Fully Funded

The Copper Dog, Hardknotts Lane, Leece, Ulverston, LA12 0QP - 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

£300,000

interest paid*

7.5%

funds pledged

£300,000

number of investors

291

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 18 months

security

1st charge

project phasing

1 of 3

total loan facility

£800,000

floor area

5763 sq.ft.

rics valuation

£300,000

cost of work

£800,000

est. sales value (gdv)**

£1,500,000

initial loan to value

50.0%

loan to gdv

53.30%

owed at exit to gdv***

59.00%

strategy & vision

This project comprises the new-build development of 4 residential units at a rolled up interest rate of 7.5%.

The site is situated on the outskirts of Leece, a small village located to the South of the Lake District and more directly between Barrow in Furness and Ulverston, Cumbria. Barrow in Furness has a population of 69,087 (2011); the site is situated just 3 miles to the east enabling the residents of Leece access to the town's amenities including Furness General Hospital, Roose train Station, Roose School as well as sports clubs and local shops. The site is located just 1.9 miles north of the coast and 10 miles south of the Lake District National Park. Key employers in the region include BAE Systems, Cumbria County Council, GlaxoSmitthKline and Kimberly Clark.

The property has detailed planning consent, planning ref: SL/2018/00884 from South Lakeland District Council for the erection of four dwellings. The property comprises the site of a former public house which has now been demolished in preparation for the proposed development. The borrower intends to sell the units upon completion.

The development will comprise the following:

Unit A (end of terrace):

Ground Floor: Entrance hall, cloakroom, WC, open plan lounger/diner and kitchen
First Floor: 4 bedrooms and bathroom

Estimated GIA of Unit A: 131m2 (1,410 sq. ft.)
Estimated GDV: £370,000

Unit B (mid-terrace):

Ground floor: Entrance hall, cloakroom, WC, open plan lounger/diner and kitchen
First Floor: 3 bedrooms and bathroom

Estimated GIA of Unit B: 118 sq. m. (1,262 sq. ft.)
Estimated GDV: £350,000

Unit C (mid-terrace):

Ground floor: Entrance hall, cloakroom, WC, open plan lounger/diner and kitchen, utility room, one bedroom with en-suite.
First Floor: 3 bedrooms and bathroom

Estimated GIA of Unit C: 148 sq. m. (1,583 sq. ft.)
Estimated GDV: £380,000

Unit D (end of terrace)

Ground floor: Entrance hall, cloakroom, WC, open plan lounger/diner and kitchen, 2 bedrooms one with an en-suite
First Floor: 2 bedrooms and bathroom

Estimated GIA of Unit D: 141 sq. m. (1,508 sq. ft.)
Estimated GDV: £400,000

exit strategy

Upon completion of the development the borrower intends to sell the units

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

18 month loan

£600

£5,600

CrowdProperty Comments


As one of the directors of Leece Homes Limited has acted as a Principal Contractor for a number of years, successfully delivering larger projects of 5+ units, CrowdProperty are confident that he will be able to manage the procurement of the build contracts and successfully deliver this project on time and to a high standard.

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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