Project update

Update from the originator:

In the originator's last update, the originator informed lenders that there was a delay to this project due to the connection with Irish Water. The borrower made a partial repayment and the originator extended the loan for 3 months. The loan was due to be repaid at the end of October.

The originator has been in touch with the borrower on a weekly basis since then to see how early a repayment can be made. While the Irish Water works are underway the connection delay has pushed the delivery of the units back to sometime in early 2023. Whilst the borrower has been cooperative and the delay is largely related to a third party, this additional delay is not one the originator is prepared to wait for. 

As such, the originator has insisted that the loan is repaid by way of a refinance as soon as possible. The developer has sent the originator confirmation showing they are in the process of arranging the refinance of the facility and they have every confidence that repayment will take place before Christmas.  

All of the units are practically complete and the water connection works are now underway. This is not a situation where the loan is in difficulty, it's solely a time overrun. 

As a reminder, interest is still accruing and lenders will be paid for the full period. 

Update from the originator: 

In the originator's last update, they informed lenders that the originator granted a 3-month extension to the facility due to a delay caused by Irish Water. 

The Irish Water contractor was due to commence work on site on the week of the 15th of August, but the council engineer refused permission for the road closing licence for that week on the grounds that the contractor submitted another road closing application for an unrelated but nearby site in Celbridge on the week of the 5th of September. The council engineer wanted the work on both sites carried out in the same week in order to cause minimal disruption to traffic in that area. 

As such, the repayment has now been pushed back and is now expected at the end of October. This delay is completely outside the control of the borrower. However, the borrower has agreed to repay €150,000 from sales proceeds on another site they are developing. This principle has been repaid and is in lender wallets. 

As a reminder, lenders will be paid interest for this extended period. 

Update from the originator: Works on the Celbridge Social Development Project are all but complete as can be seen from the pictures uploaded to the project with only some minor landscaping & snagging works taking place. However, the repayment date will be missed due to another delay caused by Irish Water. The Irish Water engineer visited the site at the start of June meaning that they have 12 weeks from then to complete the works. The borrower is also finalizing the contract with Cooperative Housing Ireland which is purchasing the units. As such, the borrower has requested a 3-month extension to the facility which the originator has granted. This pushes the maturity date to the end of September. As a reminder lenders will be paid interest for this extended period.

Update from the originator:

Prior to the ceasing of construction, the developer cleared the site of the old buildings and the site was prepared to start construction. All site clearance was complete except for the clearance of old live ESB poles and wires a task that needs to be completed by ESB itself which the originator believes is now imminent. The developer has succeeded in gaining essential work status for the removal of these live ESB poles. These are now being cleared and the site will be ready for immediate construction commencement once the lockdown is lifted. The Developer is happy that they have adequate time to complete the development within the timeframe of the existing loan facility. The originator continues to monitor this project.

Update from the originator:

The site has been fully cleared of the garage buildings that were on-site, however, there has been a delay in the ESB cutting off the power to the site, this has prevented construction from commencing on site. The originator expects this to be addressed in the next few weeks, as a result of this the lockdown will not have an impact on the delivery of this project. The Developer is happy that they have adequate time to complete the development within the timeframe of the existing loan facility. The originator continues to monitor this project.