Broadoak selected updates (full updates to come)
Jun 11, 2017 11:44:53 GMT
MONEY, elliotn, and 11 more like this
Post by bengilbert on Jun 11, 2017 11:44:53 GMT
We will have a full set next week but a few significant updates:
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589) - please see the loan details for an update
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679, 697 & 705) - planning consent for the development site has been received. The value of the site is now substantially higher. The borrower is still considering whether to sell the site as is (they have an offer in hand) or build out the development themselves.
Lut** Bridging Loan (BPF698) - we are still waiting on a decision from the planning department. We spoke with them this week and were told that they want a positive outcome, and that they will come back to us by Tuesday this week. In the meantime, we have commissioned an updated valuation which places the value of the property as is at £1,200,000 (up from £975,000 at the time of the initial loan).
The loan is due to expire on 14 June 2017 (this coming Wednesday), and we will be extending the loan for a period of 6 months in order to give time for the planning consent to be received and the facility to be refinanced by a development loan. We will look to repurchase loan parts from anyone who wishes to be repaid on the original due date.
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589) - please see the loan details for an update
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679, 697 & 705) - planning consent for the development site has been received. The value of the site is now substantially higher. The borrower is still considering whether to sell the site as is (they have an offer in hand) or build out the development themselves.
Lut** Bridging Loan (BPF698) - we are still waiting on a decision from the planning department. We spoke with them this week and were told that they want a positive outcome, and that they will come back to us by Tuesday this week. In the meantime, we have commissioned an updated valuation which places the value of the property as is at £1,200,000 (up from £975,000 at the time of the initial loan).
The loan is due to expire on 14 June 2017 (this coming Wednesday), and we will be extending the loan for a period of 6 months in order to give time for the planning consent to be received and the facility to be refinanced by a development loan. We will look to repurchase loan parts from anyone who wishes to be repaid on the original due date.
