Clifton Upon Dunsmore is a small satellite village approximately 2 miles east of Rugby and the most easterly village in Warwickshire. The village supports some local shops, a pub, the church of St Marys and a primary school. The village has a population of about 1300. Rugby with a population of around 70,000 is the nearest centre, and occupies a strategic location being close to M6, M1, A14 and M45 motorways. Rugby is also on the West Line Railway line with frequent trains to London Euston and Birmingham.
The Old Hall forms a Grade 2 Listed detached house, stables and gardens totaling about 1.35 acres. It is situated on the junction of Lilbourne Road and Clifton Road.
Planning permission has been granted for the conversion of the existing house into 4 units, the conversion of the stable into a single house and the construction of 2 new houses in the garden. creating 7 individual houses. Planning ref. no. 16/0566 - Rugby BC
The houses will comprise the following:
Unit 1 - Single storey 2 bed end of terrace house, totaling 1028sf
Unit 2 - 3 bed, 3 reception room mid terraced property, totaling 2201sf
Unit 3 - 2/3 bed mid terraced house totaling 1087sf
Unit 4 - 3 bed end of terrace house, totaling 941sf
Unit 5 - Conversion of the stable to 2 storey, 2 bed detached house, totaling 1109sf
Unit 6 - New detached 4/5 bed house, totaling 2724sf
Unit 7 - New detached 5 bed house, totaling 3285sf
The borrower is looking to phase the scheme with phase 1 being the conversion of the existing house and the stable block. Phase 2 will comprise the construction of the new build in the garden.
The borrower is purchasing the property for £1.125m and this has been verified by the RICS valuer. Consequently CrowdProperty has agreed to lend the borrower £700,000 towards the purchase representing a LTV of 62%.
The estimated cost of converting the existing house into 4 units is estimated at £300,000 whilst the cost of converting the stable is estimated at £120,000.
CrowdProperty has agreed to lend a further £420,000 towards the cost of the conversion works which will be drawn in phases at key milestones and as recommended by our Independent Monitoring Surveyor.
RICS estimate of resale values are as follows:
Unit 1 - £300,000
Unit 2 - £425,000
Unit 3 - £330,000
Unit 4 - £395,000
Unit 5 (stable block) – £300,000
Total phase 1 GDV = £1,750,000 + value of the phase 2 land (estimated to be £300,000) giving an out turn LTV of 60%.
CrowdProperty has agreed a max. 2 year loan period with the phase 2 development of the new houses following once phase 1 has completed and sold. The intention is that the £1.12m loan or part thereof will be recycled to fund the phase 2 works. This will be subject to further scrutiny including a revised RICS valuation before we agree to this.
The borrowers have submitted a revised planning application on the phase 2 element as they would prefer to build out 3 detached family homes as opposed to two larger ones that do not sit well within the site and are too large.
The borrower will be Clifton Old Hall Developments Ltd (Co. Reg. No. 10978677). The directors of this company - Richard Morgan and Alan Shimwell - are also directors of Middlemarch Construction Ltd (Co. Reg. No. 02916947) www.middlemarch.org Middlemarch are a Warwickshire based contractor with experience in the conversion and construction of residential properties.
Richard has been a property developer and civil engineer since 1989 specialising in local authority roads and drainage works. Both he and Mark have been developing and constructing residential projects for circa 30 years.
Middlemarch have been trading since 1993 specialising in listed buildings, new build, civil engineering and commercial buildings. They are NHBC registered.
Featured relevant projects include:
Extension and refurbishment of listed buildings at Hill Wootton
Conversion of listed hay barns and cow sheds at Moat Farm
Construction of new build 3/4 bed at Kilsby Northants
Construction of new build 4/5 bed at Chapel Orchard
The developers plan to build out and sell
The developers have 30 years experience in the purchase and building of new houses, listed buildings and farms. They own a locally based construction company called Middlemarch Construction Ltd. which was set up in 1993 and who will undertake the works
min. loan (6 months)
24 month loan
This is a part conversion, part new build phased development being undertaken by experienced developers. Phase 1 is the conversion of the existing house and stable block. Phase 2 will involve construction of the new houses in the garden. The phasing will keep the loan amount and exposure at manageable levels. The initial loan of £700,000 towards the purchase represents 62% LTV.
Once the phase 1 works have been completed and we have provided a further £420,000 of lending towards the conversion costs the LTV will fall to 60% (inclu rolled up interest) based on RICS estimate of GDV of £2050000. The possible recycling of the loan will be subject to further due diligence and RICS valuation to ensure it meets our lending criteria.
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