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Post by GentlemansFamilyFinances on Nov 18, 2021 18:05:44 GMT
Update today on repayment of 2 loans.
Delays possible.
Luckily, I am not invested but reminds me of some old school P2P loans where you win so long as they loan crawls over the line
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Post by brianac on Dec 16, 2021 20:20:53 GMT
I am feeling quite concerned over this extension request,
"to miss one deadline may be regarded as misfortune, to miss another looks like carelessness"
I'm thinking we've not been left with a lot of choice unfortunately, but maybe calling receivers in could be for the best anyway?
blaming it on Covid seems a bit weak. other opinions?
Brian
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Post by GentlemansFamilyFinances on May 21, 2022 10:14:22 GMT
I've a small amount invested in a couple of housing projects - all earning big bucks (10% interest right now I believe - which is even more than inflation).
But I'm losing faith that the developers word is worth anything. How hard can it be to sell off these properties?
So long as they eventually pay out, I suppose I shouldn't mind but my faith is being tested...
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Post by peer2beer on May 24, 2022 20:48:20 GMT
I decided to check on the status of one of the loans.
Anyway, they said that they should be able to repay by the end of May. With less than a week to go, I wonder if they'll actually manage it. It seems quite easy to promise something two months off and then not deliver when you say you will.
They had three different options for selling and returning funds to investors. I have a fingers crossed but I am worried that they might just be burnt.
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Post by nbk on May 26, 2022 8:26:16 GMT
While they said that they 'hoped' to be able to pay in May, the loans are not formally due until end of June - so don't be surprised if you see nothing in May. Very few ( I can only think of one - years ago, pay early) so not exactly a surprise if we see nothing in May. If we get to mid-June and they ask for another delay/extension then, of course that will be a concern - many of the debentures fail to meet their original end repayment targets it seems.
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Post by peer2beer on May 31, 2022 17:42:41 GMT
Update out from the builders.
How difficult is it to build and sell homes and make money?
In the additional time that they have had our money, house prices have gone up another 5 or so percent but they don't have enough money to fully repay the loans.
Curiously, Abundance themselves are being stiffed on their fees!
When it comes to the vote, I'll be voting against as I am pissed off and don't want to silently assent to these shenanigans.
On the bright side, money should be repaid at some point soon and we are unlikely to end up with half a million warrants for a luxury serviced apartment block in premier League runners up home town.
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beh
Member of DD Central
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Post by beh on May 31, 2022 19:30:35 GMT
Not sure whether to be more annoyed by the delays or that they want to switch one of them away from being "affordable"/social housing.
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Post by peer2beer on Jun 1, 2022 8:19:44 GMT
Not sure whether to be more annoyed by the delays or that they want to switch one of them away from being "affordable"/social housing. That is what concerned me when I read it. I used to lend on other platforms to property companies looking for loans for development projects - Fiddly Customers - and they were often on a monthly interest payment and balloon final repayment. More often than not, they had holdups in repayment and some (not any of mine) end up going t*TS up and losing investors money. Not saying that this is the same thing but I've just read from the ONS that house prices in Scouse city are up 10% year on year - yet they can't sell the development to repay patient investors? I'll hold my tongue for now but we'll see where this leads to. Most repayment from one project is expected in the next few weeks - fingers crossed for that.
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Post by peer2beer on Jun 29, 2022 21:18:49 GMT
I have just received an email about one of the housing projects and their plan to pay back all of the capital and half of the interest on the river-named project.
The rest of the interest will be repaid within 12 months and accrues interest at 4%.
They say that it should be shorter but would you lend to them at 4%? Not me, so maybe they'll need our money for their own purposes.
Still, not the end of the world and it's better to get your money back in full.
The email came quite late from Abundance, so I reckon it's all a bit hectic there right now. I believe that there are a few projects with June 30th payment deadlines and perhaps Abundance are only just now checking to see if the promised sums of money are to be expected or if an excuse is needed to be dreamt up.
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Steerpike
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Post by Steerpike on Feb 27, 2023 14:38:13 GMT
Perhaps this has been noted elsewhere but I hadn't noticed that O**evo H*using S*lutions parent company (now in administration) of L*verp**l C*mmunity H*mes bought FundingSecure asset 2938283517 Ch*rter H*use in July 2020. |
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Steerpike
Member of DD Central
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Post by Steerpike on Feb 28, 2023 18:42:41 GMT
Update on L*verp**l C*mmunity H*mes from nice Mr Bl*ck who will be paid £20k + 15k = £35k per company per annum, there are 8 companies in the graphic at appendix 1 so that looks like nearly £300k per annum.
I had been writing this one down to 60% return on capital, I now expect 10%-20%.
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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 Feb 28, 2023 21:09:38 GMT
Update on L*verp**l C*mmunity H*mes from nice Mr Bl*ck who will be paid £20k + 15k = £35k per company per annum, there are 8 companies in the graphic at appendix 1 so that looks like nearly £300k per annum.
I had been writing this one down to 60% return on capital, I now expect 10%-20%.
Have you read the admin proposals for the parent co (filed under Creditors meeting) ... seems to imply site to be sold for value of debt? Didnt fair much better with CH than previous owner as already subject to receivers
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jester
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Post by jester on Mar 3, 2023 15:09:54 GMT
So that's the biomass plant being sold for parts, biofuel debenture converted to shares rather than paying out, 3properties in varying states of disarray with money "spent" incorrectly and multiple other projects "delaying" final payments.
I realise these are high risk investments but it seems to be a case of good news updates until the end when the sob stories all begin.
Yet another platform I'm rapidly losing faith in.
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jester
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Post by jester on Mar 7, 2023 18:34:36 GMT
Add the Berries to the smouldering heap of distressed debentures ... my portfolio gets more painful by the week 🙄
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Steerpike
Member of DD Central
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Post by Steerpike on Mar 7, 2023 18:40:30 GMT
Another lemon from Abundance, same story again...save the world...promising update...delayed payment...gone broke...pennies in the pound some time never.
August 2022 update
The much-publicized agricultural labour shortages have not been an issue for us this year and the glasshouses have remained fully staffed at all times. Energy prices also have not been an issue as the site uses a Biomass boiler which benefits from the government Renewable Heat Incentive.
March 2023 update
One major contributing factor is that the companies are hit by ever increasing costs. The largest being that of the energy needed to grow the strawberries. The cost of fuel and electricity has heavily hit the gross margin of the business.
Bitter? Moi?
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