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

Luke Abbott

Finance Required
Development funding
Funds Pledged
£475,000
% of Target Pledged
100%
Interest paid*
8%
Est. Sales Value (GDV)†
£1,000,000
Loan Amount
£475,000
Loan to value (LTV)
43.75<53%
Loan term
Up to 15 months
Strategy & Vision for the Development

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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.

Indicated return for £1,000 pledge
  Minimum 6 month Loan Full 15 month loan period
Pledge £1,000.00 £1,000.00
Interest £40.00 £100.00
Total repaid £1040 £1100
Your capital is at risk if you lend to businesses that develop property. You may lose all of what you lend. See our full risk warning for more information.
Exit Strategy

Re finance and hold long term as an investment

Projected Costs
Purchase Price
£230,000
Total Cost of Project
£539,800
Projected Returns
Projected Profit
£460,200
The Developer

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

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.

* 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

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