Wow you're brave...! So now that you can presumably see the offer, was it a bargain? Then again I guess you'll get at least one rent payment out of it so that should cover some of it. Was it still 5% fee? I have quite a few from SPV16 onwards on sale with better rental records than that one if you fancy...
The fee is now only 2%. There is no information on the sale on the site even though I am now a shareholder, so I have asked PM to send me the emails they sent to shareholders. I will have a look at other properties on the SM, but I might need a 2% discount to cover the PM fee.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
Hmm that's a shame - given it says "you must own shares to see messages" you'd rather expect them to then appear! Depends what you mean by discount really - all of mine are at discounts on current value, and when listed were the cheapest...tho I see I've been undercut on a few properties now...someone's selling quite a few shares for £490 or £495 in fact ! Personally I'm not that desperate to sell! Anyway I'm selling 16, 18, 20, 21, 22, 23, 24, 25, 26, 28, 29, 30, 31, some of which have actually performed really well, I'm not totally selling out of any of them, just seeing if I can thin some of them down a bit and free up money for future properties. I might be prepared to change prices on some of them.
That makes it sound like the sale has completed. I have not heard that it has.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
We are hopeful that confidence will grow now we have overseen our first successful exit, and we are soon scheduled to be exiting up to 5 each month. Combined with the Secondary Market, which launched earlier this month, we are confident that we are giving our members the tools they need to potentially benefit from investing with us.
The sector has certainly come of age, and the concrete evidence of a successful exit by Property Moose will hopefully be the first of many.
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Was this a 2 or 3 year term spv? I'm trying to gauge the total 'net' return taking into account both rent & any upside on sale price after fees, etc. Or is 14.01% equivalent to 7% overall return over a 2 yr terms??
It was a 2 year term. If it returns 14% (depends on sale price and AFAIK no contracts exchanged yet) this will represent 7% pa without compounding. or c6.75% pa with. There was a long void period so most of the shortfall against the predicted 19% may be in the rent rather than the capital growth. Remains to be seen.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
It was a 2 year term. If it returns 14% (depends on sale price and AFAIK no contracts exchanged yet) this will represent 7% pa without compounding. or c6.75% pa with. There was a long void period so most of the shortfall against the predicted 19% may be in the rent rather than the capital growth. Remains to be seen.
Post by littleoldlady on Jan 31, 2017 16:26:14 GMT
4 months later and they say it has finally sold, but they don't say for how much and no sign of the money yet. If this is a typical end of term performance it does not bode well.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
4 months later and they say it has finally sold, but they don't say for how much and no sign of the money yet. If this is a typical end of term performance it does not bode well.
Do the shareholders not get a say on whether to sell or not based on the sale price?
4 months later and they say it has finally sold, but they don't say for how much and no sign of the money yet. If this is a typical end of term performance it does not bode well.
Do the shareholders not get a say on whether to sell or not based on the sale price?
Bear in mind that this is the first loan completion so we are in uncharted waters. Their rules state that the property will be sold unless 75% vote to keep it. Last Sept lenders in SPV1 lenders were balloted on keep or sell at a price which PM had agreed subject to contract. They strongly recommended selling and an abstention was taken as a vote to sell. AFAIK that sale fell through and they eventually sold it 4 months later at what seems to be a much lower figure. But the whole procedure is very opaque so this may not be right. For SPV2 they intially balloted and <75% voted to keep it, but then they moved the goalposts and had another ballot. They wanted to allow investors who wanted out to get their money back but also allow those who wanted to keep it to do so. In other words they are making it up as they go along making continual improvements. I think it might take a few loans terminating to settle down.
Last Edit: Feb 1, 2017 17:51:31 GMT by littleoldlady
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
Thanks, sounds like a bit of a mess, especially SPV2. I can only hope they've got things sorted by the time my properties come to term, which is quite a way off fortunately!
4 months later and they say it has finally sold, but they don't say for how much and no sign of the money yet. If this is a typical end of term performance it does not bode well.
This might be a untypically fast performance!
I can't see HMO properties with poor rental yield histories exactly flying off the shelves. A possible weakness of the PM set-up is that it might be geared to buying up properties that previous landlords might understandably want rid of. Finding new buyers for some of these properties might be very difficult, or impossible, unless discounted to well below 'market value'. The projected capital gains might turn out to be a hopefull illusion.
4 months later and they say it has finally sold, but they don't say for how much and no sign of the money yet. If this is a typical end of term performance it does not bode well.
This might be a untypically fast performance!
I can't see HMO properties with poor rental yield histories exactly flying off the shelves. A possible weakness of the PM set-up is that it might be geared to buying up properties that previous landlords might understandably want rid of. Finding new buyers for some of these properties might be very difficult, or impossible, unless discounted to well below 'market value'. The projected capital gains might turn out to be a hopefull illusion.
Yes, investors might be wise to invest for the rental yield and treat any capital gain as a bonus. Unfortunately the headline yield is greatly depressed by PM's costs and void periods etc.
All my posts are my personal opinion and are not advice. History suggests that, if anything, it would be more profitable to do the opposite of whatever I do, but whatever you do will not be any responsibility of mine.
I can't see HMO properties with poor rental yield histories exactly flying off the shelves. A possible weakness of the PM set-up is that it might be geared to buying up properties that previous landlords might understandably want rid of. Finding new buyers for some of these properties might be very difficult, or impossible, unless discounted to well below 'market value'. The projected capital gains might turn out to be a hopefull illusion.
Yes, investors might be wise to invest for the rental yield and treat any capital gain as a bonus. Unfortunately the headline yield is greatly depressed by PM's costs and void periods etc.
Depressed mainly by the very, very long void periods. I can't even understand how properties can remain unrented for so long.
