Paid Back in Full

Tradesman Arms, 171 Chester Road, Flint, CH6 5DY

Developer: Julie Whitmore

loan amount

£200,000

interest paid*

8%

funds pledged

£200,000

number of investors

18

% of target pledged

Fully Funded

project type

Conversion to HMO

loan term

up to 15 months

security

1st charge

project phasing

1 of 1

floor area

-

purchase price/value

£155,000

cost of work

£110,000

loan to value

69.68%

est. sales value (gdv)**

£357,000

owed at exit to gdv***

63.04%

strategy & vision

This project is the conversion of a public house near Flint Town Centre into a 13 bed HMO with 10-12 car parking:
- Ground Floor will comprise 7 bedrooms, 4 with en-suite bathroom facilities. Communal kitchen/lounge/bathroom facilities
- First Floor will comprise 6 bedrooms, 4 with en-suite bathroom facilities. Communal kitchen/lounge/bathroom facilities
The property also has on-site parking for 10-12 cars and a separate standalone garage suitable for conversion to a single unit in the future.

The borrowers have exchanged contracts and will complete the purchase on 24th May 2017. The agreed purchase price is £155,000. Planning permission is approved to undertake the conversion (ref. 055834). The GDV based on bricks and mortar will be £357,000, and this has been verified by a registered RICS valuer.

The loan will be for a minimum of 6 months and a maximum of 15 months. The project will be managed by an experienced Architect/Project Manager.

exit strategy

Refinance with commercial mortgage

the borrower
& project team

The applicants Julie Whitmore and Hannah Fargher have purchased the property in a partnership called Hanmore Property LLP

Hannah is the Director of Limelight Letting Ltd and benefits from 20 years experience of residential and commercial property. She enjoyed a position as senior manager with Flintshire County Council managing teams across a 7500+ property portfolio

Julie first began to renovate property 29 years ago. Projects included garage conversions and full house refurbishments. She also owns a portfolio of single lets and HMO's, and is currently managing the refurbishment of an additional licensed HMO

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

CrowdProperty Comments


CrowdProperty are delighted to be able to support this project of converting a disused pub into much needed accommodation in the area. It is a very profitable project which is why the developers want to retain the building and repay the lenders back through a refinance. The initial LTV is 70% reducing to just 56% at the end of the project, which means there is plenty of equity in the property, and although the maximum loan length has been set as 15 months, we expect this project to pay back in 9 to 12 months’ time.

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.

Your capital is at risk and you may lose all you lend. See our full risk warning for more information

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