Fully Funded

High Brooms Road, Southborough, Royal Tunbridge Wells, TN4 9DP

Developer: JVIP (Kent) LTD

loan amount

£210,000

interest paid*

8%

funds pledged

£209,500

number of investors

39

% of target pledged

Fully Funded

project type

New development (eg new build, self-build, air rights etc)

loan term

up to 18 months

security

1st charge

project phasing

-

floor area

-

purchase price/value

£300,000

cost of work

£436,875

loan to value

70%

est. sales value (gdv)**

£850,000

owed at exit to gdv***

66%

strategy & vision

The site is an open parking area and vacant terrace of five garages along with a detached garage storage building which will be demolished.

Land is held by a JVIP Company (St Johns TW Ltd) and will be transferred to an SPV Company called St Ledger Ltd.

Planning permission was granted under planning application reference number 16/07444/FULL for the demolition of existing lock up storage garages and the erection of two semi-detached three storey three bedroom houses and creation of widened access point.
- House 1: 1,054 sq ft (98 sq m)
- House 2: 1,054 sq ft (98 sq m)

Value of the land with planning is £300,000 (RICS view). CrowdProperty have agreed to lend £210,000 against the land with planning resulting in an LTV of 70%. The loan period will be a minimum of 6 months and a maximum of 18 months.

The anticipated Gross Development Value of the completed development is £850,000 (RICS estimate) based on current planning permission. The borrowers are looking to improve the current planning permission, and once obtained will return to discuss a phase 2 raise for the construction and delivery of the project.

exit strategy

Sale of houses

the borrower
& project team

The developer is a family run business based in Tunbridge Wells, Kent. They are very experienced, having successfully completed over 30 projects during the last 14 years, consisting of extensions, conversions and new builds.

They have previously borrowed from CrowdProperty on two separate occasions. The first loan was for the conversion of the former Flying Dutchman public house into 4 flats and two commercial units which has been paid back. The second loan was for the construction of a pair of semi-detached houses on the site of a former pub car park which was paid back early.

indicated return for your pledge
interest
total
6 month loan
£200
£5,200
18 month loan
£600
£5,600

CrowdProperty Comments


This is a very straightforward loan on land with full planning permission for a profitable project. The borrowers will come back for the Phase two loan in approximately 3 months’ time for the build costs. The borrowers are very experienced and are well known to CrowdProperty having borrowed twice from CrowdProperty and paid back early on both occasions. We are very happy to give the CrowdProperty stamp of approval to this project and expect it to fill very fast.

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 and you may lose all you lend. See our full risk warning for more information

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