Post by bengilbert on Nov 2, 2016 10:42:23 GMT
Upcoming loans
Nothing imminent though some potential deals with drawdown in the second half of the month under discussion.
Current loans
B******l Road, Sandbanks (BPF543)
After receiving the tree report, the revised planning proposal has now been submitted. If and when planning is approved, the borrowers will be purchasing the adjacent site and will refinance the present loan with a development loan for the combined plot, some or all of which may be made available on MoneyThing.
Residential Development - Streatham (BPF397)
The borrowers have requested an extension to give them time to achieve a higher sale price on the property. We have approved this extension in principle, subject to receipt of an updated valuation, which we have instructed and expect to receive early next week. Should any investors wish to be repaid on the original due date, Broadoak will repurchase any holdings left for sale - all investors who wish to be repaid on time will be. The extension will be for 6 months, though we would expect it to be repaid within 3 months.
Sutton Coldfield Bridging Loan (BPF479)
The borrower is finalising with their bank the timetable for a potential refinance.
M***** H*** Development Loan (BPF407, 501 & 526)
Works are progressing well. The tenant of the Annex is due to enter into their lease at the beginning of December. On the adjacent development site, the final document required before submitting the planning application is a right of light report which is due to be received in the week commencing 7 November, after which the application will be made. A drawdown of £1,300,000 will be made on 11 November.
W***n Hotel Development (BPF528 & 571)
Works are going well. A drawdown of c. £250,000 will be made around the middle of November.
Lut** Bridging Loan (BPF534)
No update - still awaiting a decision from the planning department (current valuation is based on the value without planning).
Residential development in Birk**** (BPF536, 537, 541, 542, 566 & 567)
12 of the remaining 20 apartments now been sold, with reservation fees having already been paid on 8 of these. A drawdown of c. £200,000 will be made around the middle of November.
Residential Development in The Ho******, Sandbanks (BPF562 & 574)
The borrowers have accepted an offer to purchase the property for £4.9 million. Legals have been instructed but not yet commenced, so there is no certainty about the sale, and works continue on the development. Should the sale go through, the loan is expected to repay within the next two months.
Nothing imminent though some potential deals with drawdown in the second half of the month under discussion.
Current loans
B******l Road, Sandbanks (BPF543)
After receiving the tree report, the revised planning proposal has now been submitted. If and when planning is approved, the borrowers will be purchasing the adjacent site and will refinance the present loan with a development loan for the combined plot, some or all of which may be made available on MoneyThing.
Residential Development - Streatham (BPF397)
The borrowers have requested an extension to give them time to achieve a higher sale price on the property. We have approved this extension in principle, subject to receipt of an updated valuation, which we have instructed and expect to receive early next week. Should any investors wish to be repaid on the original due date, Broadoak will repurchase any holdings left for sale - all investors who wish to be repaid on time will be. The extension will be for 6 months, though we would expect it to be repaid within 3 months.
Sutton Coldfield Bridging Loan (BPF479)
The borrower is finalising with their bank the timetable for a potential refinance.
M***** H*** Development Loan (BPF407, 501 & 526)
Works are progressing well. The tenant of the Annex is due to enter into their lease at the beginning of December. On the adjacent development site, the final document required before submitting the planning application is a right of light report which is due to be received in the week commencing 7 November, after which the application will be made. A drawdown of £1,300,000 will be made on 11 November.
W***n Hotel Development (BPF528 & 571)
Works are going well. A drawdown of c. £250,000 will be made around the middle of November.
Lut** Bridging Loan (BPF534)
No update - still awaiting a decision from the planning department (current valuation is based on the value without planning).
Residential development in Birk**** (BPF536, 537, 541, 542, 566 & 567)
12 of the remaining 20 apartments now been sold, with reservation fees having already been paid on 8 of these. A drawdown of c. £200,000 will be made around the middle of November.
Residential Development in The Ho******, Sandbanks (BPF562 & 574)
The borrowers have accepted an offer to purchase the property for £4.9 million. Legals have been instructed but not yet commenced, so there is no certainty about the sale, and works continue on the development. Should the sale go through, the loan is expected to repay within the next two months.
