Fully Funded

Barnbrook Building, Barnbrook Street, Bury, BL9 7DT

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

£500,000

interest paid*

8%

funds pledged

£500,000

number of investors

122

% of target pledged

Fully Funded

project type

New development

loan term

up to 15 months

security

1st charge

project phasing

1 of 1

total loan facility

-

floor area

-

rics valuation

£230,000

cost of work

£395,000

est. sales value (gdv)**

£800,000

initial loan to value

73.48%

loan to gdv

62.50%

owed at exit to gdv***

70.33%

strategy & vision

Barnbrook Buildings, Barnbrook Street, Bury BL9 7DT comprises a detached former 2 storey Victorian Mill situated on the edge of Bury town centre. Bury is a satellite town approximately 5 miles north of Manchester and has a population of about 78000. It formed part of the centre of the textile revolution during the 19th Century. Major employers today include the NHS, Education and Local Authority with a further 8,000 employed in the retail sector.
The building has a floor area of 498m2 and planning permission has been granted to convert the property into 5 x 3 bed flats. planning ref. no. 62336. From this the developers intend to create 5 separate HMOs with a total of 24 bedrooms to include ensuites via Permitted Development Rights.

The RICS valuer has valued the existing property at £230,000 and the out turn value at £800,000. The cost of the works is expected to be £395,000.
CrowdProperty have agreed to lend a total of £500,000; £169,000 towards the purchase and £331,000 towards the conversion costs. The £331,000 will be released in phases subject to the IMS verification.

The borrower will be Barnbrook Bury Ltd - company reg. no. 11321513 - a SPV set up to own this property. The directors and owners are Fabio Frisenda, Piotr Szydlik and Mark Knight.
Barnbrook Bury Ltd will either sell the converted property or refinance and hold.

exit strategy

Sell or Refinance

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

15 month loan

£600

£5,600

CrowdProperty Comments


The borrowers are well experienced in the Manchester HMO market having completed a number of similar projects. They tend to sell their projects on at completion but are keeping an open mind on this one as they believe its close proximity to Bury town centre makes this an ideal HMO for the professional market

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.

share this project

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.

ask a question
TrustPilot
Property Awards
Property Awards
AltFi
Growth Finance
Birmingham Post
Money Net Awards
spacer
P2P Finance News
Bridging and Commercial
UKBAA
Money Age
Money Age
spacer
peer2peer Finance Association
Brismo Verified
ECN Gold Member
UK CrowdFunding
spacer
UKPropTech Association
Trusted Land
Qandor
spacer
As featured in...
financial times
the times
City AM
Daily Mail
FT Weekend
The Sunday Times
Which?
Investors Cronicle
The is money
Business Life
Die welt
Forbes
Property Week
EG
Development Finane Today
Property Investors News
YPN
Property TV
Peer2Peer Finance News
altfi
PlaceTech
UKTN
Angel News
University of Cambridge - Judge Business School