10 & 11 The Crescent are a pair of Grade II Listed-mid terraced five storey Georgian properties (including lower ground floor and mansard levels) which have previously been used as office accommodation.
Planning consent (16/02046/FUL) has been granted for change of use from office to residential (Class C3) with the creation of 10 x two bedroom apartments. Flat sizes range from between 776 and 1153 sq.ft.
The building is in a central location, with easy access to Plymouth Town Centre and close to Plymouth’s Hoe promenade (0.7 miles from Plymouth rail station).
The borrowers, Your Property Development (Crescent) ltd are purchasing the properties for £750,000 and this has been verified by an independent RICS valuation. RICS view on GDV of completed conversion is £2,165,000.
CrowdProperty will lend £950,000 for up to 15 months - £525,000 towards the purchase price and £425,000 towards the cost of works. the £425,000 will be released in stages and as verified by our Independent Monitoring Surveyor. The loan to value will initially be 70% reducing to 43.8% at the end of the build.
The length of the loan is a minimum of 6 months and a maximum 15 months.
|Minimum 6 month Loan||Full 15 month loan period|
Option 1: Sell on to open market
Option 2: Refinance
Team of 5 individuals operating through an SPV called Your Property Development (Crescent) Ltd
Billy Turriff – Previously a management consultant , working with a number of development and construction companies. Currently a property developer with a 30 unit portfolio, valued at £4.5m. Completed a number of development projects including 4 Grade I listed buildings in the Wirral where he paid CrowdProperty lenders back 2 months early.
Christina Kusytsch – Previous career as PWC accountant, she is now a property investor and developer with 26 years experience. She owns a multi million pound portfolio of 40 properties and has been involved in over 100 property renovations.
Michael Kyte – Set up a company in financial information and later also founded a natural horsemanship business; both were later sold. He is also Co founder of Your Property Network Magazine.
Anthony Lyons – Co-founder of Your Property Network Magazine, he has also owned a property portfolio of single and multi-lets for the past 10 years. Managed the refurbishment of over 20 projects.
Simon Platt – Involved in property since 2005, he has built a £3.5 million portfolio. Refurbished and flipped several properties around Bournemouth, later building a development of 3 houses in the same area.
This is a great project by experienced developers who have previously borrowed from CrowdProperty and repaid the loan 2 months early.
The developer is adding significant value to the project and using their own funds which mean that the loan to value drops to less than 50% by the end of the development, which means that there is plenty of equity and security for the CrowdProperty lenders.
As the property has been secured by an option there is also a set date from which you can start earning interest.
Altogether a great project that we are delighted to award the CrowdProperty stamp of approval.
* 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