Fully Funded

Warton Lane, Austrey, Atherstone, CV9 3EJ - Phase 2

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

£500,000

interest paid*

8%

funds pledged

£500,000

number of investors

302

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 7 months

security

1st charge

project phasing

2 of 2

total loan facility

£900,000

floor area

8886 sq.ft.

rics valuation

£425,000

cost of work

£750,000

est. sales value (gdv)**

£1,815,000

initial loan to value

69.9%

loan to gdv

49.60%

owed at exit to gdv***

54.50%

strategy & vision

This raise is phase 2 of a 2 phase raise on a loan which commenced on 4th February 2019 and will expire on 3rd May 2020. The total loan facility agreed is £900,000 and we raised £400,000 earlier in 2019 to pay off existing 3rd party debt and provide monies towards initial development costs.

The proposed project is situated at 18 Warton Lane, Austrey, Atherstone, Warwickshire CV9 3EJ. Austrey is a small village with a population of 1,500 residents and is well connected to M42/A42 Junction 11 approx 2 miles to the east. The towns of Nuneaton and Atherstone are both less than 8 miles away and have train stations which provide direct connections to London Euston in 1 hour 15 minutes.

The village provides a local primary school and public house which are both just a short 10-minute walk away from the site. The village is also close to further leisure and tourist attractions including Twycross Zoo and Drayton Manor theme park which are 2.3 miles and 9.7 miles away respectively.

The site currently comprises a three bedroom dwelling with a double garage. The borrower has since gained planning in order to renovate and extend this property (plot 4) as well as build a further 3 x 5 bedroom detached properties (plots 1-3). Planning permission was granted by North Warwickshire Council and the application can be found using the reference number (PAP/2017/0375).

The development will comprise the following:

Plot 1:

Ground Floor: Entrance hall, w/c, kitchen/dining room, living room, study, utility and detached garage
First Floor: Landing, bedroom one with en-suite, bedroom two with en-suite, bedroom three, bedroom four, bedroom 5, a/c and bathroom

Estimated GIA of plot 1: 213 m2 (2,297 sf)

Plot 2:

Ground Floor: Entrance hall, w/c, dining room, living room, kitchen, utility and integral double garage
First Floor: Landing, bedroom one with en-suite and dressing room, bedroom two, bedroom three, bedroom four, bedroom five, a/c and bathroom

Estimated GIA of plot 2: 208 m2 (2,245 sf)

Plot 3:

Ground Floor: Entrance hall, w/c, dining room, living room, kitchen, utility and integral double garage
First Floor: Landing, bedroom one with en-suite and dressing room, bedroom two, bedroom three, bedroom four, bedroom five, a/c and bathroom

Estimated GIA of plot 3: 208 m2 (2,245 sf)

Plot 4:

Ground Floor: Entrance hall, dining/kitchen, living room, study, porch, w/c, utility and w/c
First Floor: Landing, bedroom one with en-suite, bedroom two with en-suite, bedroom three, bedroom four, a/c and bathroom

Estimated GIA of plot 4: 195 m2 (2,099 sf)

The site is connected to Warton Lane by a joint private driveway.

To date the borrower has completed the following works:-

Site clearance for plots 1-3 has been completed
Foundations and substructure walls have been built on all 3 plots – excavating the footings, substructure masonry work completed, beam and block flooring installed
Brick and block work commenced on all 3 plots
Refurbishment works are underway on plot 4 (the original dwelling)
Demolition of existing roof, internal partions, conservatory and windows has been completed on plot 4
External masonry has been completed with the installation of a new roof on plot 4

Next steps
Completion of brick and block work on plots 1-3
Roof installation
Internal fit out and installation of doors and windows
Exterior landscaping both hard and soft
Installation of windows, internal fit out and external landscaping works on plot 4
Estimated completion of the works 24th March 2020

exit strategy

Upon completion of the development the borrower will sell off the units.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

7 month loan

£600

£5,600

CrowdProperty Comments


Austrey, is a well connected village in North Warwickshire that is undergoing a modest amount of new housing development. The 2 adjacent schemes totalling 13 houses have all sold adding proof to the credibility of this development.

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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.

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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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