zoll
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SPV 54
Sept 21, 2016 10:58:24 GMT
Post by zoll on Sept 21, 2016 10:58:24 GMT
5 year term, listed building, leveraged - all fairly unusual for PM, or perhaps folk don't like the look of the picture ;-: IMO its a much better deal, in an excellent location, with better upside on capital appreciation, and unlikely to be fully vacant at anyone time (multiple tenants), fully redeveloped and fully tenanted. Sometimes I wonder if the wisdom of the crowd is in in fact that or more "herd" mentality than anything else.
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SPV 54
Sept 21, 2016 13:14:18 GMT
Post by alexb26 on Sept 21, 2016 13:14:18 GMT
I'd be more inclined to dip my toes if I thought funding would be filled this week. Given how long it takes PM to complete on these deals my cash could end up sitting for 2 months+. Not a problem for the smaller deals where everyone expects the loan to fill pronto!
On a separate note (given I don't have a great deal of experience in real estate) I'm reliant on PM's valuations/projections - SPV54 seems a comparable deal to recent smaller offerings based on those
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pom
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SPV 54
Sept 21, 2016 13:45:09 GMT
Post by pom on Sept 21, 2016 13:45:09 GMT
I'd be more inclined to dip my toes if I thought funding would be filled this week. Given how long it takes PM to complete on these deals my cash could end up sitting for 2 months+. Not a problem for the smaller deals where everyone expects the loan to fill pronto! On a separate note (given I don't have a great deal of experience in real estate) I'm reliant on PM's valuations/projections - SPV54 seems a comparable deal to recent smaller offerings based on those You'll get interest paid at 3% while it fills tho, which is better than most bank accounts
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littonowl
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SPV 54
Sept 21, 2016 13:59:32 GMT
Post by littonowl on Sept 21, 2016 13:59:32 GMT
I'm new to PM and was also wondering about this one, as looks a decent deal to me.
Not sure when it was first listed, but is there a deadline and does anyone know what happens if they can't get to their targetted funding amount? Do PM make up the difference if its negligible or is the property purchase cancelled?
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adrianc
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Post by adrianc on Sept 21, 2016 14:24:02 GMT
Not sure when it was first listed, but is there a deadline and does anyone know what happens if they can't get to their targetted funding amount? Do PM make up the difference if its negligible or is the property purchase cancelled? Just looking through the site's list of previous properties, SPV 35 and 47 are numbering gaps - and I'm sure I remember at least one of those having been pulled due to investor indifference. In quieter times, they've often sat around for weeks waiting to fill.
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littleoldlady
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Running down all platforms due to age
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SPV 54
Sept 22, 2016 21:56:09 GMT
Post by littleoldlady on Sept 22, 2016 21:56:09 GMT
Thanks for the comments on the deal guys, as always. It is good to get this feedback so we can use it to plan future deals. Little oldlady - the secondary market should be live by the end of summer just so you know. The reason we need the 5 year term is to tie in with the bank debt. Any questions on the deal then please do shout. Have a great weekend. Andrew It is now past the equinox so any sign of the SM?
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littonowl
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Post by littonowl on Sept 27, 2016 21:22:58 GMT
SPV 54 now fully funded and being acquired !  |
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kaya
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SPV 54
Dec 18, 2016 13:48:54 GMT
Post by kaya on Dec 18, 2016 13:48:54 GMT
Can anyone explain to me how it is that the cheapest share presently available, at £12.94 inc. fee, is already calculated as having an effective discount of 13.5%? The calculation seems to consider each share to be worth about £14.90 already.
The present SM price seems more like a very hefty premium to me.
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kaya
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SPV 54
Dec 18, 2016 14:54:53 GMT
Post by kaya on Dec 18, 2016 14:54:53 GMT
there is no logic to the valuation of the share price on the SM. Perhaps propertymoose would like to supply the logic?!!
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adrianc
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SPV 54
Dec 18, 2016 14:55:22 GMT
Post by adrianc on Dec 18, 2016 14:55:22 GMT
Can anyone explain to me how it is that the cheapest share presently available, at £12.94 inc. fee, is already calculated as having an effective discount of 13.5%? The calculation seems to consider each share to be worth about £14.90 already. The present SM price seems more like a very hefty premium to me. If you hover your mouse over the "discount" box, it pops up and tells you - it's relative to the most recent third party valuation of the property, after the PM 15% end-of-project costs are taken into account.
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kaya
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SPV 54
Dec 19, 2016 9:43:06 GMT
Post by kaya on Dec 19, 2016 9:43:06 GMT
Yes I am aware of that, but how can the property have increased in value so much, in such a short period of time? If the valuation is really accurate, this seems to have been a superb investment!
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pom
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SPV 54
Dec 19, 2016 10:17:52 GMT
Post by pom on Dec 19, 2016 10:17:52 GMT
Yes I am aware of that, but how can the property have increased in value so much, in such a short period of time? If the valuation is really accurate, this seems to have been a superb investment! You'd generally expect all shares to leap in value as soon as a property is bought because they're bought below market value. But as to how much and how accurate, well we'll only really know when we know how much someone will pay for it at the end.
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kaya
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SPV 54
Dec 19, 2016 10:29:49 GMT
Post by kaya on Dec 19, 2016 10:29:49 GMT
Indeed! Given that costs eat up a lot of the 'below market value' profit margin, and that the end result is unknown, I find the present valuation to be rather, er, speculative. I'm not too keen on these speculative discount/premium figures in general, and prefer to look at real original share costs and then make my own judgement. This property deal looks a good one to me, but I'll not be buying into it at this 'discount'!
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pom
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SPV 54
Dec 19, 2016 11:00:25 GMT
Post by pom on Dec 19, 2016 11:00:25 GMT
Indeed! Given that costs eat up a lot of the 'below market value' profit margin, and that the end result is unknown, I find the present valuation to be rather, er, speculative. I'm not too keen on these speculative discount/premium figures in general, and prefer to look at real original share costs and then make my own judgement . This property deal looks a good one to me, but I'll not be buying into it at this 'discount'! I think (hope!) it's a good property (hopefully one of the best), it doesn't have a track record yet but it IS tenanted, so with it being a 5year term there is at least plenty of time to cover a premium - and even at that price you should get well over 5% yield. But personally I doubt I would buy them at that price even if I hadn't filled my boots on the primary market (I would love to be able to access their data on SM sales - I have a suspicion that people may be far more likely to pay over the odds on the £10 shares than the larger ones because the differences won't seem like much)
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