jnm21
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Post by jnm21 on Jun 2, 2018 11:28:15 GMT
Where to start? I am frankly bemused - it seems that PM are now saying that they will only update us on our investments quarterly! When they said they would pay out quarterly & promised that the money saved would be put to good use, I believed them & backed them.
I was under the firm understanding that important information would still be provided 'promptly' or even more promptly than before. Today I read the updates & find myself in shock. From the SPV 33 update:
With £0 revenue & the fact monthly rent was paid a month in arrears in February, they have waited 3 to 4 months to tell us that an underwritten rent payment was missed - I cannot & will not accept this! Now instead of being a passive investor as I should be able to be I have to start wasting my time checking all my investments, raising complaints, etc.
Then I looked at PMF 76 - the financial report only shows £250 'Gross Rent' which should be £375 - looking for why, it says "See quarterly update" - I'd love to, but I can't find it!
Going to try to maintain a list of the May 2018 issues in post 2 - will try to update any issues others report in the thread.
I think it is time for the PMAG to ride to the rescue.
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jnm21
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Post by jnm21 on Jun 2, 2018 11:28:45 GMT
PMF 76 - the financial report only shows £250 'Gross Rent' which should be £375.
PMF 76 - the financial report says "See quarterly update" - does not appear to be available.
SPV 33 - appears that they have waited 3 to 4 months to tell us that an underwritten rent payment was missed.
SPV 76 - has a quarterly update, but no financial update.
SPV 76 - they do not seem to have deducted the £375 due to PMF 76 (or even the £250 credited to it).
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jnm21
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Post by jnm21 on Jun 2, 2018 11:53:53 GMT
Looking at SPV 76 (which has a quarterly update, but no financial update), they do not seem to have deducted the £375 due to PMF 76 (or even the £250 credited to it). propertymoose any comments? |
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carolus
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Post by carolus on Jun 2, 2018 21:46:44 GMT
I've been doing much the same with my updates today. The first thing that jumped out to me was that nothing much seems to be happening with any of them. Even ones for which PM supposedly have vacant possession there doesn't seem to have been any meaningful progress.
The specific SPV that I noticed as obviously having been handled incorrectly was 68. They appear to have sent the notice letter back in March, which was "returned to sender". They only appear to have noticed that they therefore hadn't actually served notice when they were writing up the report, since they mention they dispatched a replacement notice on May 30. This means there's been roughly two months wasted and they're now not expecting to take possession until the end of July (assuming they manage to serve it correctly this time!).
I also noticed that several reports had wording along the lines of "respecting the spirit of the vote" which seems a slightly strange phrasing.
EDIT:
32, 41, 48 seem to have the same issue as you've reported with 33 - the "guaranteed" rent has evaporated. I notice that 48 has zero income reported - so the guaranteed rent must have failed at least as far back as March. If that was the case, it seems slightly concerning that we were asked to vote on the future of the SPV without this information.
48 also has been almost two months since the vote, empty and yet there appears to be no meaningful progress on selling it, beyond some waffle. I note with some concern mention that they are consulting an architect - this suggests either all is not well with the property or they are trying to do something quite major to the property.
54 appears to have had nothing happen since the vote to sell
56 has had no update at all
75 is still on the market, but appears not to have had any interest and it's been there for a while now I think (certainly it was before the changes). I also read somewhere that the merger of PMF 75 funds into the actual property may have been done in a rather strange way, but I wasn't in PMF 75 myself.
81 two months, no progress on the sale, although at least the guaranteed rent appears to be holding up.
85 despite the vote, they still don't appear to have served notice to the tenant.
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jnm21
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Post by jnm21 on Jun 2, 2018 23:24:34 GMT
carolus - thanks for that input - I will add it to post 2 tomorrow. I'm in some of those too! So frustrating - feel like my emotions are in a washing machine! Like someone said in another thread, I'd likely sell my PM BTL at a significant loss to get away! I think everyone including PM hates PM BTL & wants to run away!
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carolus
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Post by carolus on Jun 4, 2018 9:36:58 GMT
I've just noticed that live chat no longer appears to be available on site - is this just me, or does anyone know when it was removed?
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Post by Deleted on Jun 4, 2018 15:55:12 GMT
Gone for me as well. I don't remember ever getting a good response from it anyway.
I'm posting this here as well (from my other post, hopefully we can get something out of this):
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jnm21
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Post by jnm21 on Jun 4, 2018 19:01:09 GMT
I don't think I will be breaking any confidence by saying that they were not sure about the value of the web chat. I said I would rather not have it if all it did was refer issues or give half baked (often wrong) answers - the money could be better spent improving comms.
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Post by robert490 on Jun 5, 2018 12:10:47 GMT
Nothing posted on it's TWITTER Account since 01/03/18. Nothing on the website blog since 18/04/18. Live chat removed from the site. No new investment opportunities.
I am starting to get Quite worried about my investments now!
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carolus
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Post by carolus on Jun 5, 2018 13:45:36 GMT
I did have a successful withdrawal go through yesterday of a few pounds of interest, so at least some stuff is still happening.
EDIT: And I have also received a response to a query I submitted about one of the SPVs.
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Post by brianac on Jun 5, 2018 15:25:56 GMT
Add PM74 to the list. originally a 6 month term, should have sold within 10 weeks of the refurb(according to the blurb) extended by a !year! and still not sold, no update since July 2017.
Brian
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benaj
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Post by benaj on Jun 5, 2018 21:22:11 GMT
I did have a successful withdrawal go through yesterday of a few pounds of interest, so at least some stuff is still happening. EDIT: And I have also received a response to a query I submitted about one of the SPVs. At least PM pays out on the same day usually for withdrawal
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jnm21
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Post by jnm21 on Jun 6, 2018 0:13:59 GMT
Nothing posted on it's TWITTER Account since 01/03/18. Nothing on the website blog since 18/04/18. Live chat removed from the site. No new investment opportunities. I am starting to get Quite worried about my investments now! I can assure you that propertymoose are still there (though maybe not here - go on prove me wrong). I have been trading emails & have some info off the back of my SPV 33 query about the first missed payment being as far back as February (the February payment being from January with payments being a month in arrears being my logic). The information I am about to post (I do have their permission) may shock some - please sit down...
There are as carolus suggested a number of SPVs affected by guaranteed rent not being paid; SPV 32 SPV 33 SPV 34 SPV 36 SPV 38 SPV 41 SPV 48 Rent was last received November 2016 (that is over a year, not a typo). Through what I genuinely believe was significant generosity PM paid out the rent while hoping to recover the relationship with the guarantor. When I read that last night I was shocked - that is an understatement - I have taken 24 hours to digest, query the year, ask permission to post this & would ask that everyone please appreciate their good intentions, that this has cost them thousands & they are working to pursue the guarantor - above all, please remember that they did not have to tell us this & further we want to keep communications open & honest - heck we might even see some answers on here! All that said, before someone accuses me of all sorts, I have made my feelings clear to them - I am now into a number of the affected SPV for a large sum to me (lowish 4 figures) where I probably would not be had this been made available in reasonable time. It is ironic that I just gave advice to another platform in the last few weeks; "with the knowledge that you pay out even if not paid by the borrower, it is a good thing. You do need to watch though, doing so without telling folk you risk being accused of misleading investors (more so if/when you have a SM)!" p2pindependentforum.com/post/267999/thread
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carolus
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Post by carolus on Jun 6, 2018 1:13:09 GMT
Nothing posted on it's TWITTER Account since 01/03/18. Nothing on the website blog since 18/04/18. Live chat removed from the site. No new investment opportunities. I am starting to get Quite worried about my investments now! I can assure you that propertymoose are still there (though maybe not here - go on prove me wrong). I have been trading emails & have some info off the back of my SPV 33 query about the first missed payment being as far back as February (the February payment being from January with payments being a month in arrears being my logic). The information I am about to post (I do have their permission) may shock some - please sit down...
There are as carolus suggested a number of SPVs affected by guaranteed rent not being paid; SPV 32 SPV 33 SPV 34 SPV 36 SPV 38 SPV 41 SPV 48 Rent was last received November 2016 (that is over a year, not a typo). Through what I genuinely believe was significant generosity PM paid out the rent while hoping to recover the relationship with the guarantor. When I read that last night I was shocked - that is an understatement - I have taken 24 hours to digest, query the year, ask permission to post this & would ask that everyone please appreciate their good intentions, that this has cost them thousands & they are working to pursue the guarantor - above all, please remember that they did not have to tell us this & further we want to keep communications open & honest - heck we might even see some answers on here! All that said, before someone accuses me of all sorts, I have made my feelings clear to them - I am now into a number of the affected SPV for a large sum to me (lowish 4 figures) where I probably would not be had this been made available in reasonable time. It is ironic that I just gave advice to another platform in the last few weeks; "with the knowledge that you pay out even if not paid by the borrower, it is a good thing. You do need to watch though, doing so without telling folk you risk being accused of misleading investors (more so if/when you have a SM)!" p2pindependentforum.com/post/267999/threadThanks for this, and for chasing it up. I'd agree that it is generous of PM to make up the payments for a while. However, I'm not terribly impressed that it was still tradeable on the SM at this point, and even more that the information wasn't disclosed when the votes on early exit from the properties were issued.
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jnm21
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Post by jnm21 on Jun 6, 2018 8:06:29 GMT
I'm not terribly impressed that it was still tradeable on the SM at this point, and even more that the information wasn't disclosed when the votes on early exit from the properties were issued. Tell me about it - I only joined PM around March 17, potentially bought some of these at close to or over par early on & then bought more when we are talking 14 or 15 months into the issue. I found myself playing 2 games of bingo - comparing the list to my dashboard & then the list of my wife's investments. I can now see why they closed the SM - issues with comms like this plus a SM is not a pretty picture. Why didn't they close it 1 year earlier? 
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