mikeb
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Post by mikeb on Apr 25, 2021 16:43:56 GMT
Mikeb - Amr is simply the name of a THC investor who is reaching out to other investors with a view to connecting on matters that impact us all. This includes other investors who had already established connections via other investor groups e.g. Facebook, to discuss the same matter. Investors are free to join the group that's been established, if they wish to do so. Of course if they don't, that's personal choice. It's purely a discussion thread - nobody is trolling, nobody is promising to recover funds. Thank you for belatedly clarifying, I'm not sure how people are meant to know what an AMR is, without you having said so. As it is not an official communication from THC, or from the Administrators, and I have no idea what your connection to THC/Administrators/other is (other than being a new poster that just popped up here), I regarded it with an appropriate level of suspicion.
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cmburns
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Post by cmburns on Apr 26, 2021 15:49:50 GMT
As investors will be probably be aware we’ve had a couple of recent updates from the Administrators: firstly the release of Statement of Proposals to the Company’s creditors on 20th April which are available on the THC website after logging in, and a summary general update on 23rd April.
I’ve now been through all the four Statement of Proposal documents for THC, THC Finance Limited, HC Property Management and HC Finance (Security Agent), and for those you who have got the time to do the same, as well as stating what the Administrator’s are going to do now, they also offer a little more insight into how things were structured at THC and the pathway to administration. I am relieved to say I didn’t find anything in these documents that added significantly to my concern about the situation or made me rethink my assumptions about how the administration process was going to go. I had been a little worried that the Administrators would find that the situation was much messier behind the scenes than it looked from the project and loan investors point of view, and that doesn’t seem to be the case as things stand at the moment.
A little bit of mess as you would expect with a group of companies going into administration, yes, but nothing unexpectedly bad. (Of course I am just reading it from my perspective and the investments I hold, and I appreciate that others with different investments may have read it differently.) There was one error in the THC Statement of Proposal at para 5.17 that caught my attention where is says that HCPM would be entitled to 25% of equity value on the disposal of each HCP property – that isn’t true, it’s 25% of any profit; however in the HCPM Statement of Proposal this error is corrected at para. 5.8 when they talk about 25% of “equity upside” after investors and interest repayments, so I am not worried by that either at this stage. It looks like the Administrator’s proposals pretty closely reflect lostsheep’s excellent post made above on 26th March so I’m not going to add anything further to that right now. It’s clear this is going to take a bit of time but the Administrators state that they think everything can be completed within 18 – 24 months. |
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Apr 26, 2021 16:17:44 GMT
One note of caution ... every P2P administration has started off positive at the point the proposals were issued, reasonable fees, optimistic realisations expected ... didnt stay that way
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shimself
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Post by shimself on Apr 27, 2021 12:51:36 GMT
I'm probably not typical, being invested in the BTL properties, which are of course each owned by a separate company (a SPV).
I've seen in the proposals I think a notion that they think investors would favour selling these properties off, and yes that's my opinion. My concern is to try to keep the administrators away from this; we need an estate agent not some people charging £350 an hour (not to forget FF getting his kilo of flesh).
I'm completely out of my depth in how to set about this, any ideas?
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metamin
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Post by metamin on May 4, 2021 10:11:22 GMT
Hi all - a Whatsapp group was set up by investors a few weeks ago, there are about 100 in the group so far. Since then, a few individuals with legal/accoutancy/adminstration knowledge have stepped up to form a Small Committee / Steering Group with the best interest of all investors in mind.
Please avoid sending emails to adminstrators until you have visited the website - they charge us for every minute they spend answering emails!
Members of the Whatsapp group have decided it is best to move the conversation to Slack so all messages etc can be consolidated: - All joiners are verified THC investors - Dedicated form to collect questions to the administrators. These forms are monitored by members of the SG and asked to administrators and replies posted. - Frequently updated FAQs of interest to investors as we get new information from administrators. - Updates about the meetings that the SG will be holding with the administrators - Much bigger network of THC investors for discussions.
Please visit the FAQ page and follow the instructions to join the Slack group.(You will need to send a screenshot of your THC profile page to the email address)
So far ~80+ investors have joined, please spread the word!
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cuzzy
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Post by cuzzy on May 7, 2021 17:14:25 GMT
Hi lostsheep, Thank you for this. I too invested quite a significant amount, in 2014 as a C share holder. Did Administration mention anything about C share holders who invested early on in THC (not via Sdeers)? Usually, they are the last ones to be considered, so concerned I won't get anything back. Most of the discussions are on investors in projects, but not much out there in regards common shareholders. It says in the original investment proposal, "All investors in The House Crowd crowdfunding platform will have their shareholding mirrored in HCPM thus obtaining a stake in a large property portfolio" - Does this mean anything? Many thanks. I suspect lostsheep's reference to being a significant investor is to having lent significant amounts to THC or having invested in property equity products, rather than being a shareholder in THC. Unfortunately, it looks like there are insufficient funds to repay all creditors in full and the shareholders wouldn't normally be entitled to any funds until after all other creditors have been paid, so it doesn't look particularly hopeful on that front. It doesn't even seem clear at the moment as to how much lenders to the development properties might get back, if anything.
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Post by WestonKevTMP on May 10, 2021 9:59:17 GMT
I recall at the start of the 2010's the P2P sector was having a lot of success and was growing fast (I was lending with Z and FC, and working at RS). There were just a few platforms with honest players trying to build something new with better investor returns. Then mid 2010's, a lot of new platforms starting to launch led by individuals that had no lending experience but knew a bandwagon when they saw one. My advice, look at the individuals involved in a platform, never fall for the PR gumph. Are they experienced in the sector, and do they have an unblemished career.  |
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shimself
Member of DD Central
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Post by shimself on May 10, 2021 12:36:49 GMT
I recall at the start of the 2010's the P2P sector was having a lot of success and was growing fast (I was lending with Z and FC, and working at RS). There were just a few platforms with honest players trying to build something new with better investor returns. Then mid 2010's, a lot of new platforms starting to launch led by individuals that had no lending experience but knew a bandwagon when they saw one. My advice, look at the individuals involved in a platform, never fall for the PR gumph. Are they experienced in the sector, and do they have an unblemished career. View AttachmentI don't know about the past blemishes but he was clued up on btl
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Post by brummiefred on May 12, 2021 11:13:34 GMT
Email received with link to Administrators Report (after log in) detailing current situation on a number of sites but no mention of Bank Chambers, Coppenhall or The Downs
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p2pfan
Member of DD Central
Full-Time Investor
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Post by p2pfan on May 12, 2021 13:54:40 GMT
Email received with link to Administrators Report (after log in) detailing current situation on a number of sites but no mention of Bank Chambers, Coppenhall or The Downs Just read it. All very disappointing. Let's remember that the only people who will leave this situation quids in will be the Administrators, who will probably have billed at least £10,000 for that four page update. In terms of the situation with almost the developments and possible returns, the document reminds one of the very high risks involved with P2P lending and the reason why many people consider it an extremely dirty field to be in. For example, for a number of loans, the document states: "Based on our initial assessment, a capital shortfall is anticipated on this loan." P2P platforms and their valuers always emphasise there is more than sufficient headroom in terms of the value of properties should matters not go according to plan, but in almost every incidence I've come across, lenders end up losing some or all of their capital nevermind earning the interest they were lead to believe they would get. Their statements about LTVs etc. turn out to have been nothing other than fraudulent. But when you have certain profiles, there are no repercussions whatsoever for the individuals involved.
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Post by jonathan24 on May 12, 2021 19:26:05 GMT
Email received with link to Administrators Report (after log in) detailing current situation on a number of sites but no mention of Bank Chambers, Coppenhall or The Downs The "update" certainly doesn't provide a lot of new information and is certainly much less pessimistic than the original statements would have suggested. I've written off the prospect of seeing any interest but I haven't quite reach the stage (mentally) where I'm ready to write off the capital (albeit, appreciate this will happen whether I have accepted it or not). Where there is a capital shortfall, do we know how this will be allocated? Will it be pro-rata across all investors, or will the last investors in the last phases take all the pain? The latter would seem an unfair way to do it but it would seem to be in accordance with the rules which THC set up originally.
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Post by brummiefred on May 12, 2021 21:27:14 GMT
Extremely disappointing to find a Developer that can't make a profit from a green field site that most will return 20 - 30%
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
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Post by ilmoro on May 21, 2021 19:36:21 GMT
www.p2pfinancenews.co.uk/2021/05/21/the-house-crowd-creditors-will-not-form-action-committee/Interesting that the Action group didnt push to get a vote on the proposals or a CC as all the other collapsed platform investor groups have and received on a nominal basis. Also the expectation of the FCA inline with their consultation doc. Perhaps they feel they are on good enough terms with the admins so not necessary ... does mean remuneration is now subject to creditors approval, which in practice largely means the non-exec director who is the largest creditor.
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Post by muggle on Jul 12, 2021 19:32:36 GMT
www.p2pfinancenews.co.uk/2021/05/21/the-house-crowd-creditors-will-not-form-action-committee/Interesting that the Action group didnt push to get a vote on the proposals or a CC as all the other collapsed platform investor groups have and received on a nominal basis. Also the expectation of the FCA inline with their consultation doc. Perhaps they feel they are on good enough terms with the admins so not necessary ... does mean remuneration is now subject to creditors approval, which in practice largely means the non-exec director who is the largest creditor. Does anyone have any further information on House Crowd - I invested £5000 in Sept 2020 - I got paid a dividend of £330 in March 2021 - then was shocked to find out ot is in Administration. Their website is still up and running - with no information about this. How can it lose money in a rising property market!!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
Posts: 11,329
Likes: 11,549
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Post by ilmoro on Jul 12, 2021 19:54:26 GMT
www.p2pfinancenews.co.uk/2021/05/21/the-house-crowd-creditors-will-not-form-action-committee/Interesting that the Action group didnt push to get a vote on the proposals or a CC as all the other collapsed platform investor groups have and received on a nominal basis. Also the expectation of the FCA inline with their consultation doc. Perhaps they feel they are on good enough terms with the admins so not necessary ... does mean remuneration is now subject to creditors approval, which in practice largely means the non-exec director who is the largest creditor. Does anyone have any further information on House Crowd - I invested £5000 in Sept 2020 - I got paid a dividend of £330 in March 2021 - then was shocked to find out ot is in Administration. Their website is still up and running - with no information about this. How can it lose money in a rising property market!! You should have had emails from the administrators. Best place for info apart from that is here thcmoneyrecovery.wixsite.com/website
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