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 an SPV Company called St Ledger Ltd.
Planning permission was granted under planning application reference number 16/00586 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)
CrowdProperty has already lent £210,000 against the land with planning (RICS estimate of land: £300,000).
Phase 2 lend will be £250,000 which will be used for the development of the houses.
The anticipated Gross Development Value of the completed development is £850,000 (RICS estimate) based on current planning permission. Total loan (Phase 1 + Phase 2) = £460,000 resulting in a loan to value reducing to 54% by the end of project.
|Minimum 6 month Loan||Full 18 month loan period|
Sale of houses
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 three 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. The third loan was for Phase 1 of this project, which is ongoing.
The borrowers are very experienced and are well known to CrowdProperty, having borrowed on three occasions (two of which paid back early and the third is for Phase 1 of this loan). We are very happy to give the CrowdProperty stamp of approval to this project and expect it to fill very fast.
* Please see full risk statement here.
† Estimated Sales Value is more formally referred to as GDV - Gross Developed Value
‡ Interest Cover is a measure of the project's ability to cover the interest payments from profits and is calculated by dividing the Projected Return on Costs by the Total Interest incurred throughout the loan period