Fully Funded

Ditton Walk, Cambridge, CB5 8QD

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

£390,000

interest paid*

8%

funds pledged

£389,994

number of investors

282

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 18 months

security

1st charge

project phasing

1 of 1

total loan facility

£390,000

floor area

1651.18 sq.ft.

rics valuation

£250,000

cost of work

£224,000

est. sales value (gdv)**

£850,000

initial loan to value

70.0%

loan to gdv

45.90%

owed at exit to gdv***

52.70%

strategy & vision

ABOUT THE PROJECT

The proposed project is the development of four self-contained apartments at 63 Ditton Walk, Cambridge, CB5 8QD.

LOCATION AND DESCRIPTION

Cambridge is located approximately 65 miles north of London via the M11, 44 miles south of Peterborough via the A14 (North) and 52.7 miles west of Ipswich via the A14 (South). The city of Cambridge has a population of approximately 123,800. The property itself is located just 1.7 miles from the city centre which offers a range of shops, restaurants and bars. The city centre also offers many tourist attractions including the Bridge of Sighs, Cambridge University Botanical Gardens and The Fitzwilliam Museum. The city is also well known for its education, including the renowned University of Cambridge which ranks 5th in the world.

Cambridge North train station is approx 3 miles to the south and provides regular trains to London Kings Cross and London Liverpool Street in less than 1 hour, as well as providing services to Kings Lynn and Norwich.

The property is situated in the suburban area of Chesterton. Chesterton provides a rowing club, a bowls club as well as several pubs, restaurants, supermarkets and shops. Ditton Walk is a mixed residential and commercial side road off Newmarket Road about 2 miles east of the city. centre. At the far end of Ditton Walk is the Abbey Stadium and home Cambridge Utd FC . The commercial sites on Ditton Walk are gradually being redeveloped to residential. This plot provides a cleared site previously used as garages of approximately 0.05 acres. To the north is a modern residential development and immediately south a modern office building.

Planning permission was granted by Cambridge City Council under ref no: 16/1825/FUL for the creation of four self contained apartments.

The breakdown of each self contained apartment is:

Flat 1: 387.50 sq. ft (1 bedroom apartment)
Flat 2: 472.53 sq. ft (1 bedroom with garden)
Flat 3: 461.77 sq. ft (1 bedroom apartment)
Flat 4: 329.38 sq. ft (Studio apartment)

The borrower will demolish the current property to build the 4 self contained apartments.

OVERVIEW OF FINANCIALS

CrowdProperty has agreed to lend the borrowers a total loan facility of £390,000 in a single raise to fund the purchase of the property and the development of four self-contained apartments. The loan term will be 18 months.

The borrower will be provided with £175,000 towards the purchase. The RICS Current Market Value for the property equates to £250,000 and was valued in accordance with the approved planning permission. The remaining £215,000 will go towards the cost of works. The total cost of works for this project is estimated at £224,000 and therefore the borrower will fund the remainder. The RICS verified GDV for the completed development of all four self contained apartments is £850,000.

The day 1 advance of £175,000 towards the purchase of the property represents an initial Loan to Value of 70%. The estimated Loan to Value at Exit to GDV will be 52.7% including rolled up interest.

The borrower's exit strategy is to sell all four properties once construction has been completed. The 18 month loan term is a maximum term and the borrower can pay back the whole or part anytime between 6 and 18 months.

As with all CrowdProperty loans, the property will be secured by way of a 1st charge registered with Land Registry.

Target loan commencement date for this project to coincide with legal completion is 23rd August 2019

exit strategy

The borrower intends to sell all four self-contained properties

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

CrowdProperty Comments


This project is to create four self contained apartments. The borrowers are experienced property investors, specialising in the buy to let market with experience of heavy refurbishments, however the borrower's will utilising a construction manager with over 15 years experience to deliver the new build

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.

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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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