Fully Funded

Land at Ellesmere Road, Shrewsbury, SY1 2QR - Phase 2

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

£250,000

interest paid*

7%

funds pledged

£250,000

number of investors

281

% of target pledged

Fully Funded

project type

Land

loan term

up to 15 months

security

1st charge

project phasing

2 of 2

total loan facility

£500,000

floor area

-

rics valuation

£1,100,000

cost of work

£0

est. sales value (gdv)**

£1,100,000

initial loan to value

45.45%

loan to gdv

45.45%

owed at exit to gdv***

45.45%

strategy & vision

This project is an 18 month retained interest bridge facility totaling £500,000 with the phase 1 release of £250,000 gross having completed on 19th June 2019. The phase 2 loan also of £250,000 will be on the same terms as the existing facility expiring on 18th December 2020 but with interest to the lenders being paid monthly.

The land at Ellesmere Road Shrewsbury SY1 2QR is a green field site of approx. 1.97 acres with access directly off the adopted highway. The land is situated on the northern edge of Shrewsbury City Centre, Shropshire's county town with a population of about 70,000. Connections to the motorway network is via the M54 whilst Shrewsbury also has direct rail access to London Euston - 2.5 hours.

Outline planning permission ref. 18/02660/REF was secured at appeal in January 2019 for the construction of 36 no. residential apartments. The design is in 3 x 4 storey blocks providing a mix of 6 x 1 bed, 25 x 2 bed and 5 x 3 bed. 5 units in the development will be sold as affordable units as part of the S106 Agreement. With the site sloping from east to west the architects have designed the blocks with the aspect from Ellesmere Road giving the look of a 2 storey building. The design also allows for under croft parking in part. To the western part of the site is an ecology pool and wildlife sanctuary which is protected and will remain undisturbed during the development.

exit strategy

Refinance onto a development loan once building contract is ready to be awarded.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

15 month loan

£600

£5,600

CrowdProperty Comments


Richard Cambray is moving forward on his other development at Westbury that we have lent on. He has demonstrated his ability to focus on ensuring the detail on all his developments is addressed before commencement on site. He has built a strong Design Team which he is employing on Ellesmere Road and will spend the next 12 months working on the technical detail ahead of commencing on site.

The

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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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