Post by bengilbert on Apr 7, 2017 14:38:28 GMT
B******l Road, Sandbanks (BPF702)
The borrowers continue to await the planning decision including the adjacent site. The planning officer responsible has returned from long-term sick leave and the borrowers are due to meet her later today (7 April). In the meantime, the planning officer has asked for their consent to appoint a surveyor to act for the council on checking the affordable housing contribution. The borrowers consider this an encouraging sign as the council would not normally do that unless they are mindful to grant consent for the scheme or a slightly amended scheme.
Residential Development - Streatham (BPF585)
Contracts have not yet been exchanged on the sale of the property but the sale remains on track with exchange expected this month.
Sutton Coldfield Bridging Loan (BPF621)
The tenant has offered to purchase the property for 100% of the open market value indicated in the intial valuation, and the borrower has agreed to sell. We have received the offer from the bank that will be funding the purchase and are waiting for legals to commence.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679 & 697)
Agreements for lease are now agreed with 3 restaurants. Lease terms have also been agreed with a furniture retailer for an office and showroom in the basement of the building with an entrance from the rear street. The bar continues to trade well and the retailer and one of the restaurants are due to open in July.
The planning application on the adjacent site has been validated and is progressing. The borrowers believe all is on track for a consent before 7 June 2017.
W***n Hotel Development (BPF528, 571, 587, 622, 631, 693 & 703)
The hotel chain of which this hotel will be a franchise has now placed the hotel onto their system and are taking bookings from November. This date will be brought forward as works move closer to completion, which is still expected in June. We are working with the borrower to obtain bank funding to refinance our loan.
Lut** Bridging Loan (BPF698)
The planning application has been resubmitted and the borrower is waiting to hear back.
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
Progress is being made albeit slowly. Connection of the utilities has been paid for but the borrowers are still waiting for a date for the installation work to be confirmed. The other works are close to completion but to ensure that the borrower focuses on finishing the final steps (they are working on another project simultaneously), we have told them we will be making fortnightly visits unannounced to check progress from now on.
Solihull Residential Development (BPF629)
Works are progressing and a further drawdown is due soon with the valuer expected to visit the site next week.
Pershore Residential Refurbishment (BPF632)
Works are progressing.
The borrowers continue to await the planning decision including the adjacent site. The planning officer responsible has returned from long-term sick leave and the borrowers are due to meet her later today (7 April). In the meantime, the planning officer has asked for their consent to appoint a surveyor to act for the council on checking the affordable housing contribution. The borrowers consider this an encouraging sign as the council would not normally do that unless they are mindful to grant consent for the scheme or a slightly amended scheme.
Residential Development - Streatham (BPF585)
Contracts have not yet been exchanged on the sale of the property but the sale remains on track with exchange expected this month.
Sutton Coldfield Bridging Loan (BPF621)
The tenant has offered to purchase the property for 100% of the open market value indicated in the intial valuation, and the borrower has agreed to sell. We have received the offer from the bank that will be funding the purchase and are waiting for legals to commence.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679 & 697)
Agreements for lease are now agreed with 3 restaurants. Lease terms have also been agreed with a furniture retailer for an office and showroom in the basement of the building with an entrance from the rear street. The bar continues to trade well and the retailer and one of the restaurants are due to open in July.
The planning application on the adjacent site has been validated and is progressing. The borrowers believe all is on track for a consent before 7 June 2017.
W***n Hotel Development (BPF528, 571, 587, 622, 631, 693 & 703)
The hotel chain of which this hotel will be a franchise has now placed the hotel onto their system and are taking bookings from November. This date will be brought forward as works move closer to completion, which is still expected in June. We are working with the borrower to obtain bank funding to refinance our loan.
Lut** Bridging Loan (BPF698)
The planning application has been resubmitted and the borrower is waiting to hear back.
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589)
Progress is being made albeit slowly. Connection of the utilities has been paid for but the borrowers are still waiting for a date for the installation work to be confirmed. The other works are close to completion but to ensure that the borrower focuses on finishing the final steps (they are working on another project simultaneously), we have told them we will be making fortnightly visits unannounced to check progress from now on.
Solihull Residential Development (BPF629)
Works are progressing and a further drawdown is due soon with the valuer expected to visit the site next week.
Pershore Residential Refurbishment (BPF632)
Works are progressing.