Neil_P2PBlog
P2P Blogger
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Posts: 355 
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SPV 52
Dec 9, 2016 20:04:28 GMT
Post by Neil_P2PBlog on Dec 9, 2016 20:04:28 GMT
Does anyone understand what is going on with this?
In a recent update PM said 'Should the deal not go ahead, all investors will have the option to transfer their investment to another similar transaction or get a full refund', which made me feel at ease. But now it seems it won't get paid back for 2.5 years and some are selling at up to 5% discount on the SM to get out of?
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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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SPV 52
Dec 9, 2016 21:56:51 GMT
Post by ilmoro on Dec 9, 2016 21:56:51 GMT
Does anyone understand what is going on with this? In a recent update PM said 'Should the deal not go ahead, all investors will have the option to transfer their investment to another similar transaction or get a full refund', which made me feel at ease. But now it seems it won't get paid back for 2.5 years and some are selling at up to 5% discount on the SM to get out of? Its explained in the email to investors and on the loan page 3yr loan at 12% to invest in purchasing property for platform but with returns paid at term and as capital not interest (ie earnings will increase SPV assets/share value which will be returned to investors at term) Early exit via SM or once underlying private equity investment structure unwound (up to 6mth), without any additional return. So if you want to reinvest the cash now SM is the only option, discount will be a smaller hit than 6mth drag
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
Likes: 209
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SPV 52
Dec 9, 2016 23:20:32 GMT
Post by Neil_P2PBlog on Dec 9, 2016 23:20:32 GMT
When I read the description it sounds like 2.5 years rather than 6 month remaining
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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 Dec 9, 2016 23:34:17 GMT
When I read the description it sounds like 2.5 years rather than 6 month remaining Yes, remainder of 3yr term. The 6m is the length of time it will take to unwind the previous structure. While thats happening the money is tied up and totally unavaliable to investors or the SPV so the actual PMF loan is using funds provided by the private equity company. Once its been unravelled these funds will be replaced by cash originally invested in SPV52 and any investors who wish to exit will get a refund, those who dont will remain invested to end of original term.
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Steerpike
Member of DD Central
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SPV 52
Feb 20, 2017 15:58:40 GMT
Post by Steerpike on Feb 20, 2017 15:58:40 GMT
Anyone have views on the PM proposal to transfer SPV 52 holdings to SPV 56?
It seems that there will be no allowance for accrued interest (3% for 5 months from July to December 5th and at 12% from then) and so £10 invested in SPV 52 in July 2016 becomes £10 invested in SPV 56 in February 2017, nevertheless, apparently most SPV 52 investors are taking up the offer.
This means that SPV 52 investors transferring their holding to SPV 56 are effectively paying roughly a 3.8% premium compared with new investors in SPV 56.
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Neil_P2PBlog
P2P Blogger
Use @p2pblog to tag me :-)
Posts: 355
Likes: 209
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SPV 52
Feb 20, 2017 16:27:39 GMT
Post by Neil_P2PBlog on Feb 20, 2017 16:27:39 GMT
The way I looked at it was that SPV 56 has a current value of £11+ so it is a good move (I sold some in the last couple of days at £11.09). I even bought some more 52 on the SM before they closed it.
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Steerpike
Member of DD Central
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SPV 52
Feb 20, 2017 17:44:52 GMT
Post by Steerpike on Feb 20, 2017 17:44:52 GMT
There may be investors that will pay £11 or more for a £10 share in SPV 56 but as contracts have not been exchanged it is not clear how there has been any real increase in value, indeed as soon as the deal proceeds £10 will be reduced by 5% to cover the PM initial fee.
The projected net yield is c3.5% per annum, however, the project looks attractive if the asset will indeed appreciate by something like the projected 58% in three years.
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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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SPV 52
Feb 20, 2017 18:39:45 GMT
Post by ilmoro on Feb 20, 2017 18:39:45 GMT
There may be investors that will pay £11 or more for a £10 share in SPV 56 but as contracts have not been exchanged it is not clear how there has been any real increase in value, indeed as soon as the deal proceeds £10 will be reduced by 5% to cover the PM initial fee. The projected net yield is c3.5% per annum, however, the project looks attractive if the asset will indeed appreciate by something like the projected 58% in three years. There is another tranche of SPV56 coming apparently
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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SPV 52
Feb 20, 2017 18:54:17 GMT
Post by Steerpike on Feb 20, 2017 18:54:17 GMT
There may be investors that will pay £11 or more for a £10 share in SPV 56 but as contracts have not been exchanged it is not clear how there has been any real increase in value, indeed as soon as the deal proceeds £10 will be reduced by 5% to cover the PM initial fee. The projected net yield is c3.5% per annum, however, the project looks attractive if the asset will indeed appreciate by something like the projected 58% in three years. There is another tranche of SPV56 coming apparently Indeed, this is the tranche in to which SPV52 investors may transfer, but with no accrued interest since July 2016.
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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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SPV 52
Feb 20, 2017 19:19:22 GMT
Post by ilmoro on Feb 20, 2017 19:19:22 GMT
There is another tranche of SPV56 coming apparently Indeed, this is the tranche in to which SPV52 investors may transfer, but with no accrued interest since July 2016. Ive had no comms saying the cashback promised on PBL52 wont be paid even if we switch. Ive already got a query in regarding cashback which seems to be paying incorrectly and that included asking about the cashback on PBL52. Have you heard different? Currently as Ive already got funds in 56 Ill probably just take the 12% and stay put.
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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SPV 52
Feb 20, 2017 21:04:46 GMT
Post by Steerpike on Feb 20, 2017 21:04:46 GMT
Indeed, this is the tranche in to which SPV52 investors may transfer, but with no accrued interest since July 2016. Ive had no comms saying the cashback promised on PBL52 wont be paid even if we switch. Ive already got a query in regarding cashback which seems to be paying incorrectly and that included asking about the cashback on PBL52. Have you heard different? Currently as Ive already got funds in 56 Ill probably just take the 12% and stay put. I raised the issue with PM and they said you get £10 for £10 and no accrued interest when switching from SPV52 to SPV56 and also implied that it was a great deal anyway and that SPV52 may terminate early because so many investors are transferring that SPV52 will no longer be viable. Also, with SPV52 the headline 12% is a gross figure and the projected net return over 36 months is quoted as 26%.
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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SPV 52
Mar 1, 2017 17:51:33 GMT
Post by Steerpike on Mar 1, 2017 17:51:33 GMT
SPV52 disappeared from the dashboard on 21st and has not reappeared, has anyone had an update on when it might be restored?
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Steerpike
Member of DD Central
Posts: 1,977
Likes: 1,687
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SPV 52
Mar 8, 2017 10:06:39 GMT
Post by Steerpike on Mar 8, 2017 10:06:39 GMT
SPV52 disappeared from the dashboard on 21st and has not reappeared, has anyone had an update on when it might be restored? I asked PM for an update on this issue and the response was: "We are currently processing movements from PM SPV 52 to PM SPV 56 and it appears to have created a bug in the account, including for those investors who have chosen to remain in the original SPV 52 structure.
The developers are aware of the issue and hope to resolve it as soon as possible!"
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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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SPV 52
Mar 9, 2017 15:30:55 GMT
Post by ilmoro on Mar 9, 2017 15:30:55 GMT
SPV52 has now been cancelled as insufficient funds were left to make it viable. PM have paid out promised cashback and 12% return earnt to date from own funds.
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