Post by bengilbert on Dec 4, 2016 14:10:28 GMT
B******l Road, Sandbanks (BPF543)
The planning department have come back with requests for two minor amendments (the size of the bin sheds and the bike storage). A final decision is expected in January 2017.
Residential Development - Streatham (BPF585)
Marketing of the property continues.
Sutton Coldfield Bridging Loan (BPF479)
The borrower has a bank lined up to refinance the loan but, due to bank procedures, the process can only begin 6 months after the property was purchased. The borrower is therefore likely to request a 3-6 month extension to give time for this process to be completed (original due end date = 13/01/2017). If the extension is granted, Broadoak will repurchase loan units from any lenders who wish to be repaid on the original end date.
M***** H*** Development Loan (BPF407, 501, 526, 553 & 584)
Works continue to move forward. In the Annex, a pop-up bar has just opened for trading and will remain there until the space is handed over early in 2017 to the restaurant that is taking occupation. (Lenders can find press articles by searching for m*******er garage bar). On the development site next door which also forms part of our security, the planning consultants recommended obtaining a mechanical engineering report as the final document before submission. This is due to be received next week and submission of the planning application has been scheduled for 20 December.
W***n Hotel Development (BPF528, 571 & 587)
Work is progressing very well. A drawdown of c. £250,000 will be made around the middle of December.
Lut** Bridging Loan (BPF534)
The borrower is meeting with the planning department on 8 December (current valuation is based on the value without planning).
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
A further 2 units have been exchanged on. A further drawdown is likely around the middle of December.
Residential Development in The Ho******, Sandbanks (BPF562 & 574)
Legals have commenced on the sale of the property for £4.9 million. Completion is expected by January 2017, at which point the loan will be repaid. Work proceeds on the development and a further drawdown for around £100,000 will be listed next week.
The planning department have come back with requests for two minor amendments (the size of the bin sheds and the bike storage). A final decision is expected in January 2017.
Residential Development - Streatham (BPF585)
Marketing of the property continues.
Sutton Coldfield Bridging Loan (BPF479)
The borrower has a bank lined up to refinance the loan but, due to bank procedures, the process can only begin 6 months after the property was purchased. The borrower is therefore likely to request a 3-6 month extension to give time for this process to be completed (original due end date = 13/01/2017). If the extension is granted, Broadoak will repurchase loan units from any lenders who wish to be repaid on the original end date.
M***** H*** Development Loan (BPF407, 501, 526, 553 & 584)
Works continue to move forward. In the Annex, a pop-up bar has just opened for trading and will remain there until the space is handed over early in 2017 to the restaurant that is taking occupation. (Lenders can find press articles by searching for m*******er garage bar). On the development site next door which also forms part of our security, the planning consultants recommended obtaining a mechanical engineering report as the final document before submission. This is due to be received next week and submission of the planning application has been scheduled for 20 December.
W***n Hotel Development (BPF528, 571 & 587)
Work is progressing very well. A drawdown of c. £250,000 will be made around the middle of December.
Lut** Bridging Loan (BPF534)
The borrower is meeting with the planning department on 8 December (current valuation is based on the value without planning).
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
A further 2 units have been exchanged on. A further drawdown is likely around the middle of December.
Residential Development in The Ho******, Sandbanks (BPF562 & 574)
Legals have commenced on the sale of the property for £4.9 million. Completion is expected by January 2017, at which point the loan will be repaid. Work proceeds on the development and a further drawdown for around £100,000 will be listed next week.