averageguy
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Post by averageguy on Mar 9, 2018 19:37:13 GMT
Can someone confirm where Property Crowd rank as regards to the security...it talks about the bond issuer having first charge ...but then states the main lender having first charge.
I note that in the case of default we are in the hands of the principal lender as regards to control and direction.
Anyone else interested in this one?
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gustapher
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Post by gustapher on Mar 9, 2018 21:39:47 GMT
Can someone confirm where Property Crowd rank as regards to the security...it talks about the bond issuer having first charge ...but then states the main lender having first charge. I note that in the case of default we are in the hands of the principal lender as regards to control and direction. Anyone else interested in this one? I'm in for a moderate amount. Property Crowd are equal 1st charge with the main lender (RF). If you go into the Dashboard and go to the section on "Underlying Loan Facilty" there is a bullet covering the deal structure and capital structure which you can click on to see how it works. Our bonds are held in an SPV which is independently controlled by the people behind PC. Our bonds rank equally with the main lender/RF bonds which means in a default event we are treated equally. If that happened, you are correct RF would have control and direction of the recovery process but as our interests are aligned and the SPV is independently controlled it should be ok. As a general rule I'm investing smallish amounts in PC on a regular basis (£2k-£3k per issue with a some variation based on the rate/proposition). I will increase this amount based on: - Development of a working secondary market - Improvements to website/platform functionality over time - Record of repayment/handling of defaults.
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averageguy
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Post by averageguy on Mar 10, 2018 10:23:56 GMT
Can someone confirm where Property Crowd rank as regards to the security...it talks about the bond issuer having first charge ...but then states the main lender having first charge. I note that in the case of default we are in the hands of the principal lender as regards to control and direction. Anyone else interested in this one? I'm in for a moderate amount. Property Crowd are equal 1st charge with the main lender (RF). If you go into the Dashboard and go to the section on "Underlying Loan Facilty" there is a bullet covering the deal structure and capital structure which you can click on to see how it works. Our bonds are held in an SPV which is independently controlled by the people behind PC. Our bonds rank equally with the main lender/RF bonds which means in a default event we are treated equally. If that happened, you are correct RF would have control and direction of the recovery process but as our interests are aligned and the SPV is independently controlled it should be ok. As a general rule I'm investing smallish amounts in PC on a regular basis (£2k-£3k per issue with a some variation based on the rate/proposition). I will increase this amount based on: - Development of a working secondary market - Improvements to website/platform functionality over time - Record of repayment/handling of defaults. Thanks for the reply .
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littleoldlady
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Post by littleoldlady on Feb 17, 2023 18:45:28 GMT
Latest update makes grim reading.
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littleoldlady
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Post by littleoldlady on Nov 16, 2023 19:40:18 GMT
Latest update published.
I cannot work out whether this is good or bad news as I am only in the initial loan to purchase the site and I don't know how much has been lent for the development nor how much the Administrators will take, but I am pessimistic as the net proceeds will barely cover just the initial loan which is pari passu with development loans.
Edit 19/3/2024: See next post
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littleoldlady
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Post by littleoldlady on Mar 19, 2024 21:40:17 GMT
A partial redemption. I make it about 40%.
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averageguy
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Post by averageguy on Mar 20, 2024 21:41:57 GMT
A partial redemption. I make it about 40%. You got some money off PC….Wow!
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littleoldlady
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Post by littleoldlady on Mar 21, 2024 8:45:37 GMT
A partial redemption. I make it about 40%. You got some money off PC….Wow! just to be accurate, I have not actually got the cash yet, it is sitting in my account ready for withdrawal. As it's in an ISA I am undecided whether to withdraw it out of tax shelter or to attempt an ISA transfer. It's not a huge amount but big enough to be worth kept in ISA form but are PC's admin up to the task? Edit: Decided to withdraw rather than risk an ISA transfer.
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jonno
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nil satis nisi optimum
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Post by jonno on Mar 21, 2024 10:49:22 GMT
A partial redemption. I make it about 40%. You got some money off PC….Wow! Yep me too! I got £316 from a balance of almost £800. Hopefully a bit more to come.
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averageguy
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Post by averageguy on Mar 23, 2024 13:25:57 GMT
You got some money off PC….Wow! just to be accurate, I have not actually got the cash yet, it is sitting in my account ready for withdrawal. As it's in an ISA I am undecided whether to withdraw it out of tax shelter or to attempt an ISA transfer. It's not a huge amount but big enough to be worth kept in ISA form but are PC's admin up to the task? Edit: Decided to withdraw rather than risk an ISA transfer. Sensible!
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