Broadoak loan updates - March 2017
Mar 6, 2017 20:07:20 GMT
pepperpot, GSV3MIaC, and 22 more like this
Post by bengilbert on Mar 6, 2017 20:07:20 GMT
B******l Road, Sandbanks (BPF543)
The borrowers continue to await the planning decision including the adjacent site, which was expected by the end of February. The planning officer who was dealing with the decision is off on long term sick leave, and the borrowers are still waiting for the application to be reallocated to another officer. They are chasing the council regularly.
The loan is due to redeem on 30 March. When planning is received, this loan is due to be refinanced by a facility covering the combined site. If this is not received by the redemption date, we are likely to offer the borrowers an extension. We would look to buy out any investors who wish to exit on the original redemption date.
Residential Development - Streatham (BPF585)
The borrowers have accepted an offer on the property. Contracts have not yet been exchanged but the purchasers have exchanged on the sale of their existing property with completion in late March, so would be targeting completion as soon as possible thereafter. The sale price agreed is 98% of the GDV projected in the valuation.
Sutton Coldfield Bridging Loan (BPF621)
The borrower continues to progress their application for a buy-to-let mortgage to refinance our loan.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679 & 697)
Works continue. The lease of one of the units has been agreed with the tenant but not yet completed, as they made some final requests to amend the specification of works. The updated specification is with the tenant and they are expected to approve it week commencing 6 March, which would allow the lease to be completed in mid-March.
The pop-up bar currently open in one of the other units is trading strongly. Completion of the lease with the restaurant that will be taking over is now expected in May 2017.
There was a delay with validation of the planning application on the development site (part of our security) through no fault of the borrowers. The council informed the borrower's planning consultant that the application will be validated and an application number provided week commencing 6 March. The delay in validation may mean that the planning decision is delayed to the end of April.
W***n Hotel Development (BPF528, 571, 587, 622, 631 & 693)
We were on site in February along with representatives of the hotel chain of which our borrower will be becoming a franchisee. Works are moving forward, with the sample room now ready. The hotel chain representatives expressed satisfaction with progress and are moving towards signing the final necessary documents, with a view to opening to bookings from July onward within the coming weeks.
Lut** Bridging Loan (BPF534)
The council have requested that the planning application for the site rear to the existing property (also part of our security) be resubmitted, rather than treated as an amendment. This will delay receipt of planning beyond the end date of the loan, which is due to repay 14 March. We will be extending the loan for 3 months to give time for planning approval to be received, at which point the loan would be refinanced onto a development facility (possibly to be made available on MoneyThing). We will buy out any investors who wish to be repaid on the initial redemption date. The existing valuation is based on the value without planning.
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
Work continues. The connection of utilities has been delayed, which is likely to push the expected completion date back, possibly into May.
Residential Development in The Ho******, Sandbanks (BPF562, 574 & 598)
Repaid in full after the property was sold off-plan.
Solihull Residential Development (BPF629)
We are due to visit the site on 20 March, with a further drawdown to fund ongoing works expected shortly afterwards.
Pershore Residential Refurbishment (BPF632)
A further drawdown to cover ongoing works is expected at the end of March.
The borrowers continue to await the planning decision including the adjacent site, which was expected by the end of February. The planning officer who was dealing with the decision is off on long term sick leave, and the borrowers are still waiting for the application to be reallocated to another officer. They are chasing the council regularly.
The loan is due to redeem on 30 March. When planning is received, this loan is due to be refinanced by a facility covering the combined site. If this is not received by the redemption date, we are likely to offer the borrowers an extension. We would look to buy out any investors who wish to exit on the original redemption date.
Residential Development - Streatham (BPF585)
The borrowers have accepted an offer on the property. Contracts have not yet been exchanged but the purchasers have exchanged on the sale of their existing property with completion in late March, so would be targeting completion as soon as possible thereafter. The sale price agreed is 98% of the GDV projected in the valuation.
Sutton Coldfield Bridging Loan (BPF621)
The borrower continues to progress their application for a buy-to-let mortgage to refinance our loan.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679 & 697)
Works continue. The lease of one of the units has been agreed with the tenant but not yet completed, as they made some final requests to amend the specification of works. The updated specification is with the tenant and they are expected to approve it week commencing 6 March, which would allow the lease to be completed in mid-March.
The pop-up bar currently open in one of the other units is trading strongly. Completion of the lease with the restaurant that will be taking over is now expected in May 2017.
There was a delay with validation of the planning application on the development site (part of our security) through no fault of the borrowers. The council informed the borrower's planning consultant that the application will be validated and an application number provided week commencing 6 March. The delay in validation may mean that the planning decision is delayed to the end of April.
W***n Hotel Development (BPF528, 571, 587, 622, 631 & 693)
We were on site in February along with representatives of the hotel chain of which our borrower will be becoming a franchisee. Works are moving forward, with the sample room now ready. The hotel chain representatives expressed satisfaction with progress and are moving towards signing the final necessary documents, with a view to opening to bookings from July onward within the coming weeks.
Lut** Bridging Loan (BPF534)
The council have requested that the planning application for the site rear to the existing property (also part of our security) be resubmitted, rather than treated as an amendment. This will delay receipt of planning beyond the end date of the loan, which is due to repay 14 March. We will be extending the loan for 3 months to give time for planning approval to be received, at which point the loan would be refinanced onto a development facility (possibly to be made available on MoneyThing). We will buy out any investors who wish to be repaid on the initial redemption date. The existing valuation is based on the value without planning.
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
Work continues. The connection of utilities has been delayed, which is likely to push the expected completion date back, possibly into May.
Residential Development in The Ho******, Sandbanks (BPF562, 574 & 598)
Repaid in full after the property was sold off-plan.
Solihull Residential Development (BPF629)
We are due to visit the site on 20 March, with a further drawdown to fund ongoing works expected shortly afterwards.
Pershore Residential Refurbishment (BPF632)
A further drawdown to cover ongoing works is expected at the end of March.