Fully Funded

The Old Skittle Alley, High Street, Faulkland, Somerset, BA3 5UH

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

£150,000

interest paid*

7%

funds pledged

£150,000

number of investors

311

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

£150,000

floor area

1141 sq.ft.

rics valuation

£150,000

cost of work

£150,000

est. sales value (gdv)**

£455,000

initial loan to value

70%

loan to gdv

33.00%

owed at exit to gdv***

35.80%

strategy & vision

The project comprises the conversion of a pub outbuilding into 2 x 2 bed semi-detached dwellings. The loan is for 12 months and Lenders will receive rolled up interest rate of 7% per annum.

The site is situated within the village of Faulkland, Somerset located approximately 4 miles west of the A36 trunk road that runs from Bath to Southampton. Faulkland has a population of 336 (2011). The village provides local amenities including pub and a local primary school. Radstock 3 miles to the west has other amenities including super market, post office and local shops. The nearest town is Midsommer Norton 5 miles to the west.

The project formed part of the village pub (The Faulkland Inn) which they refurbished and sold in the last 12 months. The title was split and the barn (located within the grounds) has detailed planning consent under planning references 2019/0094/FUL & 2019/0095/LBC for its conversion to a pair of semi-detached dwellings (both 2 bedroom) and associated parking. Currently the floor area of the barn is 1,202 sqft.

The proposed units will comprise the following:

Unit 1:

Ground Floor: Open plan living/dining/kitchen and separate cloakroom
First Floor: 2 bedrooms, landing and bathroom

Estimated GIA: 50.93 m2 (548 sf)

Unit 2:

Ground Floor: 2 bedrooms, landing and bathroom
First Floor: Open plan living/dining/kitchen and separate cloakroom

Estimated GIA: 55.10 m2 (593 sf)

exit strategy

Upon completion of the development the borrower will sell the dwellings in the open market.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

12 month loan

£600

£5,600

CrowdProperty Comments


The borrowers have shown they are capable of refurbishment projects of this size after they refurbished the adjacent Pub. The Faulkland Inn has now been sold off and is re opened They are using experienced building contractor who has over 40 years experience in property development to run the project.

The

CrowdProperty

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Rigorous due diligence
1st Charge Security
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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.

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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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