Fully Funded

Beaman's Building, Eccleston Street, St Helens, WA10 2PG - 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

£400,000

interest paid*

8%

funds pledged

£400,000

number of investors

118

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 15 months

security

1st charge

project phasing

1 of 2

total loan facility

-

floor area

12100 sq.ft.

rics valuation

£360,000

cost of work

£675,000

est. sales value (gdv)**

£1,250,000

initial loan to value

69.44%

loan to gdv

64.00%

owed at exit to gdv***

70.00%

strategy & vision

The property is located on the south of Eccleston Street in a mixed residential and commercial area, approximately 0.5 miles south west of St Helens town centre. St Helens is a large town in Merseyside, situated in the south west of Lancashire and has a population of 102,629 (2011 Census). St Helens is 13 miles from Liverpool and 25 miles from Manchester. The area developed rapidly during the Industrial Revolution of the 18th and 19th centuries and became a significant centre for coal mining and glassmaking. Glass producer Pilkington is the town's largest industrial employer.

The property is a two storey rectangular shaped building comprising retail/workshop space on the ground floor and open plan office space on the first floor. The building has a mono pitched metal roof supported by cavity brick walls. There is also a single storey area to the rear of the property. The building has a Gross Internal Area (GIA) of 12,100 sq. ft. (1,124 sq. m.). Planning consent has been granted by St. Helens Council – ref. P/2017/0855/FUL for the conversion of a former plumbing supply store to 9 no. dwellings.

Due to it's central location, the development will have provisions in place for bike cycle stores.

Site area estimated at 8,611 sq. ft (800 sq. m).

The RICS valuation of the existing site with the benefit of planning prior to commencement on site was £360,000.

The RICS valuation of the completed development is estimated at £1,220,000:

The rental potential once fully occupied is £187,200 per annum (£100 a week x 36 rooms x 52 weeks). The borrowers will re-finance to exit the loan and will title split the 9 dwellings to form 9 HMO's (each with four rooms available to let).

The build costs for the development is £675,000. Total costs for this project are estimated at £1,000,000 (including sunken costs, build costs, selling fees, cost of finance and contingencies).

CrowdProperty has agreed to lend the borrower £775,000 across 2 phased raises for a maximum of 15 months. The first raise of £400,000 will contribute towards paying off the existing debt and will contribute towards the preliminaries and initial build costs of the development. A sum of £250,000 will be paid out day 1 based on RICS valuation of £360,000 - which equates to a 69.4% initial LTV. The remainder of phase 1 monies will be drawn on our Independent Monitoring Surveyors (IMS) verification. The phase 2 raise of £375,000 is likely to be launched in Q1 2019 and drawn down on IMS inspections. The term of the loan is 15 months and on completion the LTV will be 69.6% including rolled up interest.

The targeted start date for this loan 28th November 2018.

CrowdProperty will take a 1st charge security of the loan on behalf of The Crowd as registered in the normal way with the Land Registry.

exit strategy

Each apartment will be split into separate titles and the borrower will then refinance the apartments onto long term commercial mortgages.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

15 month loan

£600

£5,600

CrowdProperty Comments


This will be the 3rd project Piotr has funded with us. The other 2 in Bury and Burton were funded mid 2018 and are progressing well. This project is similar to Bury in as much as it is a 2 storey conversion of a commercial building to flats. Like Bury they will convert this project into 9 apartments and then let each of them as individual rooms. Each apartment will be split into separate titles and the borrower will then refinance the apartments onto long term commercial mortgages.

The

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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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