In September 2018, investors committed £1,173,606 to our first development loan: Regent House, Basildon. To date, £3,477,355 has been invested in development loan bonds, and we are working on bringing more to platform each month.
Read below for a progress update on each of the schemes.
The internal finishes are the only building works still to be completed on this office block conversion, with practical completion of the block now expected at the beginning of August. The borrower is in the process of refinancing the property in order to fully redeem the loan on schedule.
Work to date on this scheme to build 4 four-bed semi-detached houses includes the clearing of the site and laying of the foundations. An initial delay of 4-5 weeks to work commencing is expected to be made up by time-saving efficiencies throughout the project and, as such, the scheme is expected to complete on schedule.
Works on have been delayed due to the insolvency of the electrical subcontractor and a supply issue with stone from a local quarry. However, both these issues are now resolved and work is expected to re-commence in the coming week, with the expectation that the scheme will complete on schedule. A number of additional upsides have also been identified which will improve the saleability of the units.
The full demolition and site clearance works have been completed, and all foundations have been laid for construction of these 12 flats. The development of the superstructure on the ground floor is progressing more rapidly than expected, and it is anticipated that the scheme will now complete in December 2019, three months sooner than that of the original underwrite.
The kitchen, bedroom joinery, bathrooms and lighting are nearly finished on this unique contemporary styled 3-bedroom house, with the exterior features and cladding scheduled to be installed in July. Practical completion is expected in August 2019, to allow for a 5 month period to sell or refinance the unit. The Borrower is in the process of confirming sales agents and assessing refinance options.
Four of the nine units of this scheme are currently under offer, with contracts expected to be exchanged shortly. It is forecast that following the sale of three further units the loan will be fully redeemed. It is forecast that the site construction work will be fully completed by the end of Q3 2019.
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