Broadoak loan updates - January 2017
Jan 11, 2017 13:44:48 GMT
oldgrumpy, chielamangus, and 10 more like this
Post by bengilbert on Jan 11, 2017 13:44:48 GMT
Apologies for the later than usual publication this month - some borrowers only got back into the office this week.
B******l Road, Sandbanks (BPF543)
The planning amendments requested by the council have been actioned and submitted. The borrowers continue to expect a final decision to be received by the end of this month. Once planning is granted, the borrowers will be purchasing the adjacent site. Owning the combined site with planning is expected to add value to both parts. Some or all of the loan for purchasing the adjacent site is likely to be made available to MoneyThing investors.
Residential Development - Streatham (BPF585)
Marketing of the property continues, with viewings this month.
Sutton Coldfield Bridging Loan (BPF479)
The loan is being extended six months to give the borrower time to complete a refinance with a high street bank. The bank would only initiate the loan application process six months after acquisition of the property. The property has been refurbished and a tenant is due to move in on 21 January, paying rent £995 per month. Broadoak has been approached by the refinancing bank to release the property valuation so can confirm that the refinancing process has begun.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584 & 600)
The planning application for the development site was submitted on 20 December, and the planning department have scheduled a meeting with the borrowers on 24 January. Works continue to progress on the main site.
W***n Hotel Development (BPF528, 571 & 587)
Work continues.
Lut** Bridging Loan (BPF534)
The borrower had a meeting with the planning department which they felt went well. The planning department suggested that the proposed new building to be built behind the existing one should be made a little smaller. Amended plans are expected to be submitted next week. (current valuation is based on the value without planning).
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
Work continues, and a further unit has been exchanged on. The borrowers expect works to be completed by the end of February although it is possible it will extend into March. (The loan end date is September 2017)
Residential Development in The Ho******, Sandbanks (BPF562, 574 & 598)
The property sale is expected to complete and the loan to repay within the next 2 weeks.
B******l Road, Sandbanks (BPF543)
The planning amendments requested by the council have been actioned and submitted. The borrowers continue to expect a final decision to be received by the end of this month. Once planning is granted, the borrowers will be purchasing the adjacent site. Owning the combined site with planning is expected to add value to both parts. Some or all of the loan for purchasing the adjacent site is likely to be made available to MoneyThing investors.
Residential Development - Streatham (BPF585)
Marketing of the property continues, with viewings this month.
Sutton Coldfield Bridging Loan (BPF479)
The loan is being extended six months to give the borrower time to complete a refinance with a high street bank. The bank would only initiate the loan application process six months after acquisition of the property. The property has been refurbished and a tenant is due to move in on 21 January, paying rent £995 per month. Broadoak has been approached by the refinancing bank to release the property valuation so can confirm that the refinancing process has begun.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584 & 600)
The planning application for the development site was submitted on 20 December, and the planning department have scheduled a meeting with the borrowers on 24 January. Works continue to progress on the main site.
W***n Hotel Development (BPF528, 571 & 587)
Work continues.
Lut** Bridging Loan (BPF534)
The borrower had a meeting with the planning department which they felt went well. The planning department suggested that the proposed new building to be built behind the existing one should be made a little smaller. Amended plans are expected to be submitted next week. (current valuation is based on the value without planning).
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
Work continues, and a further unit has been exchanged on. The borrowers expect works to be completed by the end of February although it is possible it will extend into March. (The loan end date is September 2017)
Residential Development in The Ho******, Sandbanks (BPF562, 574 & 598)
The property sale is expected to complete and the loan to repay within the next 2 weeks.
