carolus
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Property Moose
CC WAR 1
Nov 24, 2017 19:24:40 GMT
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Post by carolus on Nov 24, 2017 19:24:40 GMT
I, like you, can't see that specified anywhere on site, but I notice in the email I got about CC DEV 1 that it was described as "All funds will be legally secured against the assets of CC Dev 1 with a second legal charge ". Since the on site descriptions of CC DEV 1 and CC WAR 1 are pretty much identical, I'd assume WAR 1 is also second charge.
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carolus
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Property Moose
Spv 83
Nov 22, 2017 21:50:14 GMT
Post by carolus on Nov 22, 2017 21:50:14 GMT
Anyone brave enough? I like the idea of staggered quarterly payments. Not sure how long it will take to fully fund tho! I'm in SPV81 so not going in for this. Don't know why anybody prefers quarterly payments rather than monthly though. With property moose, quarterly is preferrable to the usual default setting of never (for most of my rentals). I have a pretty good idea why you'd prefer quarterly payments if you're the management company...
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carolus
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Post by carolus on Nov 22, 2017 14:57:03 GMT
I would suggest anyone who didnt get email contacts MT direct so they can investigate. They wont know who you are from here. Yes, I've done so and now received confirmation that they've resolved the issue. As I understand it everyone should now be receiving all the emails going forwards.
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carolus
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Post by carolus on Nov 22, 2017 11:02:01 GMT
Out of interest is anyone else who didn't receive the emails using gmail? I'm just wondering whether it could be an issue with google's filters or something. Working for me on gmail Well, scratch that idea! Apparently they're now investigating.
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carolus
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Post by carolus on Nov 22, 2017 10:33:42 GMT
Out of interest is anyone else who didn't receive the emails using gmail? I'm just wondering whether it could be an issue with google's filters or something.
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carolus
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Post by carolus on Nov 22, 2017 10:06:49 GMT
Great, thanks for the info. I, like archie , didn't get the email for BPF751, so I suspect there's something going on with their mailing lists. Will get in touch directly. There does appear to be an issue. I too didn't get either of those emails. The last one I received was the pipeline update at the weekend. Yep, that's the last one I got as well. I've emailed and let them know that there seems to be an issue, and that there are others on the forum with the issue.
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carolus
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Post by carolus on Nov 22, 2017 9:53:43 GMT
I haven't seen one. I didn't get the 'Paid' email for BPF751 that some lenders received either. I got an email at 01:02 saying there would be no repayment today and see the website for further details. Great, thanks for the info. I, like archie, didn't get the email for BPF751, so I suspect there's something going on with their mailing lists. Will get in touch directly.
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carolus
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Post by carolus on Nov 22, 2017 7:31:31 GMT
Was there an email about this that hasn't made its way to me, or has there not been one yet?
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carolus
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Property Moose
Spv 81
Nov 18, 2017 20:44:59 GMT
Post by carolus on Nov 18, 2017 20:44:59 GMT
From what they said to me, the funds were due to them at least 7 days prior to payment day (31st October). Anyone else shocked that the extra payment didn't happen this week as suggested or that we never got an update instead? I am shocked, shocked to hear that a lack of communication is going on here!
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carolus
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Post by carolus on Nov 17, 2017 15:23:28 GMT
I suppose it seems fair in some ways but putting it on hold is just forcing the current owner to take on the risk when they might not want to. If someone wants to sell and someone else wants to buy then that transaction shouldn't be blocked. It seems the same as a companies blocking sales of their stock in the lead up to publishing their annual report because the results might be bad. I think I would at least have expected them to cancel all sell orders on the SM for that property when the revaluations are released. Otherwise if the value of the property rockets up you'll find people caught unaware who have listed shares for sale at the old lower price. It certainly wouldn't seem fair to me that an unannounced revaluation could put them in that position. That said, locking the SM for weeks without really saying anything does seem somewhat unhelpful. It does strike me as well that since we're basically entirely reliant on PM to provide info about the properties, including state and valuation, it's really not possible to come to any conclusion about fair price that doesn't depend heavily on PM. If the valuation process did reveal a significant, and hitherto unknowable to investors, change in the property then it would seem problematic for PM to allow sales directly beforehand, especially since in this case the fact that a revaluation was going to occur seemed not to be released to investors. However, I'm not convinced the method they've taken of just shutting the SM and staying fairly quiet for weeks actually solves that problem either - investors who are buying are in the same position if they buy and suddenly a revaluation occurs as if they buy, the SM is shut for some time and then the revaluation occurs. I certainly think that communicating more with lenders about the whole thing could only help the situation, however.
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carolus
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Post by carolus on Nov 17, 2017 0:34:58 GMT
Why is SPV31 off the market? Supposedly it (and SPV42) are off for "revaluation". Since this has been the case for at least three weeks (a month?) I'm curious as to what this revaluation actually involves, but requests for further information have gone unanswered.
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carolus
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Property Moose
Spv 32
Nov 15, 2017 1:56:38 GMT
via mobile
Post by carolus on Nov 15, 2017 1:56:38 GMT
I just thought with it having underwritten returns, there may not have been shares available on the SM? Nope, if you ask they'll tell you this and SPV 41 are disabled due to "revaluation". Unclear what this involves or why it takes multiple weeks. The cynical part of me suspects we'll find something needed to be done to the properties which we will be required to pay for.
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carolus
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Property Moose
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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carolus
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Post by carolus on Nov 14, 2017 15:35:34 GMT
I would very much like to belong to a well managed BTL syndicate but PM has been my biggest disappointment in p2p - not my biggest loss, and I may even escape at a small profit depending on the performance of my remaining portfolio - but disappointing because I do like the model. Agreed. The concept is great, and if I felt it was a well run platform I'd be happier accepting the short term lower returns. However, the returns have been so low (and much lower than the "projections") that I could do almost anything else with my money and be beating the rental income (it might beat cash, but not by much!). This then means I'd effectively be gambling that the capital gains down the line would make up for it, and given the poor valuations, precedent of the early SPVs and the platform as a whole, I don't have much faith in that either. It also doesn't help that a lot of the time PM's own actions seem to contribute to our lost return with their mistakes (do people think they've all been caught?) and mysterious fees, as well as things like the month free at the start which they didn't notify us about until after it was implemented.
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carolus
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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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