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Post by scepticalinvestor on Mar 30, 2020 11:35:37 GMT
Just got an email from WB. Highlights -
- not to rely on latest reval numbers as they do not reflect changes due to the ongoing crisis - all 5 year anniversary processes suspended until 30 June - all dividends suspended until 30 June (net income will accumulate on property account)
- significant rent arrears expected across the portfolio (have asked lenders for a 3 month repayment holiday)
- student accomodation expected to be hit hard (but PP has got a 6 month repayment holiday on its student accomodation mortgages, interest due will add to capital increasing the LTV of the loan)
Nothing unexpected I guess. Good to hear about the 6 month repayment holiday on student accomodation mortgages though. I expect to see significant additional costs for rent recovery, evictions, remarketing, etc once we start moving towards normality.
Anyone know whether PP uses any form of Legals and RGI for its residential portfolio?
No mention of any changes in relation to fees.
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sd2
Member of DD Central
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Post by sd2 on Mar 30, 2020 12:19:57 GMT
Not good my worst investment uptill now. Will sit it out not in a rush. I think we may have a platform failure. Selling at distressed prices. Possibly taken over by one of the other property sites. BUGGER
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beh
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Post by beh on Mar 30, 2020 12:51:36 GMT
Ye, nothing that unexpected. Obviously it's not great to hear but suspending dividends in order to build up capital reserves seems sensible. I hadn't really thought about PBSA but that's undoubtedly going to be hit hardest.
Same as any other investment currently, what can you do but wait and see what happens?
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p2ploser
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Post by p2ploser on Mar 30, 2020 13:03:34 GMT
Did I miss the bit where PP said they would be forgoing their fees for the time where no income would be paid?  |
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Post by greatboo on Mar 30, 2020 15:27:43 GMT
Not great news - but seem like sensible actions in these extreme circumstances.
Re fees - I think I'd rather keep paying them (for now) to reduce the chances of platform failure.
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Post by shootingstar on Mar 30, 2020 17:03:42 GMT
yes, interesting email. they also recently canned the planned equity raise
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Post by scepticalinvestor on Mar 30, 2020 20:10:33 GMT
yes, interesting email. they also recently canned the planned equity raise
shootingstar Is that so?! Thanks for sharing that. Do you have a link?
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Post by shootingstar on Mar 31, 2020 23:24:31 GMT
yeah came through on email on 18 March..
"We initiated the fundraising process, including preparing the information memorandum, meeting the requirements of regulatory authorities, etc., well before the impact of Covid-19 was apparent. But it is clear that now is not the right time to be raising capital.
As such, we have taken the decision to suspend our equity fundraising.
Thank-you to all those clients that took the time to consider investing. And thanks to those that had committed to the fundraising - your funds have been returned to your Property Partner account.
As disclosed in the information memorandum, Property Partner is financially stable and we will reassess fundraising options at the appropriate time at a later date"
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Post by longjohn on Apr 7, 2020 23:34:18 GMT
Did I miss the bit where PP said they would be forgoing their fees for the time where no income would be paid?
Well, I didn't have £1.20 cash in my account so they took the few pence that was there on 6 April.
I've no doubt the balance will be taken once dividends have returned and some cash appears again (whenever that might be).
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hazellend
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Post by hazellend on Jun 21, 2020 12:21:30 GMT
Some nice looking discounts now. Shame I have no faith in property partner because now would be a good time to start building a BTL portfolio
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Post by longjohn on Jun 22, 2020 14:03:25 GMT
Some nice looking discounts now. Shame I have no faith in property partner because now would be a good time to start building a BTL portfolio
Just got an email from PP saying precisely the same thing (apart for the lack of faith bit). 
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Post by scepticalinvestor on Jun 30, 2020 16:28:44 GMT
Same here! It's hard not to be tempted but I just can't trust PP anymore. Some nice looking discounts now. Shame I have no faith in property partner because now would be a good time to start building a BTL portfolio |
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p2ploser
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Post by p2ploser on Jun 30, 2020 17:44:06 GMT
Things are sometimes cheap for a reason. I think the lack of faith in the platform following the debacle around fees introduction etc. Hasn’t helped.
I couldnt trust this lot again.
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sd2
Member of DD Central
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Post by sd2 on Jul 7, 2020 20:59:44 GMT
I assumed that all the PBSA were empty
"Thank you for your email. There are still tenants in all of the PBSA properties but all have also experienced departures due to the COVID-19 situation. We will provide a more detailed update in due course but the situation is still developing. Our next client update will be provided on 31 July."
It seems not, although how many is different matter.
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