PM SPV 50

Hi,

I have been invested in this property since the very beginning. I think the management of this property has been appalling. I was not notified of this £5000 debt until the year-end update, investors should have been made aware this debt was accrueing. I hung on to this one, despite the lack of rental income,hoping for a pay-off when the term ends in 6 months. I cannot imagine a majority of the shareholders will want to hang on this property.i imagine the remainder of this debt will have to be paid out of the proceeds of the sale, further dampening returns, a share is currently worth £9.92 on the secondary market. This has been an appalling investment, I am unsure what will cost me less money, selling at £9.92, and reinvesting elsewhere, or not receiving rent for 6 months and hoping for a good sale price.

Thankfully I've just got out of this one at a 2.1% capital loss (some brave soul would have paid 9.99 per share after PM take their fee for facilitating the chance to own such a great investment...).  I gambled that selling out now will be less painful than holding onto it earning nothing whilst it queues up in the PM SPV end of term backlog down the line and exits at a value less than it was originally listed to the crowd based on PM's back catalogue of BTS end of term exits, or is sold off the platform at who knows what price?  Now if only someone will buy SPV 47 and all my lemons will be gone!

I don't see, aside from the interest free loan & assurance of minimal money back sooner (if any rent is achieved), what this would get you?

As for the suggestion that people no vote if asked just to make PM wait longer, that seems crazy.

I understand the idea, but if there was a large amount of work done, would you not have expected them to use any PF then the rent?

I think the new boss has come in & found thousands of interest-free loans that he percieves to be an over-generous attempt to appease investors who may otherwise revolt at the idea of no rent for months.

I'm not in Property Moose, have never considered it, and don't think I will be.   I find all the postings, errrr, interesting.    

That's a bit cheeky (to say the least) seeing as the month they actually found a tenant they said dividend next month.  Next month came and there was no dividend because something like tenant finders fee ate all the rent, but dividend would pay out next month.  Then next month came and the update was 'by the way the SPV owes us a few grand so don't expect any money'.  All paraphrasing of course.  I would be mighty angry If I had bought shares based on 'dividend next month' only to find there won't be any dividends for many months when PM would have known there was a debt to PM on the SPV and they had not disclosed it.