jnm21
Posts: 441 
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Spv 81
Aug 3, 2017 11:47:58 GMT
Post by jnm21 on Aug 3, 2017 11:47:58 GMT
Thanks, but as mentioned in the post above the one you quoted I did email them - that was what I was referencing - no reply to my email in 36 hours... Edit No problem... you likely have at least another 24 hours to wait.  |
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jnm21
Posts: 441
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Post by jnm21 on Aug 3, 2017 12:46:42 GMT
pom & ben can you both check your percentages please? I reckon mine has gone up from 1.88% to 4.72%. I must assume that the guaranteed 5% net was only net of everything but fees; in which case what was it net of exactly?
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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
Posts: 11,315
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Post by ilmoro on Aug 3, 2017 12:50:56 GMT
pom & ben can you both check your percentages please? I reckon mine has gone up from 1.88% to 4.72%. I must assume that the guaranteed 5% net was only net of everything but fees; in which case what was it net of exactly? There has been an additional dividend payment today so the poking appears to have worked. Historical yield on the loan page has increased from 1.84% to 4.61%. Entry in updates added ... they had only paid a month rental
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Post by sayyestocress on Aug 3, 2017 13:01:07 GMT
pom & ben can you both check your percentages please? I reckon mine has gone up from 1.88% to 4.72%. I must assume that the guaranteed 5% net was only net of everything but fees; in which case what was it net of exactly? Mine went from 1.9% to 4.7% (rounding to one decimal place) with the second dividend payment matching your numbers. I too was expecting exactly 5% based on what I thought I understood from the listing. But to quote the listing "for the first 30 months of the deal, the developer is guaranteeing the return at a 5% net yield", I now take that to mean guaranteed net from the developer, rather than net dividend to us. Like you I would assume the PM accounting fees etc. ate the 0.3%.
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jnm21
Posts: 441
Likes: 167
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Spv 81
Aug 3, 2017 13:04:53 GMT
Post by jnm21 on Aug 3, 2017 13:04:53 GMT
I don't think emailing them works. I have raised 2 queries with them, probably more, but they never answered them. They pass them onto their technical team and then apologise for the delay in replying and then the question disappears into the Property Moose black hole. The fact is it is impossible to get a handle on any of their figures, from random deductions from rent, to trying to tally up the interest payments. We are not given a breakdown from gross rents to net rents and then the figure they quote for deductions don't add up. They seem to have scrapped their calculation figures on new listings that used to appear at the bottom of the page too. I agree about the figures, but they are quite good at replying to emails (seems to take a bit of time). They are not usually so quick to rectify mistakes (i.e I would have expected the 2 months additional payment to be flippantly promised next month with no seeming idea how unprofessional it is or how combined with the 'rent' paid to the holder on payment day it could mean the money being paid to the wrong person where a SM sale occurs).
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littonowl
Member of DD Central
Posts: 398
Likes: 355
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Post by littonowl on Aug 3, 2017 15:10:49 GMT
pom & ben can you both check your percentages please? I reckon mine has gone up from 1.88% to 4.72%. I must assume that the guaranteed 5% net was only net of everything but fees; in which case what was it net of exactly? Mine went from 1.9% to 4.7% (rounding to one decimal place) with the second dividend payment matching your numbers. I too was expecting exactly 5% based on what I thought I understood from the listing. But to quote the listing "for the first 30 months of the deal, the developer is guaranteeing the return at a 5% net yield", I now take that to mean guaranteed net from the developer, rather than net dividend to us. Like you I would assume the PM accounting fees etc. ate the 0.3%. Also was expecting 5% not 4.7%, based on prior advertising. Wouldn't be so bad if the rest of PMs properties didn't also invariably fall short of their projected rents, for one reason or another. A site that over-promises and under-delivers imo.
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ben
Posts: 2,020
Likes: 589
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Spv 81
Aug 3, 2017 15:24:14 GMT
Post by ben on Aug 3, 2017 15:24:14 GMT
Mine went from 1.9% to 4.7% (rounding to one decimal place) with the second dividend payment matching your numbers. I too was expecting exactly 5% based on what I thought I understood from the listing. But to quote the listing "for the first 30 months of the deal, the developer is guaranteeing the return at a 5% net yield", I now take that to mean guaranteed net from the developer, rather than net dividend to us. Like you I would assume the PM accounting fees etc. ate the 0.3%. Also was expecting 5% not 4.7%, based on prior advertising. Wouldn't be so bad if the rest of PMs properties didn't also invariably fall short of their projected rents, for one reason or another. A site that over-promises and under-delivers imo. I have calculated I get about half the returns that they advertise. So I am just going to use that when I decide to invest from now on. Getting about 3% return at the moment, so down quite a bit from 6 months ago.
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pom
Member of DD Central
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Spv 81
Aug 3, 2017 15:35:59 GMT
Post by pom on Aug 3, 2017 15:35:59 GMT
First payment is never going to be full size because the property was bought part way through a month so it'll have been pro-rated...
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hazellend
Member of DD Central
Posts: 2,363
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Spv 81
Aug 3, 2017 18:46:43 GMT
Post by hazellend on Aug 3, 2017 18:46:43 GMT
First payment is never going to be full size because the property was bought part way through a month so it'll have been pro-rated... "11 April 2017 at 17:02PM Investor Notice: Daniel House, Trinity Road (Apartments: 216, 312, 314 & 315) [PM SPV 81] has now been purchased! As there is a guaranteed rent agreement in place, a yield will be paid quarterly as per the terms of the investment!. The first rent being in three months time (31st July 2017)". The property was purchased in the middle of April. We then had the whole of May, June and July. If anything the first payment should have been more than expected. If somebody can work out  PM are up to here please update this thread. I have frustration fatigue so have given up.
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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
Posts: 11,315
Likes: 11,523
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Spv 81
Aug 3, 2017 19:36:13 GMT
Post by ilmoro on Aug 3, 2017 19:36:13 GMT
"11 April 2017 at 17:02PM Investor Notice: Daniel House, Trinity Road (Apartments: 216, 312, 314 & 315) [PM SPV 81] has now been purchased! As there is a guaranteed rent agreement in place, a yield will be paid quarterly as per the terms of the investment!. The first rent being in three months time (31st July 2017)". The property was purchased in the middle of April. We then had the whole of May, June and July. If anything the first payment should have been more than expected. If somebody can work out PM are up to here please update this thread. I have frustration fatigue so have given up. Isnt rent always one month in arrears, so we've been paid for most of April, May and June at the end of July?
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kaya
Member of DD Central
Posts: 1,150
Likes: 718
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Spv 81
Aug 3, 2017 19:52:35 GMT
Post by kaya on Aug 3, 2017 19:52:35 GMT
For me, 'one month in arrears' means, for example, that the rent for July is paid at the end of that month, rather than in advance at the beginning of the month. Thus we are due the whole three months - plus, of course, the bit due for part of April. But I have long suspected that PM sneakily take an extra cut on rental payments similar to this - there are many other examples - unless it can be shown that such dues are added on at the closure/maturity of the deal.
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jnm21
Posts: 441
Likes: 167
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Spv 81
Aug 4, 2017 12:36:55 GMT
Post by jnm21 on Aug 4, 2017 12:36:55 GMT
For me, 'one month in arrears' means, for example, that the rent for July is paid at the end of that month, rather than in advance at the beginning of the month. Thus we are due the whole three months - plus, of course, the bit due for part of April. But I have long suspected that PM sneakily take an extra cut on rental payments similar to this - there are many other examples - unless it can be shown that such dues are added on at the closure/maturity of the deal. I don't think it is quite so sinister - if ilmoro is correct (as I suspect he is), it is just them taking the month worth of interest on our money as normal & in line with the T&Cs! EDIT: the explanation is that money comes in towards the end of the month & it is too much of a rush to pay it out same day. Anyone else think we should move payment to last working day on/before the 5th? We should be grateful that they don't pay quarterly payments a quarter in arrears! 
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jnm21
Posts: 441
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Post by jnm21 on Oct 31, 2017 22:33:09 GMT
Did I speak too soon? No payment on SPV 81 today! Furious - what do they think they are playing at?
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Spv 81
Nov 1, 2017 8:35:28 GMT
Post by sayyestocress on Nov 1, 2017 8:35:28 GMT
Did I speak too soon? No payment on SPV 81 today! Furious - what do they think they are playing at? Judging by what happened with the first payment I suspect some manual intervention is required to pay out on this SPV. I think it took an extra couple of days to get all the dividend last time? I imagine it'll pop up in a day or two. After that the pitch forks can come out 
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jnm21
Posts: 441
Likes: 167
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Spv 81
Nov 1, 2017 9:00:48 GMT
Post by jnm21 on Nov 1, 2017 9:00:48 GMT
Been on chat - property management team looking into it - no information as yet!
EDIT: 5 hours after raising, still no info - I don't know about anyone else, but my pitchfork is out & sharpened - I won't accept the ramshackle service any more!
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PM are up to here please update this thread.
