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Post by bengilbert on Feb 22, 2017 18:48:37 GMT
We were on site yesterday for an update on progress, 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 - photos are below. 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. A further drawdown of around £500,000 will be made at the end of this week or start of next - we are just waiting on receipt of the updated valuation, which we hope will be with us by Friday.
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Post by bengilbert on Feb 16, 2017 13:18:15 GMT
bengilbert - the 17p extra interest was just what I needed!!! You mentioned in one of your (I presume) monthly updates about the possibility of a land purchase in Sandbanks - any news as this will be a good investment opportunity given it's prime location? The borrowers on one of our existing loans (BPF543) have an option to purchase the adjacent property. They have submitted plans for the combined site and, as soon as planning approval is confirmed, will exercise the option to purchase the adjacent property. We're just waiting on the planning decision, which is expected this month (although we've been expecting it since January and so we can't be confident on when it will be granted). I think this may be the loan you're talking about.
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Post by bengilbert on Feb 16, 2017 11:24:53 GMT
This loan has now repaid after the sale of the property.
Apologies that repayment happened today, not yesterday (when the deal actually completed) - this was due to a delay at the solicitors in getting the wire processed and nothing to do with MoneyThing.
We hope to have at least 1 new deal ready to launch next week.
Thanks to everyone who invested in the deal.
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Post by bengilbert on Feb 2, 2017 16:33:54 GMT
B******l Road, Sandbanks (BPF543) The borrowers continue to await the planning decision, which is now expected by the end of February.
Residential Development - Streatham (BPF585) A second viewing is due Friday 3rd February. The prospective purchasers have just exchanged on the sale of their own property.
Sutton Coldfield Bridging Loan (BPF621) The tenant has now moved in, and the borrower's application for a buy-to-let mortgage to refinance our loan continues to advance.
M***** H*** Development Loan (BPF407, 501, 526, 553, 584 & 600) Works continue to progress on the main site. The borrower tells us that the January meeting with the planning department about the development site went well, and they now have the full support of the planners with consent expected to be received in the next 6-8 weeks.
W***n Hotel Development (BPF528, 571, 587, 622 & 631) Work continues. A show room is expected to be completed by the end of the month.
Lut** Bridging Loan (BPF534) The borrower has a meeting with the planning department on Friday 3rd February to discuss the updated plans which were submitted last month.
Residential development in Birk**** (BPF536, 537, 541, 542, 566, 567, 588 & 589) Work continues. The expected completion date has been updated to the first week of April.
Residential Development in The Ho******, Sandbanks (BPF562, 574 & 598) Discussions continue on the property sale, as the parties negotiate the details of the contract for our borrowers to complete the build after the sale. The borrowers expect the sale to complete this month.
Solihull Residential Development (BPF629) No update (loan drew down in January)
Pershore Residential Refurbishment (BPF632) No update (loan drew down in January)
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Post by bengilbert on Feb 1, 2017 21:56:35 GMT
Minor amendment of the pipeline - the M***** H*** max LTV is 59.5% as it's always been, not 69.5% as was initially posted. Entirely my mistake, I gave Ed the wrong number.
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MoneyThing (MT) in Administration
Pershore
Jan 29, 2017 14:41:24 GMT
Post by bengilbert on Jan 29, 2017 14:41:24 GMT
Is the adjoining property being financed (separately) by BPF? Since it's not mentioned I assume that there's no cross-collateralisation between the two properties. I was a little confused, but I think that MT has put up the wrong photo. (The lower numbered property, while we're lending - or not, as the case may be - on the higher numbered property.) The flats appear to be being marketed, 2 @ £250,000 and 1 @ POA, assuming that the 3 properties in Zoopla are 3 different properties (the details don't give a fine enough address to separate them), and are in this property rather than the other one, or another property of similar appearance. (The floor plan seems to match the property we are lending on.) This is higher than the GDV in the VR. The marketing identifies the borrower. Currently, the adjoining property is owned by the borrowers and financed on a separate mortgage (not Broadoak). Once works are complete on the property financed on MT, the borrowers intend to refinance the other property onto a facility from us allowing them to complete the works on that property. You are correct about the photo. Apologies, I'll ask Ed to replace it with the correct photograph.
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Post by bengilbert on Jan 27, 2017 10:59:37 GMT
<SNIP> 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.Any updates on the sale of this property bengilbert ? We're told that all parties are pushing for completion next week.
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Post by bengilbert on Jan 25, 2017 9:51:33 GMT
Did anyone see if Broadoaks first loss i.e. the 5% funded before go live was visible on this loan? No one replied to my question above and I wasn't around for the rest of the afternoon after my question so was wondering if it was added later. I don't know when exactly it was added but it was certainly before the auction began.
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Post by bengilbert on Jan 23, 2017 16:39:40 GMT
Not sure on the timing of the next drawdown on this deal, but we'll have a c. £400k advance on the Wigan deal going live in the next few days.
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Post by bengilbert on Jan 23, 2017 15:47:09 GMT
From our solicitors regarding access:
'The property has the benefit of a right to way to go over and along an access way within the curtilage of the adjoining property in order to gain access from the adopted highway to the property. It also has the benefit of right to connect into services i.e. water, gas etc from the neighbouring property which is currently being developed as several barn conversions if it exercises an option to do so (which it currently has not). These rights are in addition to the property owner being able to connect into services direct from the property to the adopted highway (if it can) and also to gain access from the adopted highway to the property direct (if it can). We were happy with the situation, as the rights granted are only a benefit to the property should access and/or services be unable to be obtained by the developer direct from the adopted highway without the need to go over neighbouring land. In essence they are a fall back provision should the developer of the property need them.'
On the planning question:
the Solihull Metropolitan Borough Council has confirmed that the pre-commencement of the development condition No.4 in the planning permission has been discharged.
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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.
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Post by bengilbert on Jan 9, 2017 12:50:15 GMT
We've spoken to the borrower. He told us that he didn't see the matter as particularly important, as theft is often a problem on building sites and the amount involved wasn't especially large. He went to the papers with the story himself, as recommended to him by the police, with the idea that having it in the paper would reduce the chance of anything happening again (with the CCTV footage published and information about improved security measures). He is still evaluating whether it makes financial sense to claim on the insurance (the loss wasn't large and needs to be weighed against potential future increases in premiums).
We told him that in any case he should have kept us informed, and asked him to make sure that he informs us in future about any similar events.
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Post by bengilbert on Jan 9, 2017 11:55:33 GMT
As there's another tranche of this loan due soon, I thought I'd take a look at how the hotel is getting on. According to the MT web updates in Nov and Dec the loan is "going well" or "progressing very well". - a bit Saving Streamesque imho. The last tranche was launched in October yet at the time no mention was made of the two site break ins and burglaries that had taken place in Sep. and cost "thousands of pounds" - the owner's words, not mine. I quote: " Thousands of pounds of cabling, copper pipes and power tools have been stolen from the premises which are currently being converted into a *hotel*.
Owner ** is also facing a repair bill for damages caused during the burglaries which included two smashed exterior doors.
He said today that he believes two different groups were responsible: the first being a trio of youths and the second a more “professional” gang who took more care in avoiding identification.
...
Mr *, who has since introduced further security improvements, said: “This is very upsetting. All told this is costing thousands of pounds in lost property and damage repairs."Was the last tranche used to pay for materials that had been stolen and repair damage to completed works? Is this project now "financially" behind schedule? hoy - thanks for bringing this to our attention. We'll speak to the borrower and see what comments he has. I would imagine that, though frustrating, the sums involved are not large in the context of the entire development, and are likely in any case to be covered by insurance. We have no reason to think that these events of a few months ago have caused any material delays. In any case, I'll post again once we've addressed this with the borrower.
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Post by bengilbert on Jan 7, 2017 21:22:53 GMT
Thanks for the tag! The Wigan drawdown will be going live in the first half of next week.
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Post by bengilbert on Jan 5, 2017 20:25:24 GMT
MoneyThing bengilbert Happy New Year to you both & the Things Is this loan still expected to be extended when it reaches term next week (Thurs) as per last update? Any idea if it will be 3 or 6 months? It will be extended, most likely for 6 months, though we expect it to repay sooner than that.
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