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Post by queenvictoria on Feb 5, 2019 16:11:48 GMT
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. I've had a response from Clarissa at House Crowd who confirmed that it is possible to redeem shares in HCBC1. It needs to be 3 years after purchase and subject to a 3 month notice period during which time dividends will continue to accrue. The notice needs to begin within 3 months of their year end though, which is March 31st, so if you wanted to redeem now you would need to ask for a special dispensation. The sale is subject to an administration fee of 5%.
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pom
Member of DD Central
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Post by pom on Feb 5, 2019 22:21:43 GMT
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. I've had a response from Clarissa at House Crowd who confirmed that it is possible to redeem shares in HCBC1. It needs to be 3 years after purchase and subject to a 3 month notice period during which time dividends will continue to accrue. The notice needs to begin within 3 months of their year end though, which is March 31st, so if you wanted to redeem now you would need to ask for a special dispensation. The sale is subject to an administration fee of 5%. Ah...You must also be in the second group of investors....because I just found another email she sent me after the first one, that said the second group have a 5% fee, the first group no fee but loss of 6 months dividend. So all a bit confused, but at a cost whichever stage you invested.
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Post by queenvictoria on Feb 6, 2019 18:21:34 GMT
I've had a response from Clarissa at House Crowd who confirmed that it is possible to redeem shares in HCBC1. It needs to be 3 years after purchase and subject to a 3 month notice period during which time dividends will continue to accrue. The notice needs to begin within 3 months of their year end though, which is March 31st, so if you wanted to redeem now you would need to ask for a special dispensation. The sale is subject to an administration fee of 5%. Ah...You must also be in the second group of investors....because I just found another email she sent me after the first one, that said the second group have a 5% fee, the first group no fee but loss of 6 months dividend. So all a bit confused, but at a cost whichever stage you invested. Yes, you may be right about that. I'm not sure which group I'm in but I suppose there could well be different conditions for different groups. I know we'd rather not pay a fee or lose dividend but if the fee / loss of dividend was in the original t+cs then it cant be said to be unfair. I've given the required notice and will let you know when repayment is completed.
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Post by queenvictoria on Apr 8, 2019 14:55:44 GMT
Ah...You must also be in the second group of investors....because I just found another email she sent me after the first one, that said the second group have a 5% fee, the first group no fee but loss of 6 months dividend. So all a bit confused, but at a cost whichever stage you invested. Yes, you may be right about that. I'm not sure which group I'm in but I suppose there could well be different conditions for different groups. I know we'd rather not pay a fee or lose dividend but if the fee / loss of dividend was in the original t+cs then it cant be said to be unfair. I've given the required notice and will let you know when repayment is completed. Just to let you know that I received payment last week. So, I gave 3 months notice and the payment was received after 2 months. There was a deduction of 5% as expected.
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adrianc
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Post by adrianc on Nov 12, 2020 14:43:13 GMT
HCBC1 continues to bimble along. The 2020 dividend was "delayed" in March, and there's just been an email saying it's still delayed, because there ain't no profits to distribute... Unlikely to be anything before April.
Lack of surprise apart, I wonder where this will leave it all? Interest is payable on the delayed dividends at base + 3%... which is all very lovely in theory, but...
It's been doing OK so far - return of nearly 30% of invested total.
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adrianc
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Post by adrianc on Jan 23, 2021 8:35:26 GMT
Did anybody else notice the quiet mention in yesterday's monthly update as to "defaulted" HCBC loans?
No mention on the HCBC1 status page on the website.
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pom
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Post by pom on Jan 27, 2021 9:42:58 GMT
Did anybody else notice the quiet mention in yesterday's monthly update as to "defaulted" HCBC loans? No mention on the HCBC1 status page on the website. ?? I only see stuff about defaulted bridging loans generally, nothing HCBC specific. They never have done any status updates for HCBC1
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adrianc
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Post by adrianc on Jan 27, 2021 9:47:53 GMT
Did anybody else notice the quiet mention in yesterday's monthly update as to "defaulted" HCBC loans? No mention on the HCBC1 status page on the website. ?? I only see stuff about defaulted bridging loans generally, nothing HCBC specific. They never have done any status updates for HCBC1 The BCs are the bridging, aren't they? I'm maybe being paranoid. I do wish they'd communicate better... <sigh> Still, another satisfactory wrap-up's just come in, so I'm down to about half my peak with HC. 2.2% XIRR, but 3.4% if you ignore the ill-fated off-plan-flat 70% loss (HCP117). Could be worse.
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pom
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Post by pom on Jan 27, 2021 16:16:01 GMT
?? I only see stuff about defaulted bridging loans generally, nothing HCBC specific. They never have done any status updates for HCBC1 The BCs are the bridging, aren't they? I'm maybe being paranoid. I do wish they'd communicate better... <sigh> Still, another satisfactory wrap-up's just come in, so I'm down to about half my peak with HC. 2.2% XIRR, but 3.4% if you ignore the ill-fated off-plan-flat 70% loss (HCP117). Could be worse. It was only the first bridging product, and they've never told us anything about what its been invested in. Since then they've had numerous (I believe - been firmly ignoring them) individual bridging loans for specific properties.
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