Project update

Update from the originator:

The project is supposed to be repaid at the end of this week or the beginning of the next week.

Update from the originator: Following the partial repayment of this loan on the 4th of April, the borrower has run into minor delays getting the sale closed. While the originator is disappointed with the delay, both units are now sale agreed with a single cash buyer. A snag list is currently being completed and the borrower expects the sale to be complete within 1 month. As a reminder lenders will be paid interest for this extended period.

Update from the originator:

Works on the Dún Laoghaire Development Project are all complete as can be seen from the new pictures attached to the project. However, the repayment date of the end of March will be missed due to a delay caused by Irish Water. 

The Irish water connection fee was paid on the 18th of December but has yet to get connected due to a backlog within Irish Water. Nonetheless, the houses are due to go on sale with Tom O'Higgins estate agents this week with the assumption that the connection will take place before the sales are completed. 

Due to this delay, the borrower expects to partially repay the facility through sales of another project by the end of April and have the loan fully repaid by the end of May. As a reminder, lenders will be paid for this extended period.