Fully Funded

Musgrove, Ashford, TN23 7UN

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

£129,000

interest paid*

7.25%

funds pledged

£129,000

number of investors

269

% of target pledged

Fully Funded

project type

Other

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

£129,000

floor area

969 sq.ft.

rics valuation

£200,000

cost of work

£0

est. sales value (gdv)**

£200,000

initial loan to value

65%

loan to gdv

65%

owed at exit to gdv***

65%

strategy & vision

The project is a serviced bridge loan for the purchase of 13, Musgrove, Ashford, Kent. The lenders will receive interest at a rate of 0.604% per month, 7.25% per annum equivalent.

Ashford is a town in the county of Kent with a population of 74,000 (2011 census). 28% of the county forms parts of 2 areas of outstanding natural beauty, the South Downs and The High Weald also known as the North Downs. The town lies on the south edge of the North Downs and is approximately 60 miles south east of Central London.

The town has a strong transport network providing links to London and the Channel Tunnel - Ashford to London is 1 hour by train. Neighbouring towns include Maidstone - 20 miles to the north west via the M20 and Folkestone, 15 miles to the south east. Canterbury is approximately 15 miles to the north via the A28. Ashford also has an international railway station with trains to Paris, Brussels and other connections to the rest of Europe.

The town is renowned for its range of facilities, cleanliness and low crime rate. Additionally, the award winning McArthur Glen Designer Outlet is within 1 mile of the property with approximately 70 retail outlets.

The property is located within a residential area to the south of the town centre and backs onto a sports ground. It comprises a 2 storey end of terrace 3 bedroom house of rendered concrete elevations under a pitched tiled roof. The property has a large garden to the rear and side. Total size is 969 sq. ft comprising:-

Ground floor - Kitchen, lounge, dining room

1st floor - Three bedrooms and separate bathroom

The borrower's strategy is to submit planning to extend the property by way of a 2 storey rear extension and convert the property to a 6 bed HMO. The borrower will then exit the CrowdProperty Bridging loan and refinance onto a Development loan. The Borrower aims to exit the Bridge as soon as possible, with a view to commencing the HMO project.

exit strategy

The borrower has instructed Architects to submit a planning application for a 2 storey rear extension and conversion to a 6 bed HMO. On receipt she will then seek a re-finance onto a Development loan so exiting the CrowdProperty bridge.

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

CrowdProperty Comments


CrowdProperty are offering a retained serviced bridge product to assist the borrower in the purchase of the property. The borrower has a clear strategy to secure planning to extend and provide a 6 bed HMO before moving onto a development loan and therefore repaying the Bridge. The borrower has good experience of the Ashford HMO market already operating 9 rooms across 2 properties in the town.

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.

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.

ask a question
As featured in...
Peer2Peer Financing Association
UK crowdfunding
UK Proptech Association
Brismo