Fully Funded

Wyndham Hall, Wyndham Street East, Plymouth, PL1 5HE - Phase 3

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

£450,000

interest paid*

8%

funds pledged

£450,000

number of investors

371

% of target pledged

Fully Funded

project type

Commercial to Residential Conversion

loan term

up to 12 months

security

1st charge

project phasing

3 of 3

total loan facility

££1,050,000

floor area

8584 sq.ft.

rics valuation

£250,000

cost of work

£1,030,000

est. sales value (gdv)**

£1,900,000

initial loan to value

70%

loan to gdv

55%

owed at exit to gdv***

63.6%

strategy & vision

This is the 3rd phase of a 3 phase raise at Wyndham Hall where CrowdProperty completed an 18 month (max) loan agreement with the borrower on 20th November 2018.

CrowdProperty agreed to lend the borrower £1,050,000 to be raised over 3 phases. The Phase 1 raise was £300,000. Phase 2 raise was £300,000 whilst the phase 3 raise of £450,000 is now being offered. The loan term is 18 months (max) from 20th November 2018 so Phase 3 loan will be for a term of about 12 months. Each raise merges into the existing legal agreement and as with all our loans 1st charge security registered with the Land Registry is confirmed.

The day 1 release from the Phase 1 raise was £175,000 representing an Initial LTV of 70%, The LTV will fall to 63.6% (including rolled up interest) once works have been completed. Phase 2 and 3 monies are being released on the verification of our Independent Monitoring Surveyors inspections as works progress.

The borrowers purchased the property in October 2018 and refinanced on 20th November with CrowdProperty. Since then they have commenced the conversion works and works undertaken to date include:-
Demolition and strip out work; lower ground floor tanking; new masonry; forming of openings in existing masonry; lower ground and ground floor steel work; ground floor timber floor construction (including reinstatement of existing); new block work to upper floor levels; commencement of ceilings and partitions; commencement of building services 1st fix; new windows in place and others away being restored.
The conversion works are in week 20 of an agreed 40 week programme with Practical Completion of the works expected on 19th July 2019. However the borrowers are advising build contract completion is approx. 6 weeks behind schedule due to ensuring the building is weather tight to allow plastering to commence and access for removal of asbestos so revised completion date of works is now expected 30th August 2019. With the loan facility legal agreement expiring on 19th May 2020 the borrowers are still well inside completing the works and exiting the loan.
Works planned in next period include complete asbestos removal; continue dry lining to all areas; install new steels to upper areas to support upper areas of block work; complete upper floor deck; finalise fabrication of stairs; extend M + E to upper floors; repairs to timbers in the roof in readiness of new covering; external render hacking off and re render.

Wyndham Hall, Wyndham Street, Plymouth PL1 5HE is located immediately to the west of Plymouth City Centre and within a predominantly residential area.

Plymouth is situated in South Devon and is best known for its maritime heritage and historic Barbican district with narrow, cobbled streets. With a population of 234,982 the city is the largest conurbation in the South West and is connected to the rest of the country via the A38 and A30. Bristol is approx. 80 miles to the north whilst London is a further 110 miles; both connected via the M5 and M4 motorways. Plymouths mainline railway station is 0.7 miles to the east of the property with direct trains to Bristol and London Waterloo.

The property comprises a detached former listed chapel last used as a gymnasium but lain empty for a few years. Construction is of solid rendered stone under a pitched roof. Internally the property is full height. The property sits on a site area of 490 sq m with the building occupying circa 90% of this.

Planning was granted by Plymouth City Council Ref: 17/02043/FUL for a change of use from a gymnasium/sports hall to 6 separate high-end HMOs providing a total of 30 rooms all with en-suites and generous communal areas.

The 6 separate HMO units will have floor areas as follows:

• Unit 1 Lower ground floor 181.3 Sq m
• Unit 2 Ground floor 106.9 Sq m
• Unit 3 Ground floor 104 Sq m
• Unit 4 First floor 105.4 Sq m
• Unit 5 First Floor 104.8 Sq m
• Unit 6 Second Floor 141.1 Sq m

exit strategy

Upon completion of the works the borrowers plan to let the rooms and then refinance onto a long term commercial mortgage

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

CrowdProperty Comments


This is phase 3 of a 3 phase raise. Despite the delays in the works, the build contract is scheduled to be completed by 31st August 2019. With a loan end date of May 19th 2020 the borrowers will have plenty of time post August to let the rooms and seek a suitable re finance. The borrowers are experienced and have a proven track record with CrowdProperty having re paid a loan we had with them 18 months ago at Saltash.

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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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