Fully Funded

28 & 30 Victoria Road, Tamworth, B79 7HS

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

£267,000

interest paid*

8%

funds pledged

£267,000

number of investors

104

% of target pledged

Fully Funded

project type

Other

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

-

floor area

3875 (both properties) sq.ft.

rics valuation

£425,000

cost of work

£0

est. sales value (gdv)**

£425,000

initial loan to value

62.8%

loan to gdv

63%

owed at exit to gdv***

69.1%

strategy & vision

Due to unprecedented product demand and as a result of user feedback, we have introduced a pledge limit for this project on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5000 can be created, or an existing pledge for this project can be increased (subject to availability).

The project involves the purchase of two properties: 28 & 30 Victoria Road, Tamworth, Staffordshire, B79 7HS which were purchased at Auction by the borrower. Tamworth has a population of approx. 77,000 and is part of the Borough of Staffordshire. Tamworth is situated between the towns of Lichfield, which is located 7.9 miles to the north via A51 and Sutton Coldfield which is 8.3 miles to the south via the A453. Birmingham can be reached in 30 minutes via J10 M42.

Tamworth offers a range of services including several primary and secondary schools, a range of public houses and restaurants, Tamworth Snow Dome, Drayton Manor Theme Park and Tamworth Castle.

Tamworth also has it's own train station, providing hourly trains to London Euston, half hourly trains to Nottingham and a regular service into Birmingham.

Both properties are located next door to each other and are located in central Tamworth, benefiting from the range of services aforementioned in the town centre.

The borrower has exchanged contracts on the purchase of the properties in his own name at a recent auction for £425,000 (£212,500 per property) held on 14th February. The completion of sale for these properties is the 14th March 2019. The purchase price is in line with the RICS valuation.

Please see the following link to the auction page:
https://www.sdlauctions.co.uk/property/20869/terraced-house-for-auction-tamworth/

The properties are 3 storey end and mid terrace Victorian properties of traditional construction. Planning Permission has been approved by Tamworth Borough Council under reference number: 0475/2018 for the change of use to 2 Houses of Multiple Occupation (HMO)

Each property is a alike with a net area of 3875 sq.m for both properties (1937 sq. ft each)

The ground floors currently comprise:
- Three reception rooms, two toilets, a sitting room, a conservatory, a family room and a kitchen

First Floor currently comprises:
- Living room, utility room, WC & Toilet, Games room and TV room

Second Floor currently comprises:
- Office, canteen and four storage areas

Externally both properties have gardens

CrowdProperty has agreed to lend the borrower £267,000 in one raise to purchase both properties.

CrowdProperty will be offering the borrower a bridging (bullet) loan in order to complete the purchase of both properties, The loan will be for 12 months with interest rolled up and paid at the end of the loan term.

The borrower will receive a day 1 advance of £267,000 in order to purchase both properties. This represents an initial Loan to Value of 62.8% based on the current purchase price £212,500 per property (RICS verified as being Current Market Value). The estimated Loan to value at Exit will be 69.1% including rolled up interest based on the current purchase price

The borrower's exit strategy is to refinance the properties once he has completed the works and let the rooms.

The 12 month loan term is a maximum term and the borrower can pay back the whole or part anytime between 6 and 12 months.

As with all CrowdProperty loans the property will be secured by way of a 1st charge registered with the Land Registry.

Targeted loan commencement date of the loan to coincide with legal purchase of the properties is 14th March 2019

exit strategy

The borrower intends to refinance both properties following completion of purchase

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

CrowdProperty Comments


CrowdProperty seeks to assist the borrower with the purchase completion of two properties in Tamworth which were bought at auction. The borrower has several HMOs and serviced accomodation properties across the West Midlands. 28 & 30 Tamworth Road are set to become HMOs in the future due to planning already being in place

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
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*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.

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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