This project is a commercial to residential conversion of a former engineering works to 14 apartments, with Interest to the lenders being rolled up and paid alongside the capital at the end of the loan period.
The property is based in Bolton located in the Greater Manchester area with a population of 194,189 (2011 census). The property is located 13.4 miles from Manchester City Centre and 12.3 miles from Wigan City Centre, Access to
two centres take less than 45 minutes by car and 20 minutes by train. Key employers in the region include, Amazon, Axa, Network Rail and Betfred Group.
Planning permission has been granted by Bolton Metropolitan Borough Council for the change of use from a former engineering works to 14 number apartments - planning reference: 04853/18.
The borrowers plan is to convert the property as per the planning consent and on completion of the works let the units separately and then re finance onto a long term commercial BTL mortgage.
The development will comprise the following flats and estimated RICS values:
Flat 1 – 3 bedrooms – 767 sq ft £116,000
Flat 2 – 2 bedrooms – 471 sq ft £80,000
Flat 3 – 2 bedrooms – 665 sq ft £115,000
Flat 4 – 4 bedrooms – 960 sq ft £145,000
Flat 5 – 2 bedrooms – 678 sq ft £120,000
Flat 6 – 2 bedrooms – 632 sq ft £110,000
Flat 7 – 2 bedrooms – 600 sq ft £105,000
Flat 8 – 3 bedrooms – 615 sq ft £107,000
Flat 9 – 3 bedrooms – 600 sq ft £105,000
Flat 10 – 2 bedrooms – 678 sq ft £120,000
Flat 11 – 2 bedrooms – 633 sq ft £110,000
Flat 12 - 2 bedrooms – 600 sq ft £105,000
Flat 13 – 3 bedrooms – 618 sq ft £107,000
Flat 14 – 3 bedrooms – 599 sq ft £105,000
Total GIA of 14 no. flats – 9,116 sq ft.
In keeping with their business plan, upon the successful conversion of the property the borrowers will re-finance onto a long term commercial mortgage.
min. loan (6 months)
15 month loan
CrowdPoperty are pleased to present another funding opportunity by Fabio and Piotr. The two are well known to CrowdProperty and have demonstrated their ability to address and understand every aspect of the development process. The two of them are approaching the final stages of one of their CrowdProperty projects in Bury where the conversion works having been completed. They have an indicative offer from a commercial lender and are underway with the refinance.
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