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.
|Minimum 6 month Loan||Full 15 month loan period|
Refinance with commercial mortgage
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
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.
* Please see full risk statement here.
† Estimated Sales Value is more formally referred to as GDV - Gross Developed Value
‡ Interest Cover is a measure of the project's ability to cover the interest payments from profits and is calculated by dividing the Projected Return on Costs by the Total Interest incurred throughout the loan period