefunding so are selling more heavily than normal. I think quite a few will go for the DFL and when allocations are smaller than expected the SM will dry up just as quick - just a guess though!
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gustapher
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Post by gustapher on Jan 17, 2018 12:55:32 GMT
Just got this...
***
Further to last week’s email, we are writing to confirm postponement of the Mayfair Village deal. As mentioned then, this change in timing is driven by the Vendor who has delayed the completion date of his purchase of the property to the new tax year.
The Principal Lender will be revisiting the deal in late March, at which time it is likely to be available for subscription on Property Crowd. At that point, we will offer you a right of first refusal to make the same allocation that you requested under the Advance Subscription offer.
We would like to apologise for any inconvenience caused by this change to the projected completion timeline. By their nature, deals offered for Advance Subscription are not finalised and therefore are subject to change or may not complete at all.
However, for this to happen to the first deal to be offered under our new Advance Subscription facility is very unfortunate. Therefore, as a one-off gesture of goodwill, we will credit your Standard account with a fee rebate of 0.5% of the funds you deposited to cover your subscription within the next few days.
Thank you for your patience, and please don’t hesitate to contact us if you have any questions.
Kind regards
The Team at Property Crowd
***
I'm blown away impressed
Thank you Property Crowd.
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