Field Green Barn, Sponden Lane, Sandhurst, TN18 5NR provides a former agricultural building within a 4.6 acre site on the edge of The High Weald Area of Outstanding Natural Beauty. Local villages of Sandhurst and Hawkhurst are a short distance drive whilst the District centres of Tunbridge Wells and Ashford are approximately 10 miles to the north and east.
Already owned by the borrower Launch Pad Strategies Ltd. planning has been secured to convert the building into a pair of semi detached houses through Tunbridge Wells BC ref. 17/03348. The proposal will provide 3 storey accommodation of 4607sf each including open plan living accommodation, 4 bedrooms, integrated garaging and roof top terracing offering outstanding views across the Kent and Sussex countryside.
CrowdProperty have agreed to lend the borrowers £595,000 as part of a phase 1 raise for a term of 18 months. RICS valuation estimates current value of £850,000 so the initial loan represents a 70% LTV.
The borrower will return later to raise further monies to pay towards the conversion works. Estimated build cost is £1.2m with RICS view on sale prices at £1.1m each giving a GDV of £2.2m.
|Minimum 6 month Loan||Full 18 month loan period|
The borrowers will sell the development on completion of the works
15 years experience in the South West Kent property market. The company specialises in the residential, conversion, commercial to residential and new build market, generally concentrating on the £200,000 - £2m lot sizes.
The borrowers 1st spoke to us about this in early 2017. At the time they did not have planning and with our policy of only lending where there is a planning consent we were not able to assist them. Now with a planning consent to convert the barn into 2 houses this opportunity fits our lending criteria and we are happy to be able to support such a scheme.
* 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