benaj
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Post by benaj on Jan 10, 2018 7:57:00 GMT
PM posted an update on 22nd Dec 2017 regarding 2018 strategy for PM members, the aim is to maximise the value of all opportunities and monitor all exit options.
I think something new are in the pipeline, perhaps more secured loans like PMF A/B from creditum capital
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p2ploser
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Post by p2ploser on Jan 10, 2018 18:41:45 GMT
That update was garbage. Statement of the obvious with no detail.
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jnm21
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Post by jnm21 on Jan 10, 2018 23:51:53 GMT
That update was garbage. Statement of the obvious with no detail. Am I the only one who thinks a lot of rubbish being posted on here?
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jnm21
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Post by jnm21 on Jan 10, 2018 23:53:09 GMT
Coming up for 3 months off the market 1/4 of a year, still no update, I raised an official complaint, which was acknowledged on the 20th December and since then I have heard nothing............... Time to start asking for details of their regulator!
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damar
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Post by damar on Jan 11, 2018 7:58:43 GMT
you have to wait eight weeks before you can escalate
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Post by propertycalf on Jan 13, 2018 14:53:45 GMT
How long has it been?
It may be the only thing they understand, I'm certainly looking at seeking legal advice, as they consistently ignore some of the problems
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benaj
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Post by benaj on Jan 13, 2018 17:16:52 GMT
Well, I think PM are really exploring all exit options and there are plans regarding exit votes for the following SPV (posted on 2-Jan):
PM SPV 19 / PM SPV 24 / PM SPV 29 / PM SPV 18 / PM SPV 16 / PM SPV 24
Those properties will be marketed for sales and share holders will be contacted to accept or reject offers.
Meanwhile PM SPV 25 requires renovation but the time is taking longer than usual due to insurance claim process.
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damar
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Post by damar on Jan 15, 2018 7:20:02 GMT
Well, I think PM are really exploring all exit options and there are plans regarding exit votes for the following SPV (posted on 2-Jan): PM SPV 19 / PM SPV 24 / PM SPV 29 / PM SPV 18 / PM SPV 16 / PM SPV 24 Those properties will be marketed for sales and share holders will be contacted to accept or reject offers. Meanwhile PM SPV 25 requires renovation but the time is taking longer than usual due to insurance claim process. Surely as the shareholders own the property, they must first be contacted and allowed to vote to see if they want to sell? PM manage the properties, not particular well in some cases, well in others, but they do not own them. Properties being put up for sale could make some of the tenants leave out of insecurity, then if the vote is not to sell, the owner is left in a position worse than before. PM are not being transparent. I don't think many people out there would believe it takes three months to revalue some properties, its a bit of a joke. My official complaint was acknowledged on 20th December, so I am half way through the eight weeks.
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Post by propertycalf on Jan 15, 2018 22:37:13 GMT
That is the crux of the matter.. We pay the cash, but do we really own them?
Pm are certainly not acting like we do in certain circumstances
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damar
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Post by damar on Jan 26, 2018 11:14:53 GMT
just been updated by the "Independent Complaints Company" who have found in favour of Property moose, and the 3.5 month of the market revaluation.
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damar
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Post by damar on Jan 26, 2018 16:11:08 GMT
here is the response, 3.5 months off the secondary market, over 1/4 of a year and that is acceptable apparently
Your complaint has been thoroughly investigated and I’m afraid I’m unable to uphold the complaint in your favour on this occasion.
1) Property Moose have responded via email dated 18 December 2017, and admitted communication can be improved but also explained the removal of PM SPV 41 from the secondary market was to;
• Facilitate the voting process being prepared at the time for PM SPV 41 and other properties, which involved obtaining a valuation on the underlying properties from a number of providers.
• The objective behind this was to create an alternative exit plan for investors as the secondary market only provided an exit route where there was a willing buyer, this was not always the case. Property Moose was attempting to be proactive and establish a solution for investors looking to exit where the current secondary market was not able to facilitate this. This process is on-going and the firm is aiming to provide a comprehensive update in due course.
• It was also explained that the performance of your investment was not compromised in any way as a result of being removed from the secondary market.
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p2ploser
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Post by p2ploser on Jan 26, 2018 18:35:12 GMT
I guess that once again confirms why pm isn’t for me and once they allow me to get my final cash out of spv32 i’ll be happy to wave goodbye. If they, and their independent complaints handling company think that removing our properties from the secondary market without warning, only sending an update on the reasons for this 2 months later and still not having these properties revalued 3.5 months later then the quality of the platform and complaints company leaves a lot to be desired. They market the platform on having a good secondary market but don’t state that it could be totally useless as they can remove properties without warning for months and then provide a nonsense excuse why they did it. All this rubbish about trying to find the best exit for our investors is really saying that the secondary market isn’t providing a good method of achieving this. I fear this is a platform with many problems and even worse communication. Can’t see how anyone can have faith in their investments in it unless they’ve dumped the money and are not checking back for months.
Great job damar in at least getting a complaint in there.
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Post by propertycalf on Jan 27, 2018 11:36:21 GMT
I totally understand that property moose are not a charity and have the responsibility for overheads, fees, employees wages etc, but the fact they have sidelined the liquidity of a number of properties to secure their own interests speaks volumes.
Along with this, the examples of the phantom loans that have reared their heads and parasitically drained every last drop of profit from some SPV's, rendering them zombie investments.
You have to wonder whether property moose's talking the talk of "democracy" and "transparency" is fundamentally lacking the walking of the walk!
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damar
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Post by damar on Jan 27, 2018 19:09:12 GMT
i am going to wait until the middle of Feb, then it will be 4 months off the market, I don't think anyone on the planet would think that is a reasonable time for a revaluation, then i will escalate the complaint to the Ombudsman.
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p2ploser
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Post by p2ploser on Feb 8, 2018 19:01:28 GMT
Nearly 4 months. Anyone still trust the competence of this lot? Something fishy going on.
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