Post by bengilbert on Sept 5, 2016 13:49:06 GMT
Upcoming loans
Tenanted apartment block in Luton with potential to build additional block on the site. Loan amount £373,500, LTV 69% (without attributing any value to development potential), 6 month term, 11% interest rate. Expected to be listed w/c 12 September.
Current loans
B******l Road, Sandbanks (BPF373 & 383)
Planning have requested a Tree report which they are hoping to instruct next week. This will take around three weeks to come back. Planning have indicated they will allow 21 units on the site which will increase the GDV and security value. The borrowers are likely to request a 3 month extension (current due date 30/9). If the extension is granted, Broadoak will look to buy out any investors who wish to be repaid on the original due date.
Residential Development - Streatham (BPF397)
Offers have been received on the property for close to the asking price, which would comfortably allow the loan to be repaid. Borrower meeting with the bank to discuss re-finance to give additional time to achieve a higher price.
Sutton Coldfield Bridging Loan (BPF479)
Borrower has refurbished the property and has applied for the re-finance this week with Lloyds.
M***** H*** Development Loan (BPF407, 501 & 526)
Work proceeds on the main building. A further tranche was drawn down last week (no availability remaining on the platform). The borrowers have been working with planning consultants on the planning application for the adjacent development site (also part of our security) and expect to go for planning in 4 weeks.
W***n Hotel Development (BPF528)
Loan drew down last week.
Tenanted apartment block in Luton with potential to build additional block on the site. Loan amount £373,500, LTV 69% (without attributing any value to development potential), 6 month term, 11% interest rate. Expected to be listed w/c 12 September.
Current loans
B******l Road, Sandbanks (BPF373 & 383)
Planning have requested a Tree report which they are hoping to instruct next week. This will take around three weeks to come back. Planning have indicated they will allow 21 units on the site which will increase the GDV and security value. The borrowers are likely to request a 3 month extension (current due date 30/9). If the extension is granted, Broadoak will look to buy out any investors who wish to be repaid on the original due date.
Residential Development - Streatham (BPF397)
Offers have been received on the property for close to the asking price, which would comfortably allow the loan to be repaid. Borrower meeting with the bank to discuss re-finance to give additional time to achieve a higher price.
Sutton Coldfield Bridging Loan (BPF479)
Borrower has refurbished the property and has applied for the re-finance this week with Lloyds.
M***** H*** Development Loan (BPF407, 501 & 526)
Work proceeds on the main building. A further tranche was drawn down last week (no availability remaining on the platform). The borrowers have been working with planning consultants on the planning application for the adjacent development site (also part of our security) and expect to go for planning in 4 weeks.
W***n Hotel Development (BPF528)
Loan drew down last week.
