Fully Funded

4 & 5 Station Cottages, London Road, Six Mile Bottom, Cambridge, CB8 0UJ - Phase 1

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

£611,000

interest paid*

8%

funds pledged

£611,000

number of investors

158

% of target pledged

Fully Funded

project type

New development

loan term

up to 15 months

security

1st charge

project phasing

1 of 2

total loan facility

-

floor area

-

rics valuation

£918,000

cost of work

£488,000

est. sales value (gdv)**

£1,655,000

initial loan to value

66.56%

loan to gdv

58.79%

owed at exit to gdv***

66.00%

strategy & vision

4 & 5 Station Cottages, London Road, Six Mile Bottom, Cambridgeshire, CB8 0UJ is a pair of former railway cottages situated in a small hamlet either side of the Cambridge to Ipswich railway line.

Six Mile Bottom has a population of 84 (2006 stats) and is located midway between Cambridge and Newmarket.

To the northeast of the village is Newmarket racecourse and 100-year-old Thoroughbred National Stud. Cambridge has a population of approximately 123,867. Famous for its historical University the city boasts a number of diverse industries including R + D, Engineering, Software and Pharmaceutical.

The borrower has exchanged on 4 & 5 Station Cottages and completion has been set for 26th September 2018.

Planning has been secured through South Cambridge District Council – ref. S/0640/18/FL for the renovation and re-organisation of numbers 4 & 5 Station Cottages together with the construction of a new attached house and a further separate house in the gardens. The properties will benefit from a mix of private and communal car parking to the rear of each property. The 2 existing properties are both 3 bed 2 storey properties of 97m2 and 115m2 each.

The new builds will comprise:

A new two storey, two bedroom house on the side of No. 5 so that No. 5 becomes a mid terraced property and the new property becomes end of terrace (No. 6). No. 5 will total 87m2.

A new five bedroom detached chalet bungalow to the rear gardens of no.4 & 5 Station Cottages. This chalet bungalow will be looking out onto open farm land. The property will have a floor area of 246m2.

The RICS valuation of the existing property with the benefit of planning is £918,000.

The RICS estimate of GDV is £1,655,000, broken down as follows:-

No. 4 - £300,000 - renovated 3 bed mid terrace property
No. 5 - £345,000 - renovated 3 bed mid terraced property
No. 6 - £295,000 - New build 2 bed end of terrace property
No. 7 - £715,000 - New build detached 5 bed property

The estimated cost of works for this project is £488,000. Together with the purchase price, professional fees, cost of works, cost of finance and contingencies, total costs are estimated at £1,323,000 giving an estimated out turn profit of £332,000 or 25% profit on cost.

CrowdProperty has agreed to lend the borrower £973,000 across a 2 phase raise and for a maximum term of 15 months. The first raise will enable the borrower to purchase the properties. The second tranche will be raised in October 2018 and 1 month after the commencement of works on site.

The borrower intends to sell Nos. 4 + 5 as soon as he has completed the conversion works and hold and refinance the new properties. On completion the loan including rolled up interest will represent 66% LTV.

The loan is secured by means of a Land Registry registered 1st charge on the property.

exit strategy

Upon completion of the project Fred will look to sell the renovated properties and refinance and hold the newly built residential units

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

CrowdProperty Comments


The unique design of a chalet bungalow set in large gardens looking over open fields is a USP to this project. Furthermore, Six Mile Bottom is seen to be an excellent location for investment with Cambridge, accompanied by London being the only two cities in the UK seeing capital growth of over 50% since 2007; namely 53% and 58% respectively. (Hometrack UK All City House Price Index 65 cities snapshot - June 2018).

The

CrowdProperty

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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.

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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.

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