Fully Funded

Trelawne, Porthrepta Road, Carbis Bay, St Ives, Cornwall, TR26 2LB

Please note, for this project, pledges will be limited to a maximum of £2500 until 10.05am. After 10.05am, you can create pledges larger than £2500 or increase the size of your pre-existing pledge. This is subject to the project amount remaining which needs to be raised.

loan amount

£590,000

interest paid*

8%

funds pledged

£589,991

number of investors

115

% of target pledged

Fully Funded

project type

New development

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

floor area

-

purchase price/value

£600,000

cost of work

£207,000

loan to value

70%

est. sales value (gdv)**

£965,000

owed at exit to gdv***

67.27%

strategy & vision

Trelawne, Porthrepta Road, Carbis Bay, St. Ives, TR26 2LB is located within easy walking distance of Carbis Bay which includes a vibrant restaurant sector and internationally renowned galleries such as the Tate St. Ives and the Barbara Hepworth Museum.
The main A30 trunk road is 3 miles away and connects to the M5 at Exeter whilst the mainline train station at St. Erth is also 3 miles away, offering direct trains to London. Porthrepta Road is a well established residential district of the town which connects to the fishing and resort town of St. Ives on the north Cornish coast. St Ives has become well known for its picturesque views and has 3 of the 8 Blue Flag beaches in Cornwall (Carbis Bay being one of them). Other amenities close to the property include, Carbis Bay train station, The Parish Church of Saint Anta and All Saints, Carbis Bay, Tesco Superstore and St. Unys C of E school.
In 2014 Cornwall attracted approximately 4.3m holiday visitors and a total of 14.7m day visitors generating £2.6bn of business to the economy and supporting 53,000 jobs.
Trelawne comprises a traditionally built C1900 Edwardian 2 storey semi detached house and has been owned by the borrower since 2006. He has secured Planning through Cornwall Council - ref. PA17/06897 for the construction of a new detached 4 bed dwelling in the garden. The new property will have a floor area of 188m2.
Having commenced the ground works he is seeking funding to complete the construction of the new house.
RICS valuation of existing property with the benefit of planning permission is £600,000.
RICS estimate of GDV of existing house and completed new house is £965,000.
Estimated build cost of the new house is £207,000. Rolled up interest, contingencies and selling fees are estimated at £175,000 giving a total cost of £767,000 and providing the borrower with an estimated profit on cost of 25.8%.
Upon completion of the new building the borrower intends to title split, sell Trelawne, re-finance the completed new build and live in it.

CrowdProperty have agreed to lend the borrower £590,000 in a single phase. £420,000 will be released as phase 1 to pay off his existing mortgage of £385,000 and recoup his initial construction costs. The remaining £170,000 will be drawn on our Independent Monitoring Surveyors verification that the works are progressing.

The loan term will be for a maximum period of 12 months.

As with all CrowdProperty projects this loan is secured by means of a Land Registry registered first legal charge on the land.

exit strategy

The borrower will complete the works on the new house, sell Trelawne, refinance the new property onto a standard mortgage and live there.

indicated return for your pledge
interest
total
min. loan (6 months)
£200
£5,200
12 month loan
£600
£5,600

CrowdProperty Comments


This is a classic example of owner occupier adding value by securing planning for a new build in his garden. Roger has demonstrated his ability to secure planning and move forward with the construction of the new house. The foundations have now been laid and the delivery of the timber frame is programmed for 3rd week in August adding further proof that he has the ability to project manage the development. Furthermore he has a well planned exit strategy to repay The Crowd.

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
Unparalleled expertise
more
*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.

Your capital is at risk. No FSCS protection. Past performance is not an indicator of future results. Tax treatment will depend on individual circumstances and may be subject to change. See our full risk warning.

ask a question
As featured in...
Peer2Peer Financing Association
UK crowdfunding
UK Proptech Association
Brismo