baldpate
Member of DD Central
Posts: 548 
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Post by baldpate on Jul 24, 2020 9:11:49 GMT
Not too impressed with the way CrowdProperty are inviting investors to roll their investments in the existing barns development into the replacement upcoming 'Warwickshire' loan, without first having the opportunity to preview the full prospectus (which will only be published 24 hours before go-live, whereas the cutoff for rolling is 4 days earlier on Mon 27th). What do others think about this - in principal, I mean, not necessarily with reference to this particular loan?
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Post by CrowdProperty Representative on Jul 24, 2020 10:14:16 GMT
Hi baldpate,
Many thanks for your message.
This is the opportunity to reserve a place in the new, replacement loan of the project in which you are already invested in. An overview of the new loan has been emailed to all existing lenders and, as always we are happy to answer any further questions you may have. The reason behind this is that this loan is being re-written following a planning value uplift and it's right to offer those already in the loan the option to participate in the new loan. This is appreciated by many lenders and acknowledges their participation in this project already, especially as it is difficult to get into CrowdProperty loans at the moment.
The project will launch on the platform for funding as usual, so you can manually invest in the project having reviewed the project details. The option to follow on your investment is exactly that - an option to have priority participation. If you wanted us to reserve this place but on review of the detailed information launched on the platform in advance of go live didn't want to participate - that is of course fine and your capital and interest will be returned to your CrowdProperty account on completion of the new loan agreement.
This offer to reserve is intended to offer convenience alongside recognition that you are already invested in the project.
Kind regards,
The CrowdProperty Team
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Post by Ace on Jul 24, 2020 17:36:57 GMT
I'm a big fan of CP and I'm confident that their intentions are honourable. However, I have to agree with baldpate here in that there was definitely room for improvement in the information provided to lenders. The statement given above, that lenders could provisionally accept the rollover but could cancel once the full details were available, should have been stated in the email. Also, the rate to lenders and term of the new loan should also have been stated. I did request these details directly from CP for one of the accounts that I manage and they were promptly provided. So, IMO, still room for improvement, ever in a topnotch platform like CP. It's also good to see that they are still willing to respond to criticism on the forum. |
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