Fully Funded

Land at Riseley Nurseries & The Conifers Bunglow, Goodstone, Bickington, Newton Abbot, Devon, TQ12 6LJ

Please note, for this project, pledges will be limited to a maximum of £0 until 10.05am. After 10.05am, you can create pledges larger than £0 or increase the size of your pre-existing pledge. This is subject to the project amount remaining which needs to be raised.

loan amount

£337,500

interest paid*

8%

funds pledged

£337,500

number of investors

313

% of target pledged

Fully Funded

project type

Bridging purchase

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

£337,500

floor area

33500 sq ft sq.ft.

rics valuation

£650,000

cost of work

£30,000

est. sales value (gdv)**

£650,000

initial loan to value

51.9%

loan to gdv

47.77%

owed at exit to gdv***

51.90%

strategy & vision

This project is a retained interest bridge product where CrowdProperty has agreed to lend £337,500 gross for up to 12 months of which the interest will be retained from the gross loan to pay the lenders monthly. The borrowers have exchanged contract and will complete on the purchase of the property on 7th August 2019.

The project is situated in the hamlet of Goodstone within the District of Teignbridge Council and 5 miles west of Newton Abbot in South Devon. The A38 runs immediately to the north of the site linking Exeter to Plymouth, with access to A38/A383 approximately 0.5 miles to the north. Exeter is 17 miles to the north whilst Plymouth 37 miles to the south. Newton Abbot has a population of 25,000 and offers direct train services to London Paddington (approx 3 hours)

The project comprises a former nursery on 2 separate plots providing a 4 bed detached bungalow together with various dilapidated glasshouses, potting sheds and hard standing areas.

The bungalow totals 1,595 sq. ft of accommodation and provides 4 bedrooms, garden, detached garage and driveway. The bungalow has full C3 unrestricted residential planning consent under ref. no. 18/00647 whilst the remainder of the land has planning as former nursery and small holding.
The Greenhouses are spread across the 2 plots and total 32,000 sq.ft approx.

Northern Plot
The northern plot provides the 4 bedroom detached bungalow, garden, double garage and driveway parking.
Further grounds provide derelict greenhouses and surfaced yard area
Total land area – 1.59 acres

Southern Plot
The southern plot provides derelict greenhouses and surfaced area.
Total land area – 0.894 acres

exit strategy

Howard Douglas Letting Agents are the appointed marketing agents to let the bungalow on a traditional AST. The quoting rent is £1,595 per calendar month. Once let the borrower will look to refinance the Bungalow and pay down the loan. The bungalow is valued at £450,000 on its own and underpins the loan. The borrower will seek to utilise the remainder of the northern plot to store his own building materials, plant and machinery. The borrower will seek to secure planning consent for housing on the southern plot.

indicated return for your pledge
interest
total
min. loan (6 months)
£200
£5,200
12 month loan
£600
£5,600

CrowdProperty Comments


A retained interest loan of up to 12 months where the lenders will receive interest monthly at a rate of 0.675% per month. The bungalow underpins the majority of the loan at a RICS valuation of £450,000 alone. The remainder of the northern plot and southern plot offers scope subject to planning to explore planning for further housing.

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
Unparalleled expertise
more
*Please see full risk warning
**Estimated Sales Value is more formally referred to as GDV - Gross Development Value
***Owed at exit to GDV is calculated as the total capital + any planned loan interest against the RICS GDV for the project. These figures do include subsequences on projects funding development costs during the course of the project.

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Your capital is at risk. No FSCS protection. Past performance is not an indicator of future results. Tax treatment depends on individual circumstances and may change. full risk warning.

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