Fully Funded

Land off Church Street, Hastings East Sussex, TN35 5AQ - Phase 1

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

£273,000

interest paid*

8%

funds pledged

£273,000

number of investors

52

% of target pledged

Fully Funded

project type

New build

loan term

up to 18 months

security

1st charge

project phasing

1 of 3

total loan facility

£1,000,000

floor area

4155 sq.ft.

rics valuation

£405,000

cost of work

£1,057,000

est. sales value (gdv)**

£1,650,000

initial loan to value

67.4%

loan to gdv

60.60%

owed at exit to gdv***

67.60%

strategy & vision

This is the refinance of an existing loan CrowdProperty agreed in Q1 2018 on 2 parcels of land at Church Street Hastings TN35 5NQ. The 2018 loan was £300,000 and together with rolled up interest to date the borrower owes around £355,000. The borrower is now ready to commence the development and CrowdProperty has agreed a facility of £1,000,000 towards repaying existing debt and provide funding towards the build. This will be raised over 3 phases with this Phase 1 raise being £273,000. Many of the existing lenders are remaining in the refinance, therefore there will be no AutoInvest pledges on this project.

The site is located on the northern edge of Hastings town centre within a residential area and close to the Priory Meadow Shopping Centre.
Hastings is a coastal town in South Sussex with population of 92,000 (2018). It provides a mainline railway to London Charing Cross - 1 hr 15 mins
and access to the road network is via the A21 – London 53 miles to the north.

The local economy is based on Fishing (Europe’s largest beach launched industry), Tourism and Education. The towns largest employer is Saga (800 employees). More recently the town has undergone some major improvements including the pier (2016) and extension to Brighton University with its own campus.

The site is a cleared site in 2 parcels either side of Church Street and totaling 0.234 hectares.

Planning permission was granted by Hastings Borough Council under planning ref no. HS/DS/17/00194. Pre-commencement conditions have since been discharged and a Material start to works are confirmed via an initial Building Control sign off of the foundations. The Permission granted is for the construction of 1 x 2 bed detached house, 2 x 3 bed detached houses and 2 x 3 bed semis with each house having its own off street car parking and gardens.

exit strategy

On completion of the construction works the borrower will sell the houses.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

18 month loan

£600

£5,600

CrowdProperty Comments


The re finance of the existing loan will provide finance for the developer to re commence the construction phase of the project.. The borrower has a good track record of borrowing from CrowdProperty and he has re paid on a number of loans in full

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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