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
|Minimum 6 month Loan||Full 15 month loan period|
The developer will either sell the completed flats or refinance and let
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.
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.
* 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