Fully Funded

141-149 London Road, Tunbridge Wells, TN4 0NA

Developer: JVIP (Kent) LTD

loan amount

£350,000

interest paid*

8%

funds pledged

£348,000

number of investors

75

% of target pledged

Fully Funded

project type

-

loan term

up to 18 months

security

1st charge

project phasing

-

floor area

-

purchase price/value

£350,000

cost of work

£330,000

loan to value

70%

est. sales value (gdv)**

£1,020,000

owed at exit to gdv***

-

strategy & vision

The existing property comprises a grade 2 listed former Chinese restaurant. Listed planning has been granted for the conversion of the property into 3 self contained town houses, granted by Tunbridge Wells Borough Council (THBC) - ref. 17/03335.

This area of Southborough, Tunbridge Wells is earmarked for a new £30m town centre re development to include new commercial and residential development and is being jointly brought forward by TWBC, Cala and JVIP Group of Companies. The area will be known as Southborough Hub and include a new library and theatre.

JVIP Group of Companies (The Dabners) are one of our established borrowers and they have owned the property for about 2 years. There offices are directly opposite. This particular property is held in a SPV called Water Margin Ltd Co. Reg. No. 10855934

The 3 town houses will be arranged over 3 floors and all have the same layouts as follows:-
Ground floor – open plan living room/dining room, kitchen and cloakroom/WC
First Floor – Bed 1 and bathroom
2nd Floor – Bed 2

Externally the houses will have small courtyard gardens at the front and rear. Each house will include their own private off road car parking space. There will be a private pedestrian right of way from the main road (A26) so each householder has pedestrian access to the rear.
Each house will have the same floor area of 527sf except house 1 which will be slightly larger as it is end of terrace.

The property is located on A26 within Southborough neighbourhood centre. Southborough is an extension of Tunbridge Wells approx. 2 miles to the south. Access to UK road network via A21 2 miles to the north

The conversion works are estimated to take 30 weeks and the borrower intends to sell the completed development. Cost of works is estimated at £330,000.
The loan terms will be 18 months and as with all our opportunities a 1st charge security will be registered at the Land Registry.

RICS valuation of existing property with the benefit of planning permission is £600,000.

The RICS estimate of GDV is £1,020,000 and once the conversion works of the 3 properties has been completed.

CrowdProperty has agreed to lend the borrower £350,000 as phase 1 of a 2 phase raise with phase 2 being £250,000 and set against the conversion works. The total amount CrowdProperty has agreed to lend will be £600,000. The loan is due to commence on 21st September 2018.

The Phase 2 raise is expected to be launched in Q1 2019 and will only be drawn on Independent Monitoring Surveyors verification.

exit strategy

The borrowers will build out the units and sell on completion

the borrower
& project team

The developer is a family run business based In Tunbridge Wells, Kent. They are very experienced, having successfully completed over 30 projects during the last 15 years, consisting of extensions, conversions and new builds
They have borrowed and returned in full from CrowdProperty on 2 separate occasions. The first project was the conversion of the former Flying Dutchman public house into 4 Flats and two commercial units which is now their offices immediately opposite this opportunity. They are also nearing completion on the construction of 2 town houses about 1 mile away.
They currently have 5 other projects funded by us in Tunbridge Wells x 3, Sandhurst and Hastings.
These comprise 2 x conversion projects and 3 x new builds

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

CrowdProperty Comments


This will be The Dabners 8th loan with CrowdProperty, two of which have been paid back in full. This conversion is directly next door to the £30m Southborough Hub redevelopment scheme and will transform the town. Whilst the building is listed this is a relatively straight forward conversion of a run down former chinese restaurant and a return to its former use as 3 town houses. The companies offices are directly opposite the development.

The

CrowdProperty

Shield

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1st Charge Security
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*Please see full risk warning
**Estimated Sales Value is more formally referred to as GDV - Gross Development Value
***Interest Cover is a measure of the project's ability to cover the interest payments from profits. 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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