jnm21
Posts: 441 
Likes: 167
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Spv 81
Nov 11, 2017 12:00:49 GMT
Post by jnm21 on Nov 11, 2017 12:00:49 GMT
Anyone else shocked that they are still funding SPV83? I went to have a look & it is a much shorter 'guaranteed' rent (until Sept 19, regardless of when funded). Also they have reduced it from 3 units to 2 - to make it fund quicker - if I had money in it, I would be watching SPV81 closely & checking my options to withdraw. If they have stumped the money up themselves upfront, they obviously want it back. I think you underestimate PM - we have stumped up the money via PMFs! They seem to like betting with our money & keeping their own cut whether we win or lose - win-win for them! A bit like the betfair model, except there no one denies that some will lose money! 
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 11, 2017 12:12:42 GMT
Post by jnm21 on Nov 11, 2017 12:12:42 GMT
I'm not sure if they went ahead and bought the full block of apartments anyway, with the intention of funding them afterwards.. They have specified that they intend the remaining apartment in a third SPV. I would have been interested in all of these investments, but the execution has been poor. Who expects the 'gaurenteed' returns investment to be the one their most concerned about? SPV81 is my largest holding on the info we were fed. I think that the fixed period of the guaranteed rent in SPV83 (Sept 19) suggests that they did - 2.5 years back from that would be March 17 - which must be approximately when SPV81 listed. What annoys me is that I just increased my (thankfully still very small) holding on the SM - I now believe that was after the rent payment was missed - as a potential investor, that information was key to me. I believe that it was due to PM at least 10 days prior to 31st.
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Spv 81
Nov 12, 2017 19:54:26 GMT
via mobile
Post by propertycalf on Nov 12, 2017 19:54:26 GMT
Anybody expecting an end to this tomorrow?
I think some kind of interest payment would be a good will gesture.. If we recieved realistic assurances this was a one off (well twice, including the late payment last quarter), who would find this reasonable?
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 12, 2017 21:35:31 GMT
via mobile
Post by jnm21 on Nov 12, 2017 21:35:31 GMT
Based on last Friday's update, it takes at least a full working day to process the payments. Based on Friday just gone's update, no payment Friday AM & unless PM failed to provide a promised update, no payment Friday at all.
Based on that, will be at least Tuesday, almost certainly Wednesday!
That is if they decide to bother paying!
I see that a few shares have sold on the SM in the last few days. I have to admit I was half tempted to buy at discount, but head overruled the gambler in me!
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Spv 81
Nov 12, 2017 22:43:39 GMT
via mobile
jnm21 likes this
Post by propertycalf on Nov 12, 2017 22:43:39 GMT
I don't know if I'm being naive or brave, but I think this may come good in the end
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 13, 2017 1:39:32 GMT
via mobile
Post by jnm21 on Nov 13, 2017 1:39:32 GMT
I agree, but my head says it isn't a good bet!
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 13, 2017 14:59:50 GMT
via mobile
Post by jnm21 on Nov 13, 2017 14:59:50 GMT
No payment, no update, no shock.  |
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Post by propertycalf on Nov 13, 2017 15:42:52 GMT
I messaged them today and i'm pretty sure they said they had received the funds (we've heard that before)
When I pressed for a time frame for our payment, they declined to specify.
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p2ploser
Member of DD Central
Posts: 163
Likes: 221
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Post by p2ploser on Nov 13, 2017 18:50:26 GMT
The issue I have with pm is that it’s not just about that they have problems but the way you deal with them, and pm seem to have lots of problems. Once again this has been really poorly dealt with with very little transparency. Looking at the sm, lots of people seem to be getting out.
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Post by carolus on Nov 13, 2017 19:07:36 GMT
Update on the platform, they've got the money and aim to have the payment done by Wednesday afternoon. Also claiming interest from the Management Company. p2ploser - I think the poor quality of communication with lenders is symptomatic of a chronic lack of professionalism across almost all areas of the platform. This is also reflected in the hastily put together investment cases, random valuations and the lengths of time properties sit empty, as well as the numerous mistakes in the accounts that are only noticed when investors point them out. |
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Spv 81
Nov 13, 2017 20:46:22 GMT
via mobile
jnm21 likes this
Post by propertycalf on Nov 13, 2017 20:46:22 GMT
I would personally be alright with receiving that level of interest to recompense the delay.
And if it was out of pm's control, it's a decent resolution for me personally.
It's the incorrect, vague and sporadic info that fails to fill me with confidence.
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Spv 81
Nov 14, 2017 9:54:55 GMT
Post by propertycalf on Nov 14, 2017 9:54:55 GMT
I know.. I'm not expecting the interest payment, might steady some nerves though
The dividends were owed would be a good start!
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carolus
Member of DD Central
Posts: 204
Likes: 191
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Spv 81
Nov 14, 2017 15:46:31 GMT
Post by carolus on Nov 14, 2017 15:46:31 GMT
It's the incorrect, vague and sporadic info that fails to fill me with confidence. Yes - of concern to me is that in some situations it seems to be possible to get information from LC that isn't available generally on the platform, and sometimes it seems to be important. This means that potentially some investors can get an, I think unfair, advantage on the secondary market.
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Spv 81
Nov 15, 2017 10:32:06 GMT
via mobile
jnm21 likes this
Post by propertycalf on Nov 15, 2017 10:32:06 GMT
Been paid out today
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 15, 2017 13:54:20 GMT
Post by jnm21 on Nov 15, 2017 13:54:20 GMT
Withdrawal requested!
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