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31-33, St Johns Street, Bridgwater forms part of a mid terraced 2 and 3 storey building within a mixed parade of shops/commercial and residential upper areas.
A William Hill Betting shop sits on the ground floor and does not form part of the opportunity. Planning has been granted ref: 08/17/00250 by Sedgemoor BC to convert the vacant areas to 16 bed HMO together with on site car parking.
St Johns Street is situated to the east of the town centre and connects with the ring road and junctions J23 and J24 M5 a further 1 mile to the north and south. Trains to London are 2.5 hours via Taunton, or Bristol 1.10 hours via Weston Super Mare.
Bridgwater has a population of 41,000 with largest employers including Argos, Bowerings Animal Feeds, Gerber drinks and Toolstation. Hinkley Point Power station is approx. 5 miles to the north west being constructed by EDF Energy. This is the first new nuclear power station in the UK for a generation and throughout its 10 year construction, the development is likely to create over 25,000 new employment opportunities.
The borrower will be Luke Abbott who has exchanged on the purchase of the property and will complete on May 1st 2018. He has purchased the property in an SPV - LWA Investments Ltd (Company Registration Number - 10814656).
CrowdProperty has agreed to lend £475,000 for a period of 15 months
RICS view of expected value at out turn of project £1,000,000
Purchase price £230,000 with RICS view of current value having achieved planning - £400,000.
Estimated build cost - £300,000
The loan will be released in phases. Phase 1 - £175,000 – towards the purchase price and phase 2 - £300,000 released in tranches on IMS verification. Loan term 15 months max.
LTV is 43.75% < 53% (including rolled up interest).
Borrowers exit strategy is to refinance and hold as long term investment.
1st charge security on the property will be offered in favour of CrowdProperty.
Re finance and hold long term as an investment
Developer has appointed a team with more than 15 years experience
Concentrating in Bristol, Taunton and Bridgwater he has completed a number of projects and built up a portfolio of HMOs and single lets including:
Conversions to co-living – 10 bed conversion in Bridgwater
Renovations - Taunton
New build - Kilmington
Extensions - various
Barn conversions - Crewkerne
Structural work – renovation and attic extension in Taunton
Member of The Federation of Master Builders
6 month loan
18 month loan
The development of Hinkley Point nuclear power station a few miles to the north west will provide a welcome economic boost. The town will require additional accommodation to house the Contractors and Suppliers linked to this project and CrowdProperty believe this project will go some way to fulfilling this demand.
Our in-house property experts thoroughly assess each project proposal. We scrutinise the developer and any of their partners’ track records. Only the most promising projects, by the most experienced developers, will receive an informal offer. CrowdProperty will only work up to certain loan-to-value and loan-to-cost percentages, and each project must meet our 25% profit-on-cost criteria. For more information please view our risk statement.
A ‘1st legal charge’ gives CrowdProperty the legal right to take ownership of a property in the unlikely event that a property professional defaults on their loan repayments. 1st legal change is the highest level of security and gives CrowdProperty all the rights that a mortgage company holds. We have 1st legal charge on every project listed on our platform. This is an essential, non-negotiable criterion to ensure your funds are safe.
Our in-house experts perform strict and rigorous checks on all projects proposed. With almost 100 years’ experience in the industry, we work in partnership with our borrowers. We work in partnership with our borrowers until project completion. If a borrower were to default, CrowdProperty’s 1st legal charge allows us to take ownership of the project. Here we would utilise industry experience to ensure the most suitable exit strategy was followed.