|
Post by bengilbert on Oct 2, 2017 18:12:26 GMT
T'would be appreciated to get some updates from bengilbert - on this and the BPF portfolio in general. Last was back in July .......... Hi, Since I don't have a formal role at MoneyThing, we think from a compliance point of view it's best for all updates to come from the MoneyThing team, so I expect Ed will update on this shortly. In terms of the overall portfolio, all the monthly updates are there on the individual loans.
|
|
|
Post by bengilbert on Aug 12, 2017 20:10:27 GMT
True looks like they knew more then they stated in the updates. and that's possibly why MoneyThing and BPF seem to have gone their separate ways. A couple of clarifications: – Broadoak and MoneyThing have by no means 'gone our separate ways'. We are still working closely together and looking forward to bringing new deals to the platform. – Ed will be able to address some of the points made in this thread but I know he's travelling this weekend. It makes more sense for lender communications to come from within the MoneyThing team, but this will I hope be within the next day or two.
|
|
|
Post by bengilbert on Jun 23, 2017 14:58:05 GMT
On the question of updates, there is still some information due to come in over the next few days so we've been advised that it would be best to wait until that is all in before giving a more substantive update.
|
|
|
Post by bengilbert on Jun 22, 2017 21:11:01 GMT
Just wondering if there were any updates on this one bengilbert or anyone else? The last update on info page (which was a "no update" type of update) was 16/06 so no further information since the announcement of 11/06. I currently have a few K in it already but was hoping to scoop up some SM once more information comes through.... We've had a number of meetings this week and will be getting a weekly report tomorrow, so I'll look to prepare an update then. I have to be careful that anything I report doesn't get in the way of the process of moving towards redemption, so communications are likely to be a little more formal than usual. But I do understand how important it is for investors not to be left in the dark. Obviously managing the loan through to a successful conclusion takes priority, but I'll see what we can provide once we get the report. Thanks for your patience in any case.
|
|
|
Post by bengilbert on Jun 16, 2017 16:01:24 GMT
B******l Road, Sandbanks (BPF702) The borrowers continue to await the planning decision including the adjacent site. The planning department are still waiting for confirmation of the final Affordable Housing contribution figure. They have had a draft back, but are still checking the calculations. They have said they expect it to be done by the end of the month at the latest.
Sutton Coldfield Bridging Loan (BPF621) The sale of the property is moving forward.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679, 697, 705 & 711) Leases have now been agreed with all four restaurants, with the fourth now having received planning consent for their plans. The retailer in the basement is still on track to open in July. Planning consent on the adjacent site was received, leading to an increase in the value of the site. We have instructed an updated valuation which will be posted once received.
W***n Hotel Development (BPF528, 571, 587, 622, 631, 693, 703, 710 & 720) Work is now almost complete. The hotel is due to open in August. We continue to be in contact with the bank which is looking to refinance our loan, which is expecting to receive a report on the property next week.
Lut** Bridging Loan (BPF721) We are still waiting on a decision from the planning department, who have said that they want a positive outcome but are continuing to discuss details with the borrower. 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).
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589) We are waiting on updates, which will be posted to the loan details when available.
Solihull Residential Development (BPF629) The borrower is away but back on the 20th of June, when we will be able to get an update.
Pershore Residential Refurbishment (BPF632) Works are progressing.
Lancashire Residential Park (BPF 706) No update - we are visiting the site next week.
|
|
|
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.
|
|
|
Post by bengilbert on May 8, 2017 18:21:09 GMT
B******l Road, Sandbanks (BPF702) The borrowers continue to await the planning decision including the adjacent site. The planning officer advised last week that she was just waiting for their own internal assessment on the affordable housing contribution to be finished, which she hoped would have been available the previous week. At the moment, the planning officer’s intention is to write it up for approval under delegated powers, in which case it should come through within the next couple of weeks. There is a chance, however, it may need to be rubber stamped by committee, in which case it may be the beginning of next month.
Residential Development - Streatham (BPF585) The loan is on track to repay on Friday 12 May.
Sutton Coldfield Bridging Loan (BPF621) The sale of the property is moving forward.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584, 600, 679, 697 & 705) Of the four restaurant units, the leases have been agreed with three restaurants and the fourth is just waiting for planning approval for their plans. They have received agreement in principle and full consent is expected by the end of the month, allowing fit-out to commence in June and the restaurant to open in October. The retailer in the basement is still on track to open in July, and the planning consent on the adjacent site is still expected by 7 June.
W***n Hotel Development (BPF528, 571, 587, 622, 631, 693, 703 & 710) Work is still progressing and the hotel is on track to open in July, if not June. We have met with the borrower and refinancing bank, and continue to work with them on the refinance of 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 still being made although it remains slower than expected.
Solihull Residential Development (BPF629) The borrower has received an offer to purchase the property off-plan, and is considering whether to accept this. They are waiting to decide on this before making a further drawdown request.
Pershore Residential Refurbishment (BPF632) Works are progressing. A drawdown is expected towards the end of May.
Lancashire Residential Park (BPF 706) Drew down late April.
|
|
|
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.
|
|
|
Post by bengilbert on Mar 24, 2017 16:11:55 GMT
The planning officer who had been dealing with the borrowers' application and was on long-term sick leave has recently returned to work. The borrowers have spoken to her and she is hopeful that she will be able to come back with comments next week but it seems unlikely that any decision will be made next week. We will therefore either be extending the loan or will rebuy it from investors on the due date (30 March). We'll confirm the decision on this at the beginning of next week.
|
|
|
Post by bengilbert on Mar 24, 2017 10:57:48 GMT
Can't find a thread on this loan and apologies if its been covered elsewhere, but as it wasn't mentioned in the Pipeline, and is due to redeem in 6 days time, thought I'd raise the question here. On 6th of this month an update on MT advised: 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.So has there be any news from the Council? Presuming not, is the loan to be rolled over for another 6 months? TIA. We're speaking to the borrowers today to establish the latest as they recently had a meeting with the council. There has been no decision on the application as yet so I expect we'll be looking at another extension, subject to what the latest update from the borrowers is. I'll post again once we've spoken with them.
|
|
|
Post by bengilbert on Mar 22, 2017 22:01:34 GMT
As you'll see in the loan details, for the Putney loan being launched tonight, the borrower is one of the directors at Broadoak - not me, but Jamie, Broadoak MD, who acquired the option to purchase the site and is working with an experienced developer on planning and building out the project.
For obvious reasons, this is not a Broadoak loan, and all the due diligence, monitoring and managing of the loan is being done by MoneyThing.
|
|
|
Post by bengilbert on Mar 7, 2017 10:33:06 GMT
Thanks bengilbert - answers my question on another thread - can you confirm that there will be an update every month? Cheers S Yes, there will be an update every month.
|
|
|
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.
|
|
|
Post by bengilbert on Feb 23, 2017 10:03:48 GMT
If the development is going to complete in July (based on when they are planning to take booking for) is this loan likely to repay early - current end date is August 2018 There is a good chance it will repay somewhat early, but it may very well not be until some point in 2018. The loan is expected to be refinanced by bank lending, and the bank will want to see some trading history before starting the refinance process, which will itself take some time. That would probably take us into 2018. There are no guarantees on the timing - the process could be quicker or slower, and the borrower may find an alternative way of repaying us early. However, my best guess (only a guess) would be repayment will occur in the first half of 2018.
|
|
|
Post by bengilbert on Feb 22, 2017 18:49:57 GMT
More photos:
|
|