p2pfan
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Post by p2pfan on Mar 11, 2021 14:07:35 GMT
I'm loaned money through all four phase loan raises into the Ch********, Stockport SK1 project.
I've just received an update on it and asking if I wish to roll-over my investment into the new loan raise about to launch.
The project seems to have unfortunately suffered one challenge after another, leading to significant delays and additional costs. Such large and complicated property developments are often fraught with risks as we all know.
I'm chewing over whether to roll-over or not.
The concern I have is that, with the probable further delays and cost over-runs, how likely the development is to complete in order to be able to sell the flats and thereby pay us back?
The developer has funded some of the increased costs himself, but could they run out of money and then the project stalls? It happens all the time with such complicated property developments, including some I've lent to via other platforms.
I wouldn't even consider rolling over my investment were this on certain other platforms, but thusfar CrowdProperty have handled property developments projects suffering major issues considerably better than others which gives me some reassurance.
Thoughts on this loan?
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archie
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Post by archie on Mar 11, 2021 14:44:37 GMT
Tricky one. On balance I decided to roll over. That might increase the risk of it failing.  Likewise, if it wasn't on CP I would have exited. |
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Post by Ace on Mar 11, 2021 15:16:49 GMT
I hadn't realised that this was a roll-over project as I'm not in any of the previous tranches. It's a little disappointing as I was hoping that this large loan would make a decent dent in the funds queued for AutoInvest.
Is anyone willing to provide any info on the problems that have been encountered to date (probably best to put it on DD Central). I'm a little disappointed on the scarcity of information that CP provide in this type of situation to those that weren't part of the original loan. Take tomorrow's Watertower loan; I've read through the available info, including the video, but there's almost nothing on why an extra 12 months is required other than a vague mention of covid. I get that covid might have caused some delays, but it doesn't seem credible to blame it for a full 12 month delay to an 18 month project.
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archie
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Post by archie on Mar 11, 2021 15:34:02 GMT
I hadn't realised that this was a roll-over project as I'm not in any of the previous tranches. It's a little disappointing as I was hoping that this large loan would make a decent dent in the funds queued for AutoInvest. Is anyone willing to provide any info on the problems that have been encountered to date (probably best to put it on DD Central). I'm a little disappointed on the scarcity of information that CP provide in this type of situation to those that weren't part of the original loan. Take tomorrow's Watertower loan; I've read through the available info, including the video, but there's almost nothing on why an extra 12 months is required other than a vague mention of covid. I get that covid might have caused some delays, but it doesn't seem credible to blame it for a full 12 month delay to an 18 month project. Not much information on the water tower. It hasn't been completed so moving to a development exit loan. There's a lot of information for Stockport. Hopefully this will be included when the new loan launches. The problems were largely outside the borrower's control.
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Post by Badly Drawn Stickman on Mar 11, 2021 16:25:25 GMT
I hadn't realised that this was a roll-over project as I'm not in any of the previous tranches. It's a little disappointing as I was hoping that this large loan would make a decent dent in the funds queued for AutoInvest. Is anyone willing to provide any info on the problems that have been encountered to date (probably best to put it on DD Central). I'm a little disappointed on the scarcity of information that CP provide in this type of situation to those that weren't part of the original loan. Take tomorrow's Watertower loan; I've read through the available info, including the video, but there's almost nothing on why an extra 12 months is required other than a vague mention of covid. I get that covid might have caused some delays, but it doesn't seem credible to blame it for a full 12 month delay to an 18 month project. Not much information on the water tower. It hasn't been completed so moving to a development exit loan. There's a lot of information for Stockport. Hopefully this will be included when the new loan launches. The problems were largely outside the borrower's control. I am fairly sure the details will be available on the 'new loan' details and in truth there is nothing very unusual involved, although I suspect recollections may differ on some points. I will pass personally I find increased revaluations a little uncomfortable and having effectively already made some interest at this point prefer to take the safe option. If I had been 'new to it' I may still have decided it was not the type of loan I am comfortable with at this time.
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puddleduck
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Post by puddleduck on Mar 11, 2021 17:47:09 GMT
I never rollover but I'm risk adverse - I'd rather get all my capital back, some interest and move on.
On a different note, these huge updates are unreadable - just a wall of text without any paragraphs, its the second one like that just today.
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Post by timsykes on Mar 11, 2021 18:29:51 GMT
I never rollover but I'm risk adverse - I'd rather get all my capital back, some interest and move on. On a different note, these huge updates are unreadable - just a wall of text without any paragraphs, its the second one like that just today. Hi puddleduck, I realised just today that if you click anywhere in the main body of that text, it opens up in a new page with paragraphs and everything! However it's still a wall of text...
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Post by multiaccountmanager on Mar 13, 2021 9:28:35 GMT
I hadn't realised that this was a roll-over project as I'm not in any of the previous tranches. It's a little disappointing as I was hoping that this large loan would make a decent dent in the funds queued for AutoInvest. I AM in previous tranches, but had not twigged that "Stockport Phase 1" on the upcoming loan list was synonymous with the existing multiphase loan. Duh. I had even agreed to rollover! But no harm done and I would have noticed before investing or auto-investing when full project details were available.
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ton27
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Post by ton27 on Mar 20, 2021 11:22:49 GMT
With a raise of £1429k, an increased pledge size of £5000 and a "potential rollover" for some it will be difficult to "guestimate" what percentage will be available for autolend. Obviously still need to see the project details but likely I will be trying for the minimum stake of £500 in the FF race - I am rarely successful but might be with this one because of the size of the project.
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p2pfan
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Post by p2pfan on Mar 20, 2021 21:40:08 GMT
With a raise of £1429k, an increased pledge size of £5000 and a "potential rollover" for some it will be difficult to "guestimate" what percentage will be available for autolend. Obviously still need to see the project details but likely I will be trying for the minimum stake of £500 in the FF race - I am rarely successful but might be with this one because of the size of the project.
Yes, it's difficult to know, but I think you might be successful on manual invest with this one, as the sum being borrowed is significantly higher than other loan launches. Good luck with it.
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easylender
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Post by easylender on Mar 22, 2021 12:50:25 GMT
I notice that since the original loan started C**** G***** has been replaced by K**** P****** as project director. This may be a good thing for us as C**** G***** is a borrower on other projects.
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