The site is situated to the rear of 31, Birling Road, Tunbridge Wells TN2 5LY. Access is via an adjacent public road - Highgrove. The land is situated in a privately owned residential area about 1 mile south of Tunbridge Wells town centre.
Planning has been granted to build a 2 bedroom 2 reception room detached bungalow under planning ref. 17/03473. The accommodation will provide 1217sf of accommodation together with garden and driveway.
The borrowers are purchasing the site for £175,000. The RICS valuation states a value of £250,000.
Once built the property is expected to be worth £550,000 - RICS verified.
CrowdProperty have agreed to lend them £300,000 in two phases.
£122,000 towards a purchase price of £175,000
£178,000 phase 2 will be released in stages as verified by our Independent monitoring surveyor.
This represents a LTV of 70% reducing to 61% at completion of the works.
The borrowers will be 31BR Ltd part of the JVIP Group of companies, a family business run by Richard and Peter Dabner. They are highly experienced developers with an excellent knowledge of the local area, having completed numerous projects within the vicinity. 31BR Ltd have already exchanged on the purchase of this property and will complete the purchase on the 16th March.
The Dabners are well known to CrowdProperty; they have borrowed and returned in full to us on two separate occasions. They are also currently constructing 2 new houses nearby, with a £460,000 loan from CrowdProperty, which is due to be repaid in January 2019.
CrowdProperty is also tyiing up a loan agreement with them on a project we launched at the end of February.
|Minimum 6 month Loan||Full 15 month loan period|
Sell in the open market
15 years experience in the residential development market in the South West Kent area, and in particular Tunbridge Wells.
This will be our 5th raise for this group of companies. 2 loans have been repaid in full whilst one is due back in January 2019. 2 further loans including this one will commence in the next few days.
* 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