Fully Funded

Dunstable Road, Redbourn, St Albans, AL3 7PQ - Phase 1

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

£1,260,000

interest paid*

8%

funds pledged

£1,258,181

number of investors

463

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 18 months

security

1st charge

project phasing

1 of 5

total loan facility

£2,960,000

floor area

8565 sq.ft.

rics valuation

£2,000,000

cost of work

£1,755,000

est. sales value (gdv)**

£5,300,000

initial loan to value

63%

loan to gdv

55.80%

owed at exit to gdv***

59.40%

strategy & vision

This is phase 1 of an estimated 5 phase raise where CrowdProperty has agreed a maximum total facility of £2,960,000 to develop a site in Redbourn Hertfordshire. The Agreement is structured to be a part serviced bridge, part rolled up development Finance Agreement. On this 1st raise Lenders will receive interest at a monthly rate equivalent to 8% per annum.

The project is located on Dunstable Road in Redbourn, St. Albans, AL3 7PQ. The site is 1 mile south of the M1 (J8) and 3 miles east of Harpenden Station (providing regular train services into London approx 25 miles to the south). Luton Airport is around 5 miles to the south. The nearest major town is Hemel Hempstead approx 5 miles to the south. Redbourn has a population of circa 6,500 and provides some local facilities including a Co-op and a few small independent retailers. The neighbouring town of Harpenden provides further retail outlets including supermarkets, banks, coffee shops and petrol filling stations. The village has a number of schools including St Lukes Foundation, Redbourn Junior and Redbourn Primary and these feed into more popular schools in St Albans and Harpenden.

Local attractions include a 2nd-century Roman Theatre, 2 churches and The Redbourn Recreation Centre and grounds.

The site totals a 2 Acre (0.81 hectares) mostly vacant plot with a few dilapidated barns, two of which are listed. The site has detailed planning consent; Planning ref: 5/2018/1334 for the restoration and conversion of 2 of the existing barns to provide 1 x four-bedroom and 1 x three-bedroom dwellings, together with the construction of three new terraced houses comprising 1 x three-bedroom and 2 x four-bedroom dwellings with associated car parking and landscaping. The other barns and outbuildings will be demolished. The borrower will improve the existing single entrance into the development from Dunstable Road and this road will end in a cul-de-sac serving the development. The planning consent was approved on 4th August 2018.

View the developer's brochure marketing here: http://bit.ly/CrowdPropertyRedbourn

exit strategy

Upon completion of the build, the property developers intend to sell the units in the open market.

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 currently owned by the borrowers with 3rd party debt. Having obtained the planning consent they are now looking to commence development. They are busy addressing the detailed design and are looking to commence development in Q1 2020. The borrower has a strong track record in delivering developments of this nature and has built an experienced project team over a number of years.

The

CrowdProperty

Shield

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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