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Post by propertycalf on Apr 2, 2018 15:37:22 GMT
Do we just get paid late whenever the end of the month lands on a public holiday? Or are pm enforcing the quarterly payments on existing investments that previously paid monthly?
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jnm21
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Post by jnm21 on Apr 2, 2018 15:51:02 GMT
The latter I'm afraid!
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Post by propertycalf on Apr 2, 2018 15:54:02 GMT
I vaguely recall being assured that this wasn't going to be the case by propertymoose? The goal posts get moved... And moved.. And moved
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carolus
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Post by carolus on Apr 2, 2018 17:36:21 GMT
I vaguely recall being assured that this wasn't going to be the case by propertymoose? The goal posts get moved... And moved.. And moved As far as I recall, I'm pretty sure they've consistently said that all properties are moving to quarterly payments.
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Post by propertycalf on Apr 2, 2018 17:39:59 GMT
I will try an dig out the post, I was under the impression any spv recieving monthly dividend would continue that way and any future SPV's would be moved to quarterly.
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Post by propertycalf on Apr 2, 2018 17:47:30 GMT
Posted on this forum on the 16th of February on the action group thread by propertymoose "We will continue to pay monthly payments on all properties that we have currently. Moving forward, this will move to quarterly for new buy-to-let properties only"..not my idea of consistent
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Post by propertycalf on Apr 7, 2018 14:07:06 GMT
The late payments and chopping and changing shouts out financial distress to me.
I know this is a touchy subject with property moose and has appeared to touch a nerve in the past.
You know what gets on my nerves? Companies taking money from investors promising one thing and not only not delivering, but practicing less than wholesome practice.
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jnm21
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Post by jnm21 on Apr 7, 2018 16:43:12 GMT
propertycalf you probably know more than I do as a novice investor, but I don't believe that PM are in trouble - the write off of the debits would not concur with your assessment. From what they told me (I did ask them) about what would happen if the platform went bust, I believe that they have every incentive to avoid it & while for my own sake I want them to avoid it, I am confident that they would suffer much more than we would. I still think that such speculation is self defeating & to be avoided until confirmed by fact. Don't forget that funds are held in an account for the SPV - any interest (which currently no bank seems to offer - any that did would tap into a huge low cost source of funds) would belong to the SPV. All this aside I still think that the PM comms are woeful & their attempts to justify them (even scorn those who point them out) are sickening. I am not investing with PM at the moment, taking out what I can, & despite slightly lower rates where I am investing, I can't see that changing.
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Post by propertycalf on Apr 9, 2018 19:15:35 GMT
I am by no means an expert investor myself, but I cant help but ask the question why there hasn't been any new buy to let SPV's recently? They are clearly doing better from the loan notes.. I also find it hard to believe that the change from monthly to quarterly was only based on organisational reasons? Basically an admission that the concept doesn't work in my view, trying to back pedal out of every spv including ones whose returns haven't been too bad in the scheme of things.. I have no more patience for sentiments either anymore, just like there doesn't appear to be any sentiment for the money that we have risked believing that this project could actually work.
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jnm21
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Post by jnm21 on Apr 10, 2018 4:46:19 GMT
Surely beating a hasty retreat from a venture that doesn't work is prudent? Surely that would suggest they are likely in good financial shape!
They never answered my question if the 'in it together' 15% share applies in loss and in profit - must assume not!
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adrianc
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Post by adrianc on Apr 10, 2018 10:13:38 GMT
Posted on this forum on the 16th of February on the action group thread by propertymoose "We will continue to pay monthly payments on all properties that we have currently. Moving forward, this will move to quarterly for new buy-to-let properties only". It's clearly not happening, unless mine's the only account that seems not to have had this month's monthlies paid so far.
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ahowlin
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Post by ahowlin on Apr 10, 2018 12:56:47 GMT
My situation is this same - no dividends. I am assuming the policy is now quarterly dividends. However this could have been communicated better.
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Post by propertycalf on Apr 10, 2018 14:10:46 GMT
Surely beating a hasty retreat from a venture that doesn't work is prudent? Surely that would suggest they are likely in good financial shape! They never answered my question if the 'in it together' 15% share applies in loss and in profit - must assume not! I'd be likely to agree if it wasn't the whole business model of your company that your retreating from?
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Post by sayyestocress on Apr 10, 2018 15:21:34 GMT
Posted on this forum on the 16th of February on the action group thread by propertymoose "We will continue to pay monthly payments on all properties that we have currently. Moving forward, this will move to quarterly for new buy-to-let properties only". It's clearly not happening, unless mine's the only account that seems not to have had this month's monthlies paid so far. I'm pretty sure they changed their minds on keeping the old properties monthly soon after that quote. I can't remember how it was communicated to us, though. I'm fairly certain all payments will be quarterly from now on. Meanwhile over on property partner; monthly dividends have been paid and the secondary market remains open... Edit: we were told in the e-mail relating to the opportunity to vote to change to another appointed property / spv manager. In which it says that the quarterly dividend days will be 31/5/18, 31/8/18, 30/11/18 and 28/2/19 for all properties if we kept PM as appointed manager.
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adrianc
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Post by adrianc on Apr 10, 2018 15:38:31 GMT
I queried it with them...
An email was circulated in early March that advised investors that rental payments were now being made quarterly in order to streamline the process. I have included a copy of the email attached and you can expect the next rental payment on the 31st May 2018 and then after, will be every 3 months. Nonetheless, we will still be providing an update on investments (when applicable) before the end of the week so keep an eye on your messages for any news.[/quote]
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