benaj
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Post by benaj on Jul 24, 2018 21:30:04 GMT
If you have any loan note with PM, you may see a new update regarding the exit option.
The good news, PM is still here to manage exit options vote
The bad news, like any other p2plending loans, loan not getting paid on time and waiting for further updates
The worst bit, trying to convert all late paying loan notes into the mega SPV by the 'voting' option.
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jnm21
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Post by jnm21 on Jul 26, 2018 19:23:02 GMT
Anyone else got anything about this? I have heard nothing.
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jnm21
Posts: 441
Likes: 167
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Post by jnm21 on Jul 26, 2018 22:22:28 GMT
Anyone else get a sinking feeling about all investments PM? Sounds to me like the new mega SPV is a dinghy they are corralling us into...
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hazellend
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Post by hazellend on Jul 27, 2018 7:31:48 GMT
Anyone else get a sinking feeling about all investments PM? Sounds to me like the new mega SPV is a dinghy they are corralling us into... They have already told us all properties will be devalued to estate agent 30 day sales price so a massive discount to their expertly selected property deals.
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jnm21
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Post by jnm21 on Jul 27, 2018 8:24:27 GMT
Yes, but the comment here suggests that loan notes will be lumped in too (not just BTL).
I feel sick again. I'll up my offer to £3K for a time traveller to warn me off PM!
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Jul 27, 2018 9:08:27 GMT
There are three options
Convert the loan note into equity in the new portfolio, no indication of what conversion rate Get capital/interest once property has moved to portfolio and they have sufficient cash to redeem (basically interest free loan to portfolio with unknown term) agian conversion rate unknown. Call in the loan & sell property as distressed sale which is predicted not to result in full repayment.
Glad this is the only loan note Im in as all options are going to shaft lenders it would seem.
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jnm21
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Post by jnm21 on Jul 28, 2018 10:12:16 GMT
Also keen to know! D1 is my biggest PM investment. If it goes Pete Tong I am fubarred!
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benaj
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Post by benaj on Aug 3, 2018 14:01:23 GMT
As predicted, the vote result is fixed to option 1 @ 65%.
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