Fully Funded

31-33 St John Street, Bridgwater, TA6 5HR

Developer: Luke Abbott

loan amount

£475,000

interest paid*

8%

funds pledged

£475,000

number of investors

117

% of target pledged

Fully Funded

project type

Commercial to residential conversion

loan term

up to 15 months

security

1st charge

project phasing

-

floor area

-

purchase price/value

£230,000

cost of work

£300,000

loan to value

43.75%

est. sales value (gdv)**

£1,000,000

owed at exit to gdv***

53%

strategy & vision

To see CGI interior view, please visit: https://roundme.com/tour/256058/view/760783

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.

exit strategy

Re finance and hold long term as an investment

the borrower
& project team

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

indicated return for your pledge
interest
total
6 month loan
£200
£5,200
18 month loan
£600
£5,600

CrowdProperty Comments


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.

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
Unparalleled expertise
more
*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.

Your capital is at risk and you may lose all you lend. See our full risk warning for more information

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