Paid Back in Full

Pearn House, Eggbuckland Road, Plymouth, PL3 5JP

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


interest paid*


funds pledged


number of investors


% of target pledged

Fully Funded

project type

Conversion of existing residential property to multiple units

loan term

up to 15 months


1st charge

project phasing

1 of 1

total loan facility


floor area

11000 sq.ft.

rics valuation


cost of work


est. sales value (gdv)**


initial loan to value


loan to gdv


owed at exit to gdv***


strategy & vision

Pearn House is a Grade II listed two storey former convalescent home which is over 11,000 square feet in size. The building is set within landscaped grounds which occupy a substantial enclosed level corner site at the junction of Eggbuckland Road and Hartley Road. It is located in a well established and sought after residential district less than 2 miles north of Plymouth city centre.

The borrowers, Your Property Development (Pearn) Ltd negotiated a conditional contract at a purchase price of £525,000. Planning permission has been granted (16/02343/LBC) for change of use and conversion into 10 high end luxury apartments for the over 55's market. Planning has lifted the value to £650,000 (RICS view). The building will comprise:
- Ground floor - 5 x two bedroom apartments
- First floor - 5 x two bedroom apartments

RICS view on GDV of completed conversion is £2,600,000.

CrowdProperty will lend £1,050,000 for up to 15 months - £455,000 towards the purchase price and £595,000 towards the cost of works. The £595,000 will be released in stages and as verified by our Independent Monitoring Surveyor. The loan to value will initially be 70% reducing to 40% on completion of the conversion works.

The length of the loan is a minimum of 6 months and a maximum 15 months. Interest and capital on this project can be repaid in stages as the loan is paid back by the borrower (in minimum tranches of £250,000). The interest on the repaid amount will fall away, but you will continue to earn interest on the outstanding balance.

The target start date for the loan is 30th June 2017.

exit strategy

Sale of units to over 55's market

indicated return for your pledge



min. loan (6 months)



15 month loan



CrowdProperty Comments

We are delighted to be funding the development of this magnificent building in Plymouth. The borrowers are well known to us as they have previously borrowed from CrowdProperty and repaid their loan early. The building contractors have been used on another project which was also funded through CrowdProperty and did a great job. The RICS surveyor who valued the property is very local to the development and knows it very well. And finally the borrowers are using £350k of their own funds in this project such that the initial LTV of 70% falls to 40% of the GDV at the end of the development. All of these factors mean we are very confident in this project and the team delivering it, which is why we have awarded it the CrowdProperty stamp of approval.




Rigorous due diligence
1st Charge Security
Unparalleled expertise
*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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