Fully Funded

Former Railway Inn, 28 Kings Road, Barnetby, Lincolnshire, DN38 6HJ

Developer: Lewis Dillon

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

£215,000

interest paid*

8%

funds pledged

£215,000

number of investors

52

% 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

6528 sq.ft.

purchase price/value

£250,000

cost of work

£354,000

loan to value

40%

est. sales value (gdv)**

£620,000

owed at exit to gdv***

38.2%

strategy & vision

ABOUT THE PROJECT

Barnetby le Wold is a village and civil parish in North Lincolnshire approx 16 miles west of Grimsby and 13 miles east of Scunthorpe. The village has a population of approx. 1,741. The site totaling about .41 acres has planning consent for the development of 3 pairs of semi detached houses under planning ref. 2017/1989 granted by the North Lincolnshire Council. Building works have started with plots 1, 2, 5 & 6 constructed to DPC levels and plots 3 & 4 completed externally (wind and watertight) and now requiring internal fit out.

RICS valuation of the property in its existing condition is £250,000

RICS estimate of completed development (GDV) is £620,000

CrowdProperty has agreed to lend the borrower £215,000 in a single raise for the completion of plots 3 and 4 and build out of plots 1 & 2

12 months (max) loan term

1st charge security provided as registered with the Land Registry

LOCATION AND DESCRIPTION

Barnetby le Wold is a small village situated in north Lincolnshire and within a short distance of Barnetby Top. Barnetby Top provides good links to Kingston upon Hull via the A15, Grimsby via the A180 and Scunthorpe via the M180. The village benefits from the Barnetby railway station, less than 1 mile from the property with hourly trains into Sheffield and Doncaster. Humberside International Airport is approx. 4 miles from the village with daily services to Amsterdam and Aberdeen.
The village supports primary and secondary schools rated outstanding by Ofsted and also benefits from other commercial amenities including:
St Barnabas primary school Church of England primary school 0.5 miles away
Barnetby Railway station 0.5 miles
Barnetby Medical Centre 0.3 miles
Humberside International Airport 4 miles
Barnetby village hall 0.4 miles
Barnetby post office 0.2 miles

The site is regular in shape. The development will provide traditionally built 2 storey houses under pitched concrete tiled roofs. Plots 1, 2, 5 & 6 have been partially constructed to damp proof course whilst plots 3 & 4 are wind and watertight . Plots 1 & 2 are located to the front of the site 3 & 4 to the middle and 5 & 6 to the rear of the site. The houses will be 2 storey house providing 3 bedrooms and an internal floor area of 1,088 sq. ft. each.

OVERVIEW OF FINANCIALS

The site is currently unencumbered. CrowdProperty has agreed to lend the borrower £215,000 in a single raise for the completion of plots 3 and 4 and build out of plots 1 & 2. £100,000 will be drawn day 1 based on a RICS valuation of £250,000 representing 40% LTV. The estimated total cost of works is £354,000 and the remaining loan will be drawn in stages based on Independent Monitoring Surveyors verification. The amount owed at exit to GDV and once works have been completed will represent a LTV of 38.1% including rolled up interest.

1st charge security will be provided as registered in the normal way with the Land Registry.

The loan term will be a max 12 months and we are targeting a start date of 11th January 2019. Once the works have completed the borrower intends to sell the completed development.

exit strategy

The borrower will complete the developments of plots 1, 2, 3 and 4 and sell

the borrower
& project team

The borrower is Lewis Dillon. He has been a Landlord in North Lincolnshire since 1990. In this time he has built a property portfolio which includes:

Built a single house in Briggs North Lincolnshire (2017)
Built 5 houses in North Lincolnshire (2015)
Refurbishment and refinance of 5 houses in Essex (2010)
Conversion of houses to flats in North London (2005)

He has appointed James Smith Construction Ltd as his main contractor. James Smith Construction is a local building company with over 10 years experience in various aspects of property development including plumbing, plastering, electrical, roofing and landscaping. http://www.jamessmithconstruction.co.uk/

Some of their recent projects include:

New build in Flixborough
New Builds, Belton
Barn conversion in Belton
Conservatory conversion in Epworth
Extension in Burton-upon-Stather
A major extension, patio area and garden wall added to the Old School Inn, Epworth
Refurbishment of a Rohan shop in Harrogate

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

CrowdProperty Comments


Lewis has a proven track record with a sound strategy for this project. Furthermore the LTV is lower than our usual offerings reducing the risk profile.

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.

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