adrianc
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Post by adrianc on Oct 15, 2015 10:56:48 GMT
Secured on a second charge, to a total of 70% LTV, on a shared-use office building in Bournemouth.
Looks more like something SS would do, but at 3/4 of the return, minimal paperwork, and a rush to get it drawn down by next Weds.
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ben
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Post by ben on Oct 15, 2015 12:39:55 GMT
anything that is done on a rush is probably not such a good idea, things will get missed
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mikes1531
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Post by mikes1531 on Oct 17, 2015 19:30:00 GMT
anything that is done on a rush is probably not such a good idea, things will get missed In a rush, yes, that is a risk. But sometimes speeding up the glacial pace of legal affairs requires nothing more than a priority change, getting those involved to use their time to work your problem rather than someone else's. In that case, increased risk should not be an issue. What strikes me as unusual here is the fact that IIRC as recently as a couple of days ago THC was well short of its £2M fundraising goal for HCBC1, and had been for weeks/months, with additional money coming in very slowly. So where did all the extra funding come from? PS. adrianc: How did you find out that THC had this investment opportunity for HCBC1? I'm a THC investor -- though not in HCBC1 -- and have heard nothing.
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adrianc
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Post by adrianc on Oct 17, 2015 21:59:21 GMT
What strikes me as unusual here is the fact that IIRC as recently as a couple of days ago THC was well short of its £2M fundraising goal for HCBC1, and had been for weeks/months, with additional money coming in very slowly. So where did all the extra funding come from? And HCBC1 started off as £1m target, and a lower return... Email. I am in HCBC1.
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hazellend
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Post by hazellend on May 20, 2018 23:04:45 GMT
What strikes me as unusual here is the fact that IIRC as recently as a couple of days ago THC was well short of its £2M fundraising goal for HCBC1, and had been for weeks/months, with additional money coming in very slowly. So where did all the extra funding come from? And HCBC1 started off as £1m target, and a lower return... Email. I am in HCBC1. Anybody else notice the dividend was less this year ~ 7%. Haven’t had an update so not sure if there has been any loss to capital?
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adrianc
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Post by adrianc on May 21, 2018 7:09:28 GMT
Anybody else notice the dividend was less this year ~ 7%. There's been three payments to date. 29/4/16 - 7.77% 30/4/17 - 7.2% 30/4/18 - 7.2% "9%" is gross of THC's fees. Why the slight dip from 2016 to 2017, I'm not sure offhand, but 2018 and 2017 are the same amounts to the penny.
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hazellend
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Post by hazellend on May 21, 2018 8:00:32 GMT
Anybody else notice the dividend was less this year ~ 7%. There's been three payments to date. 29/4/16 - 7.77% 30/4/17 - 7.2% 30/4/18 - 7.2% "9%" is gross of THC's fees. Why the slight dip from 2016 to 2017, I'm not sure offhand, but 2018 and 2017 are the same amounts to the penny. Thanks, I was sure I got the full 9% last year. Memory must be failing!
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pom
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Post by pom on May 21, 2018 15:58:10 GMT
There's been three payments to date. 29/4/16 - 7.77% 30/4/17 - 7.2% 30/4/18 - 7.2% "9%" is gross of THC's fees. Why the slight dip from 2016 to 2017, I'm not sure offhand, but 2018 and 2017 are the same amounts to the penny. Thanks, I was sure I got the full 9% last year. Memory must be failing! Not fees so much as corporation tax because it's still being paid as a dividend because not enough people voted to change it to an interest payment and get a better return after the abolishment of tax credits - or at least that is what I was told when I queried it last year
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hazellend
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Post by hazellend on May 21, 2018 16:47:29 GMT
Thanks, I was sure I got the full 9% last year. Memory must be failing! Not fees so much as corporation tax because it's still being paid as a dividend because not enough people voted to change it to an interest payment and get a better return after the abolishment of tax credits - or at least that is what I was told when I queried it last year Thank you, I forgot it was a dividend rather than interest as well
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pom
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Post by pom on May 24, 2018 10:31:56 GMT
This reminded me to follow up on a previous email conversation about the exit (because even having read the docs when I first invested it sure as heck wasn't clear to me how I could exit HCBC1 without having to pay a 5% fee). So for anyone that doesn't know...they are beginning to wind it all down now it's been running for 3yrs and will repay investors as each loan repays in the order that they originally invested (it's possible they just meant the two groups of investors which wouldn't be quite so bad even though I don't recall anything warning that the second group were subordinate, but I got the distinct impression it will be on an individual basis). Which frankly I think absolutely stinks, particularly if any of the loans have run into trouble (which given they were loaning out at 12-13% is pretty likely), but as I mentally wrote off my THC toe-dip ages ago I can't really summon up the energy to argue about it.
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Post by queenvictoria on Feb 4, 2019 9:44:19 GMT
This reminded me to follow up on a previous email conversation about the exit (because even having read the docs when I first invested it sure as heck wasn't clear to me how I could exit HCBC1 without having to pay a 5% fee). So for anyone that doesn't know...they are beginning to wind it all down now it's been running for 3yrs and will repay investors as each loan repays in the order that they originally invested (it's possible they just meant the two groups of investors which wouldn't be quite so bad even though I don't recall anything warning that the second group were subordinate, but I got the distinct impression it will be on an individual basis). Which frankly I think absolutely stinks, particularly if any of the loans have run into trouble (which given they were loaning out at 12-13% is pretty likely), but as I mentally wrote off my THC toe-dip ages ago I can't really summon up the energy to argue about it. Does anyone have any info on the progress on the winding up of HCBC1 as referred to above? My records show that this 5 year loan commenced in June 2005 meaning it has a year and 4 months to run to conclusion.
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pom
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Post by pom on Feb 4, 2019 10:41:03 GMT
This reminded me to follow up on a previous email conversation about the exit (because even having read the docs when I first invested it sure as heck wasn't clear to me how I could exit HCBC1 without having to pay a 5% fee). So for anyone that doesn't know...they are beginning to wind it all down now it's been running for 3yrs and will repay investors as each loan repays in the order that they originally invested (it's possible they just meant the two groups of investors which wouldn't be quite so bad even though I don't recall anything warning that the second group were subordinate, but I got the distinct impression it will be on an individual basis). Which frankly I think absolutely stinks, particularly if any of the loans have run into trouble (which given they were loaning out at 12-13% is pretty likely), but as I mentally wrote off my THC toe-dip ages ago I can't really summon up the energy to argue about it. Does anyone have any info on the progress on the winding up of HCBC1 as referred to above? My records show that this 5 year loan commenced in June 2005 meaning it has a year and 4 months to run to conclusion. Errr - the reason I chased last year was because I'd been told it was a 3yr term...tho having re-read all the docs again it's still clear as mud,and still appears to me as if they always intended to charge people to exit. Am sure if I email them again I'll get a different story again. Course one starts to wonder if many have paid for the priviledge to exit, perhaps it'll reach a time where those that are left are then tied into defaults/losses by being last out....particularly as they've never published any details as to what they've been doing with the money
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hazellend
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Post by hazellend on Feb 4, 2019 14:26:19 GMT
Does anyone have any info on the progress on the winding up of HCBC1 as referred to above? My records show that this 5 year loan commenced in June 2005 meaning it has a year and 4 months to run to conclusion. Errr - the reason I chased last year was because I'd been told it was a 3yr term...tho having re-read all the docs again it's still clear as mud,and still appears to me as if they always intended to charge people to exit. Am sure if I email them again I'll get a different story again. Course one starts to wonder if many have paid for the priviledge to exit, perhaps it'll reach a time where those that are left are then tied into defaults/losses by being last out....particularly as they've never published any details as to what they've been doing with the money How do you exit?
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Post by queenvictoria on Feb 4, 2019 14:30:35 GMT
Does anyone have any info on the progress on the winding up of HCBC1 as referred to above? My records show that this 5 year loan commenced in June 2005 meaning it has a year and 4 months to run to conclusion. Errr - the reason I chased last year was because I'd been told it was a 3yr term...tho having re-read all the docs again it's still clear as mud,and still appears to me as if they always intended to charge people to exit. Am sure if I email them again I'll get a different story again. Course one starts to wonder if many have paid for the priviledge to exit, perhaps it'll reach a time where those that are left are then tied into defaults/losses by being last out....particularly as they've never published any details as to what they've been doing with the money I've just logged in to check it (log in then go to 'my portfolio') and it says House Crowd Bridging Co 1 (HCBC1) required £2,000,000, raised £2,000,000 and runs for a 5 year term. I've emailed to ask whether it is being wound up and if so what progress. I have to say I've always found them to be pretty straightforward. Lets see what reply I get. I'll keep you posted.
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pom
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Post by pom on Feb 4, 2019 17:07:34 GMT
Errr - the reason I chased last year was because I'd been told it was a 3yr term...tho having re-read all the docs again it's still clear as mud,and still appears to me as if they always intended to charge people to exit. Am sure if I email them again I'll get a different story again. Course one starts to wonder if many have paid for the priviledge to exit, perhaps it'll reach a time where those that are left are then tied into defaults/losses by being last out....particularly as they've never published any details as to what they've been doing with the money How do you exit? By paying or praying - I asked about this 3yrs ago saying it seemed like there was no way of exiting without paying a fee - the response I got then was "We do not charge a fee for exiting HCBC01, there is however the 6 month notice period. The exit strategy was detailed in the investment pack for this project, and it has a minimum 3 year term, 1 of which has already run. At the end of that time we will look at closing this product down and returning investors capital" (so apols queenvictoria I misremembered what I was told tho I'm surprised you refer to them as straightforward given how many misleading returns figures they were quoting in BTL proposals around that time). So sure you don't have to pay a fee, but you'll lose 6 months interest...riiight. Last year I was told they had started winding it down....and they'd be paying out in order of investments... if I had any sense I'd probably sacrifice 6 months interest to try and avoid the risk being left at the end with a capital loss....but even then they might not actually be able to pay me in that time frame anyway.
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