Hinton St George, Somerset, TA17 8SL is situated 4 miles north west of Crewkerne, 12 miles south west of Yeovil and 17 miles south east of Taunton.
Crewkerne Railway Station is based on the West of England mainline approx. 5 miles from Hinton St George with trains to Exeter (50 mins) and London Waterloo (2.5 hours).
Hinton St George is a popular and affluent South Somerset village with a population of circa 442 (2011 Census). The village includes a primary school, pub and village store.
The site is situated on the East side of the village and has been in the ownership of the same family for nearly 40 years. It is rectangular in shape with a level topography and totals approx. 1.02 acres. Access to the site is directly off Merriott Road a public highway. There is a private farmers right of way from Merriott Road through the site to access the rear field. The land is unencumbered and the borrowers have covered all planning and technical fees - circa £150,000 - from their own resources.
Planning consent was granted ref. no. 17/02545/FUL on 19th April, 2018 by South Somerset Council. A further application no. 18/01345/S73 has been lodged to vary internal layouts, window positions, the removal of car ports and minor external alterations. A decision is pending on these alterations.
The total no. of new units to be erected will be 10 ranging from 2 – 4 bedroom houses. There is no Affordable Houses required within the planning consent. Construction will be high quality traditional 2 storey, local “ham” stone elevations under pitched and hipped roofs.
The breakdown of the sizes of the houses are as follows:-
Plot No Description Area
Plot 1-3 3 x 2 bedroom house 811 sq ft each
Plot 4 1 x 4 bedroom house 1354 sq ft
Plot 5-6 2 x 3 bedroom house 1026 sq ft each
Plot 7 1 x 3 bedroom house 1018 sq ft
Plot 8 1 x 4 bedroom house 1231 sq ft
Plot 9 1 x 4 bedroom house 1246 sq ft
Plot 10 1 x 4 bedroom house 1331 sq ft
Total floor area: 10,665 sq ft (991 sq m)
CrowdProperty has agreed to lend the borrower £2,800,000 over 5 phased raises as follows:-
First phase raise of £455,000 on site value of £650,000 - RICS verified.
4 Subsequent raises of about £586,000 to fund the construction phase in months 3, 6, 9 and 12.
All phases will have the same loan expiry date being 18 months after commencement of the 1st phase.
All raises will have equal security by way of 1st charge on the land.
The initial sum transferred of £455,000 represents 70% LTV against a land value of £650,000 - RICS verified. Subsequent raises will be drawn by the borrower on reaching certain milestones during the construction phase and only once our IMS has inspected the works and verified there completion.
The build programme is estimated to be 48 weeks and the borrower expects to be on site at the end of September 2018.
Anticipated Loan to Value at expiry (inclu rolled up interest based on the above phased draw down) will remain at 70%.
RICS view on GDV is £4,345,000 for the completed development representing sales prices of £407psf.
Legal Completion of documentation and start of loan will be 10th August 2018.
Build out in one phase and sell
min. loan (6 months)
18 month loan
Whilst this may be the borrowers 1st residential development scheme they have demonstrated their professional approach to bringing the site forward. They have built the Consulting team around them, secured a qualifying planning consent and are now moving into the construction phase of the development. They have spent over £150,000 of their own money on securing planning and addressing the technical fees.
Moreover their existing portfolio provides a quality and well run business.
Our in-house property experts thoroughly assess each project proposal. We scrutinise the developer and any of their partners’ track records. Only the most promising projects, by the most experienced developers, will receive an informal offer. CrowdProperty will only work up to certain loan-to-value and loan-to-cost percentages, and each project must meet our 25% profit-on-cost criteria. For more information please view our risk statement.
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Our in-house experts perform strict and rigorous checks on all projects proposed. With almost 100 years’ experience in the industry, we work in partnership with our borrowers. We work in partnership with our borrowers until project completion. If a borrower were to default, CrowdProperty’s 1st legal charge allows us to take ownership of the project. Here we would utilise industry experience to ensure the most suitable exit strategy was followed.