SUMMER UPDATE AT PROPERTY BRIDGES
Following our partnership with Lagan Investments, we have been working on a number of larger projects throughout the country. As we write this email we are doing due diligence on two separate projects that are both likely to be our largest loans to date, in County Monaghan and Westmeath and have started an initial assessment at a development in County Donegal. These projects are fully backed by local authorities or relevant housing bodies.
Upcoming Pipeline
August – County Monaghan
September – County Westmeath
September – Limerick Tranche 2
October – County Donegal
October – Cavan Tranche 2
Site Visits and Existing Loan Progress
Below you will find updates on each of our existing loans. We have been monitoring our existing projects closely, alongside our QS partner OCFPM, by making regular site visits. All loans are progressing well as you will see from the pictures below.
SANDYCOVE, DUBLIN.
A site visit was carried out by our Head of Lending, James Twomey, on the 24thJuly. At this point, all structural and insulation work had been completed, with external plastering being finished off. All external windows and doors are now in place, with the house now being weather tight. Internally the ducting for the air exchange heating system was being worked on. All internal wall frames are now in place, awaiting plasterboard to be attached. The kitchen is due to be fitted in the next 2 weeks.
We spoke to the borrower who confirmed that he is still on schedule to complete the house in 6 to 8 weeks, which ties in with the completion date of mid to late September. It is our view that this may slip by up to 2 weeks due to builder’s holidays and the levels of work still outstanding. The expected completion period is well within the timeframe of the facility.
The borrower is continuing with his application to refinance the debt with a long term mortgage.
The term of this loan is for 12 months from first utilisation, and as such, it must be repaid-with interest by the 30/11/2019 but we would expect this loan to be repaid before then. To see the full update click HERE.
MOONCOIN, KILKENNY.
A site visit was carried out on the 19th of June by our CEO, David Jelly. At that stage all external work on the block of 4 houses had been completed, with the other 2 houses nearing completion. We have been advised by the developer that all the groundworks around the houses will be completed within the next week. Internally second fix plumbing and electrical work is progressing and kitchens and fireplaces will be fitted shortly. At that stage, they will be ready for hand over to the Council.
The Council is anxious to take possession as soon as possible. Again we expect builders holidays to delay the process slightly, but we expect completion well within the term of the loan.
The term of this loan is for 12 months from first utilisation, and as such, it must be repaid-with interest by the 21/12/2019. We would also expect this to be repaid before December. To see the full update click HERE.
SHERLOCK WALK, WATERFORD.
A site visit was conducted on the 19th of June by our CEO, David Jelly. At that stage, work was nearing completion on all of the houses and was well underway on the 6 apartments. As of the 19th July, eleven houses had been handed over to their new owners. All of the apartments and three of the remaining five houses are sale agreed. We have been advised by the borrower that they will require the facility for the full term of the loan, with our security levels remaining at the agreed levels in the Facility Agreement.
The term of this loan is for 7 months from first utilisation, and as such, it must be repaid-with interest by the 12/12/2019. To see the short video from our site visit click HERE.
PALLASKENRY
Purchase of the site was completed on the 11th July. On the 25th July our QS Advisors, OCFPM, had confirmed that they had visited the site and that enabling and excavation works were ongoing across the site. The Sup R Wall construction of walls was at various stages across the first 4 houses.
If you have any questions please call on 01 549 4546 or emails us at team@propertybridges.com.
