Fully Funded

Liberal House, Studley, Nr Redditch B80 7LR

Liberal House, Bell Lane, Studley, B80 7LR

Developer: Paul Isbell

loan amount

£297,000

interest paid*

8%

funds pledged

£297,000

number of investors

73

% of target pledged

Fully Funded

project type

Commercial to residential conversion

loan term

up to 15 months

security

1st charge

project phasing

-

floor area

2787 sq.ft.

purchase price/value

£175,000

cost of work

£190,000

loan to value

70%

est. sales value (gdv)**

£500,000

owed at exit to gdv***

68%

strategy & vision

Liberal House, Bell Lane, Studley, Nr. Redditch B80 7LR comprises a traditionally built 2 storey detached commercial office property. Studley is a satellite village of Redditch comprising local shops, pubs, schools and a hospital. This bustling village is located 5 miles south of the M42. Redditch town centre is approximately 4 miles. Main employers of Redditch include AT+T, The Law Society and GKN. The population of Redditch is 65,000.

Studley has a population of just 6,000 people and provides excellent links and local amenities.

Planning has been granted to convert Liberal House into 2 X 3 bed apartments from Stratford BC planning ref. 16/01042. The borrower will implement the planning and then turn the property into 2 x 5 bed HMOs under PD rights.

The RICS valuation of existing property is £175,000, the price which the borrower is purchasing the property for.

RICS estimate of converted property with works completed (GDV) is £500,000.

CrowdProperty has agreed to lend the borrower £297,000 towards the purchase and conversion. Initially £122,500 will be lent towards the purchase with the remainder being drawn down in tranches on verification of our IMS reports. LTV 70% > 65.34% at completion of works and including rolled up interest.

The borrower has exchanged contracts. The loan term is a max of 15 months and will commence on 20th August 2018.

1st charge security will be offered.

exit strategy

On completion of the works the borrower will refinance and hold

the borrower
& project team

Paul has over 30 years experience at Bristol City Council as an Energy Service Manager having obtained a degree in Building Environmental Engineering.

Together with his wife Clare they formed Infinite Development Group Ltd (company number: 10497594) with the ambition to convert unloved commercial buildings and convert them into modern living space.

They moved into Property Buy to Lets in 2007 when they purchased 3 x 2 bedroom flats which they let on standard ASTs.

In 2014 they converted their family home in Bickley, Bristol into a 5 bed HMO, including installation of fire doors and smoke/heat alarms. This is now managed by local agents Piper Property.

Masefields a local practice of architects and surveyors based in Studley have been appointed to act to deliver this project. www.masefields.co.uk

Masefields are currently reviewing the shortlisted contractors tenders prior to recommending an appointment.

indicated return for your pledge
interest
total
6 month loan
£200
£5,200
18 month loan
£600
£5,600

CrowdProperty Comments


This is an excellent opportunity to convert a disused commercial property in a sustainable manner to meet the current housing needs.

The conversion of the property into 2 self contained flats will be completed within a 9-12 month period allowing time for Paul to refinance and redeem his loan to The Crowd.

The

CrowdProperty

Shield

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1st Charge Security
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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.

Your capital is at risk and you may lose all you lend. See our full risk warning for more information

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