Fully Funded

Field Green Barn, Sponden Lane, Sandhurst, TN18 5NR - Phase 1

Please note, for this project, pledges will be limited to a maximum of £0 until 10.05am. After 10.05am, you can create pledges larger than £0 or increase the size of your pre-existing pledge. This is subject to the project amount remaining which needs to be raised.

loan amount

£595,000

interest paid*

8%

funds pledged

£595,000

number of investors

113

% of target pledged

Fully Funded

project type

New development

loan term

up to 18 months

security

1st charge

project phasing

1 of 2

total loan facility

-

floor area

-

rics valuation

£850,000

cost of work

£1,200,000

est. sales value (gdv)**

£2,400,000

initial loan to value

70%

loan to gdv

24.79%

owed at exit to gdv***

70.00%

strategy & vision

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.

exit strategy

The borrowers will sell the development on completion of the works

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

18 month loan

£600

£5,600

CrowdProperty Comments


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.

The

CrowdProperty

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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.

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Your capital is at risk. No FSCS protection. Past performance is not an indicator of future results. Tax treatment depends on individual circumstances and may change. full risk warning.

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