Fully Funded

Station Road, Polegate, Polegate Nr. Eastbourne, BN26 6EB

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

£196,000

interest paid*

8%

funds pledged

£196,000

number of investors

244

% of target pledged

Fully Funded

project type

Commercial

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

-

floor area

5682 sq.ft.

rics valuation

£280,000

cost of work

£0

est. sales value (gdv)**

£280,000

initial loan to value

70%

loan to gdv

70.00%

owed at exit to gdv***

70.00%

strategy & vision

The borrower has agreed a purchase price of £280,000 with completion set for 25th April 2019. During the loan, the borrower will seek to obtain full planning permission for Serviced Accommodation (Sui Generis/HMO) and to revitalize (and re-open) the public house - The Junction.

CrowdProperty are delighted to offer lenders the opportunity to lend towards a Serviced Bridging Loan. Lenders to this project will receive our 8% per annum 1st charge secured returns but paid monthly. The reason for monthly payments for this specific project is to ensure our maximum LTV of 75% is not breached at any point - the level of lending for this project will remain at 70% LTV throughout. Having reviewed the borrowers assets and liabilities the borrower will receives monthly income over numerous properties meaning they are able to pay monthly interest. Lenders to this project will be receive 8% per annum, but paid out monthly rather than rolled up. Monthly interest, at 0.667% per month funds will be returned to the account from which you pledge. You will be able to lend in the usual way, using all our investment products: our Standard Product, the CrowdProperty ISA and via SIPP or SSAS.

For this project, a £5,000 pledge limit will be in place for the first 5 minutes to provide all those who have taken the time to perform their due diligence a chance to participate, given the current demand for CrowdProperty projects. After 10:05am, pledges greater than £5,000 can be created or existing pledges can be increased, subject to availability. Additionally, CrowdProperty AutoInvest functionality can automatically pledge on your behalf at 10:00am although the actual pledge on a project might be scaled back subject to demand and therefore your AutoInvest pot may be spread across more loans than your original settings.

The project is situated at 99 Station Road, Polegate, East Sussex, BN26 6EB. Polegate has a population of 8,500 and is located 5.6 miles (north east) from Eastbourne and 21 miles (east of) from Brighton.

With Polegate High Street being just 0.5 miles from the subject property, local amenities include, St Johns C of E Church, Co-op, Harvester, Lloyds Pharmacy and Polegate train station. Trains to Eastbourne and Brighton take 8 minutes and 48 minutes respectively with trains to London Victoria taking about one and a half hours

The subject property is currently a vacant public house namely - 'The Junction' and comprises the following:
Lower Ground - refrigerated store
Ground Floor - Kitchen, Bar, Seating area, Function Hall,
First Floor - Kitchen, 3 X reception rooms
Second Floor - 2 X bedrooms

exit strategy

The borrower on purchase of the property will look to obtain full planning permission for Serviced Accommodation (Sui Generis/HMO) and to revitalize (and re-open) the public house. Once planning is acquired the borrower will seek a development loan for the conversion costs of the project.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

12 month loan

£600

£5,600

CrowdProperty Comments


As the property is not listed and not sitting within a conservation area, CrowdProperty welcome the borrowers strategy in submitting a full application for Serviced Accommodation (Sui Generis/HMO) and to revitalize (and re-open) the public house. Furthermore, with the current value and state of repair of the dwelling, should the borrower not achieve planning they will be able to re-finance at the current value and re-open as a public house.

The

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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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