Plots 61-64, The Point, Pennar Park, Ocean Way and Haven Drive, Pembroke, SA72 6RA

Nick Robbins

Finance Required
Development funding
Funds Pledged
£174,000
% of Target Pledged
100%
Interest paid*
8%
Est. Sales Value (GDV)†
£500,000
Loan Amount
£174,000
Loan to value (LTV)
40%
Loan term
Up to 18 months
Strategy & Vision for the Development

Plots 61-64, Pennar Park, Pembroke is a residential development site with planning for the development of 120 houses. 63 houses have already been built. All of the infrastructure is currently in place including the estate roads of Ocean Way and Haven Drive. The drainage is also constructed. Planning consent ref. no. 12/0892/PA is live by virtue of the earlier phases.

The site is well established and comprises a mix of both owner occupied properties and holiday lets. Pennar Point is a secluded site approximately 1 mile west of Pembroke town centre. Pennar 18 hole Golf Course is immediately to the east.

The Site is surrounded to the north by Milford Haven, the Pembroke river inlet to the east and the Pembroke river to the south which leads to Pembroke town centre and Pembroke Castle.

Plots 61-64 are being purchased for £400,000 by Pennar Park Ltd who already owns and has commenced construction of the adjacent plots 83-86 and 88 with funding through CrowdProperty of £769,000. CrowdProperty agree that plots 61-64 are a natural extension of this and the borrower intends to commence this phase in about 12 months once the current phase has been built and sold. He already owns plot 60 which forms part of this block.
The borrower is purchasing the land for £400,000. The RICS valuation is £500,000. CrowdProperty has agreed to lend £174,000 for up to 18 months which equates to £43,500 per plot. The max loan to value assuming the loan goes full term will be 40%.

Indicated return for £1,000 pledge
  Minimum 6 month Loan Full 18 month loan period
Pledge £1,000.00 £1,000.00
Interest £40.00 £120.00
Total repaid £1040 £1120
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

Hold for future development, seek re finance to include monies towards the construction of this phase and repay existing lenders.

Projected Costs
Purchase Price
£400,000
Total Cost of Project
£400,000
Projected Returns
Projected Profit
£100,000
The Developer

Pennar Park Ltd (the borrower) is 100% owned by Nick Robbins.
Nick is a Certified Accountant who moved into property in 2010 following a corporate career with Corin and Johnson and Johnson
He undertook his 1st development at Pennar Point in 2011 building 5 townhouses and retaining 2.
He has also built 2 x semi-detached properties in Rochdale, Greater Manchester in 2013 and 4 houses in Craven Arms, Shropshire in 2016

CrowdProperty Comments

CrowdProperty were going to include the loan of plots 61-64 in the earlier raise but were uncomfortable with some legal aspects so had to withdraw this.
These matters have now been resolved and our solicitors confirm that we can move forward on the loan.
With a LTV at exit of 40% this is well within our lending criteria. Furthermore the purchase of these plots creates the next phase to the development and joins plot 60 is which already owned by the borrower.

* 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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