The opportunity provides a cleared site either side of Church Street, Hastings, East Sussex TN35 5AQ.
Planning has been granted (ref. HS/DS//17/00194) for the development of 5 houses including:-
one x two bedroom detached house
two x three bedroom detached houses
two x two bedroom semi-detached houses.
The site is situated to the northern side of Hastings town centre a short distance from the major facilities including the Priory Meadow shopping complex.
Hastings has a population of 90,000 and is situated 53 miles south of London via the A21. Regular trains into London Charing X take about 1 hour 15 mins.
RICS valuation of the site is £430,000 from which we have agreed to lend the borrower £300,000 representing 70% of valuation. This is phase 1 or a 2 phase raise. Phase 2 will be offered in Q3 2018 when the borrower has undertaken detailed design and tendered the works. Estimated cost of the works is circa £600,000 with out turn GDV expected to be £1.45m - RICS view. The loan is for a term of 15 months (max).
The borrower is Forte Bailey Ltd co. reg. no. 07632712. Previous developments include, flat scheme in Watford, a terrace of 3 town houses in Tunbridge Wells and pair of 4 bed contemporary houses also in Tunbridge Wells.
The 4 directors of Forte Bailey include Peter Dabner who is well known to CrowdProperty through his JVIP Group of companies and a number of loans we have entered into 2 of which have been paid back in full.
|Minimum 6 month Loan||Full 15 month loan period|
Build out and sell.
Forte Bailey is a company with 4 directors, one of whom, Peter Dabner we know well. There web site www.fortebailey.co.uk provides details of previous developments totaling 13 residential units in Watford and Tunbridge Wells.
Announcements of improvements to the rail network to London via Ashford has meant Hastings will be able to provide faster connectivity and enhance its attraction as a commuter town. House prices are more competitive in this town and therefore more affordable. Grant money has been pouring into the town to improve infrastructure including the Hastings Pier which has been rebuilt after it was destroyed by fire in 2010.
CrowdProperty are pleased to support this opportunity, in terms of resurgent town and experienced 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