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Post by propertycalf on Apr 2, 2018 17:52:11 GMT
Anybody else not entirely happy? The action group seems to have lost momentum, but there is glaring inadequacies in my opinion.
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kaya
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Post by kaya on Apr 2, 2018 18:46:32 GMT
Ah well, they trumped us all, especially us complainers! : by making various changes, shutting up the secondary market, giving us 'votes' on selling up, etc.
The moose is truly cooked now. I'll take mine hard-baked. No choice really.
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jnm21
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Post by jnm21 on Apr 3, 2018 7:58:52 GMT
propertycalf I agree - there are still issues. Their way of justifying it was the vote to remove PM as property manager, which went in their favour. Then there was the promise of improved comms, which IMHO they failed by messing up the votes. So much for improved comms - could be the case that we now wait 3 months to hear bad news! I fail to believe that there has been none in the last month, both on past performance & the fact that many tennants have been (I assume) served notice. kaya, I think that you forgot the debt write-off - it seemed to be their master stroke in silencing the crowd.
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Post by sayyestocress on Apr 3, 2018 16:15:55 GMT
The cynic in me thinks all will be quiet until the (long list of?) properties being lined up to be sold fail to sell within a reasonable time frame and fail to make any capital gains.
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Post by propertycalf on Apr 3, 2018 17:27:36 GMT
I imagine that's how things will transpire too.. I may well seek my own legal advice as my holdings are certainly not worth me walking away
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jnm21
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Post by jnm21 on Apr 4, 2018 2:52:44 GMT
Talking of improved comms, the SPV 14 results are a classic, with a strong turn out - 110%!
Voting Results for PM SPV 14
Option 1 74.72%
Option 2 15.47%
Option 3 19.81%
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Post by sayyestocress on Apr 4, 2018 5:44:00 GMT
Talking of improved comms, the SPV 14 results are a classic, with a strong turn out - 110%! Voting Results for PM SPV 14 Option 1 74.72% Option 2 15.47% Option 3 19.81% PM's "thorough" attention to detail and QA strike again! I also find it funny that spv75 has a predicted rental yield of 0%,yet is supposedly let at £450 per month.
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Post by propertycalf on Apr 4, 2018 14:41:05 GMT
It would be laughable, if it wasn't at the detriment of people's hard earned money
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jnm21
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Post by jnm21 on Apr 5, 2018 7:05:36 GMT
propertycalf I wholeheartedly agree that it would be funnier if hard earned money was not involved. That said, I have to laugh (the alternative is crying or profanity) & taking 10 'percent' out cannot as far as I can see change the result (option 1 cannot increase). It would be good to get confirmation propertymoose!
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jnm21
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Post by jnm21 on Apr 5, 2018 8:25:03 GMT
Did anyone else check the property page? It says: Voting Results for PM SPV 14 Option 1 74.72% Option 2 15.47% Option 3 9.81% Has it had a stealthy edit or was it always right? My messages page has the message (timed the same) with the extra 10% still there (have screenshot just in case my eyes deceive me or it gets a stealthy edit)!  |
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jnm21
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Post by jnm21 on Apr 5, 2018 23:27:12 GMT
Anyone else in PMF B4? I wasn't best pleased at the reduction in investment period - guess that was another surprise from PM that I never knew they could do - hopefully that (along with the closure of the SM & the move to quarterly payments) is the last of a trio of unwelcome surprises.
I really feel sorry for anyone who bought on the SM expecting 8% or anyone now paying tax on the money because the payment was made in the wrong tax year.
Then there is the fact it was paid out 5 days late!
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jnm21
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Post by jnm21 on Apr 10, 2018 21:33:40 GMT
And again, exactly the same with B5 - surely they cannot change the length of a fixed term investment (without paying the full term interest) - this is getting crazy! There must be folk who exited on the SM rubbing their hands, while those who bought are more than a little peeved.
I am trying to remember the line from MOV... the one where it talks of future trade being jeopardised if the rules are bent to suit Antonio!
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pom
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Post by pom on Apr 11, 2018 8:12:57 GMT
And again, exactly the same with B5 - surely they cannot change the length of a fixed term investment (without paying the full term interest) - this is getting crazy! There must be folk who exited on the SM rubbing their hands, while those who bought are more than a little peeved. I am trying to remember the line from MOV... the one where it talks of future trade being jeopardised if the rules are bent to suit Antonio! Given the SM closed over a month ago I would hope no-one paid such a stupidly high premium to actually end up out of pocket once all the accrued interest was accounted for, but if they did they were never going to get a good return anyway. As for property loans ending at different times than predicted, I doubt anyone could name a platform where that's never happened !?! Given they're moving from anonymous loan funds to specific deals tho it's hardly surprising that they'd want to wind it up early, particularly as it's very unlikely they'd be able to loan it out for just 4 months - far better they pay it back now than risk ending up with insufficient funds to cover the rest of the term.
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jnm21
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Post by jnm21 on Apr 12, 2018 7:55:53 GMT
pom I would agree fully, had they mentioned that this could happen! Surely in a regulated market, you must stick to what you said (i.e. sold)? If the original blurb had said investment length up to 12 months or 12 months* and then clarified * subject to change, then fine. Seems like yet another "we'll do what we like, when we like" & I'm fed up of that!
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pom
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Post by pom on Apr 12, 2018 10:56:02 GMT
pom I would agree fully, had they mentioned that this could happen! Surely in a regulated market, you must stick to what you said (i.e. sold)? If the original blurb had said investment length up to 12 months or 12 months* and then clarified * subject to change, then fine. Seems like yet another "we'll do what we like, when we like" & I'm fed up of that! From How it works: Secured loan investments have an estimated term length, typically 12 to 18 months, after which the loan falls due for repayment. And the loan notes do say "projected term" And then of course there's the old "Past vs Future performance". If you're making that much fuss about something paying back early I really wonder how you'll cope when one is late. It will happen sooner or later. Anyone that invests in loans expecting to always get their money back on the original end date should not be investing. As it is those that are fed up with PM should be pleased to have the opportunity to get their capital back sooner. Those that want to stay can re-invest in the new projects, and at least they'll know what they're invested in rather than an anonymous fund.
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