Paid Back in Full

124 Felix Road, West Ealing, West London, W13 0NU

Developer: Ayokunle Afonja

loan amount

£535,000

interest paid*

8%

funds pledged

£535,000

number of investors

124

% of target pledged

Fully Funded

project type

Conversion of existing residential property to multiple units

loan term

up to 15 months

security

1st charge

project phasing

1 of 1

floor area

-

purchase price/value

£650,000

cost of work

£120,000

loan to value

70%

est. sales value (gdv)**

£950,000

owed at exit to gdv***

63.37%

strategy & vision

124 Felix Road, Ealing, comprises a 3-bedroom property with planning permission to convert into 1 x 1-bedroom apartment and 1 x 2-bedroom, to include a loft conversion and ground floor extension. The developer purchased the property in late 2017 for £650,000.

Ealing is situated approximately 10 miles west of Central London. The transport network boasts 3 overground railway stations and easy vehicular access to the North Circular Road and Westway. In 2019/20 Ealing will host the future Cross Rail service.

The developer intends to provide a high standard of finishes with fitted kitchens, integrated appliances and luxury bathrooms.

CrowdProperty has agreed to lend £535,000 in 2 phases; £455,000 phase 1 and £80,000 towards the conversion works. This is based on a RICS view of current value at £650,000 and a GDV of £950,000. LTV will be at 70% > 63.6%. The term of the loan will be a max of 15 months.

The borrower will be Bergamo Properties Ltd owned 100% by Ayo Afonja company registration no.: 10978688

exit strategy

The developer will either sell the completed flats or refinance and let

the borrower
& project team

Over 10 years in real estate management, refurbishments and property conversions. The borrower has established a team of professionals with over 20 years combined experience in the property development industry.

indicated return for your pledge
interest
total
min. loan (6 months)
£200
£5,200
15 month loan
£600
£5,600

CrowdProperty Comments


This is a classic conversion of an existing property into 2 units, title split and sell. With planning consent granted and already owned by the borrower, work will commence immediately.

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*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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