Fully Funded

Oyster Catcher Court, Steep Hill, Maidencombe, Devon, TQ1 4TS - 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

£650,000

interest paid*

8%

funds pledged

£650,000

number of investors

414

% of target pledged

Fully Funded

project type

Commercial to Residential Conversion

loan term

up to 15 months

security

1st charge

project phasing

1 of 3

total loan facility

£1,250,000

floor area

7104 sq.ft.

rics valuation

£800,000

cost of work

£908,000

est. sales value (gdv)**

£2,200,000

initial loan to value

70%

loan to gdv

56.80%

owed at exit to gdv***

62.27%

strategy & vision

The project is situated in the small hamlet of Maidencombe just north of Torquay. Torquay is a seaside resort town in south Devon with a population of 65,000. Exeter is about 20 miles to the north via A380 with links to M5. Tourism is the largest employer with circa 1.45 million staying visitors and 3.8 million daily visitors per annum.

The immediate surrounding area of Maidencombe includes individual houses, a restaurant, hotel and the local beach (popular with walkers and tourists) is a short walk.

The 2 storey detached property is constructed of traditional rendered brickwork under pitched concrete tiled roofs.

Detailed planning permission has been granted by Torbay Council reference: P/2018/1216 for conversion to 10 apartments. The apartments will provide the following accommodation:-

Flat 1 - 58m2 (G/F - 1 bed)
Flat 2 - 83m2 (G/F - 2 bed)
Flat 3 - 64m2 (G/F - 1 bed)
Flat 4 - 63m2 (G/F - 2 bed)
Flat 5 - 57m2 (F/F - 2 bed)
Flat 6 - 54m2 (F/F - 1 bed)
Flat 7 - 76m2 (F/F - 2 bed)
Flat 8 - 62m2 (F/F - 2 bed)
Flat 9 - 70m2 (2/F - 2 bed)
Flat 10 - 72m2 (2/F - 2 bed)
Total - 660m2 / 7,104sq.ft.

On completion of the works the borrowers intend to sell the 10 apartments.

exit strategy

On completion of the works the borrowers will sell the flats.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

15 month loan

£600

£5,600

CrowdProperty Comments


This is the latest project we are supporting for KHP Investments Ltd Group of Companies. We have now been supporting them since 2016 and they have a proven track record of converting larger commercial properties into smaller units in the Devon and Cornwall area. Having lent to them on a conversion in Saltash which was repaid in 2017 Maidencombe is the 3rd project we are currently supporting; the others being Wyndham Hall in Plymouth (conversion of former chapel to HMO) and Crediton ( conversion of former nursing home into flats).

The

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Rigorous due diligence
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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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