Fully Funded

Barnbrook Building, Barnbrook Street, Bury, BL9 7DT

Developer: Fabio Frisenda

loan amount

£500,000

interest paid*

8%

funds pledged

£499,500

number of investors

121

% of target pledged

Fully Funded

project type

New development (eg new build, self-build, air rights etc)

loan term

up to 12 months

security

1st charge

project phasing

-

floor area

-

purchase price/value

£230,000

cost of work

£395,000

loan to value

70>68.75%

est. sales value (gdv)**

£800,000

owed at exit to gdv***

-

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

the borrower
& project team

Barnbrook Bury Ltd has been set up to purchase the building and background on the 3 directors is as follows;
Mark Knight owns 4 HMO’s which he converted and is currently buying his 5th
His experience includes completion of 2 x office to residential developments and 1 x new build
He runs an IFA business in Bristol and has 20 staff
Fabio Frisenda has been in the property industry for 20 years starting in Agency and working for Century 21 Real Estate group (near Paris) 
2005 he was Co-Owner of a Property investment company (near Paris) sourcing and investing in renovation projects + flips on plots of Land 
2011 to 2017  Property investor (in the UK) and set up Investimmo Limited - Sourcing and investing in Commercial buildings to create HMOs. 
Piotr has run a building company in the UK since 2007 specialising in extensions, extensive refurbishments and commercial to residential conversions
Recently converted a pub into 20 ensuite bed hostel in Liverpool
Finishing the conversion of 2 former NHS buildings into 26 ensuite bedrooms HMO in St Helens
He owns 11 other properties in London and Manchester including a mix of HMOs and single lets

indicated return for your pledge
interest
total
6 month loan
£200
£5,200
18 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

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*Please see full risk warning
**Estimated Sales Value is more formally referred to as GDV - Gross Development Value
***Interest Cover is a measure of the project's ability to cover the interest payments from profits. 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 and you may lose all you lend. See our full risk warning for more information

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