Due to unprecedented product demand and as a result of user feedback, we have introduced a pledge limit for this project on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5,000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5,000 can be created, or an existing pledge for this project can be increased (subject to availability).
The property is situated in the centre of the former coal mining and industrial town of Staveley, on the former route of the A619 trunk road between Worksop and Chesterfield. Staveley is a town within the borough of Chesterfield in Derbyshire with Sheffield 11 miles to the north west and Derby 24 miles to the South. The M1 J29 is a short car ride to the east. The A619 provides good links to a wider range of amenities in Chesterfield.
Staveley with a population of about 13,891 (2011 census) has a range of amenities in the town including schools, post office and fire station. It also has a mainline railway station providing links to Leeds, Sheffield and London. New industrial estates have and continue to be established around Staveley and it is proposed that there will be a HS2 maintenance depot on part of a historic industrial estate with a spur taken from the main line.
The property comprises a former 2 storey detached public house built about 200 years ago together with later extensions. The construction is of traditional solid rendered brickwork elevations beneath a pitched slated and attached single storey flat felted roofs. To the rear is the former car park and garden.
The total gross floor area of the former pub is approx. 425 sq m.
Planning consent for the property was granted by the Chesterfield Borough Council (CHE/16/00835/FUL) for a change of use to residential to include a 2 storey extension and 2 new build units in the former car park which will in total provide 23 self contained apartments. The borrower will phase the build programme concentrating on the conversion of the existing property to begin with. Build programme on this part is scheduled to take approx. 32 weeks and upon completion, the borrower intends to let the flats and refinance before implementing the new build part of the planning consent.
RICS valuation of the property in its current condition and with the benefit of the planning consent is £450,000.
RICS estimate of value once conversion works of the property have been completed but excluding development of the new build is £1,000,000.
The borrower who owns the site has existing debt of £110,000 which CrowdProperty intends to replace to secure first charge.
CrowdProperty has agreed a development loan facility for the phase 1 conversion works of £560,000 and this will be offered over 2 raises. The 1st phase raise is for a total of £250,000 with £150,000 being provided day 1 towards clearing the existing debt and provide some initial monies towards settlement of fees and ordering improved utilities. The remainder and 2nd raise will provide monies towards the remainder of the conversion works being forwarded on verification of the Independent Monitoring Surveyors Inspections and only once stated works have been completed.
The initial LTV is 33.33%. LTV at project completion including rolled up interest and assuming full term is 61.5%.
CrowdProperty will take 1st charge security against the property as registered with the Land Registry.
The maximum loan period is for a term of 15 months with a minimum loan period 6 months with targeted start date of 29th March 2019 .
Upon completion of the works the borrower will refinance onto a longer term mortgage, repay CrowdProperty and hold the property as an investment.
The Borrower, Smart Properties Solutions Ltd (Co.Reg.No. 08511350) is an SPV in which Vanessa Zheng is the sole director.
Vanessa is a marketing consultant and currently lectures at Sheffield Hallam University. Her passion for property investment began with her building her property portfolio in China in 1996. Having moved to the UK, she bought her first property in 2008. Since then, she has continued to purchase, refurbish and let properties. She has bought 20 properties since 2013 worth over £3 million predominantly in the Derby and Chesterfield areas.
Her property portfolio includes:
• Small HMOs
• Large 6 bedroom HMOs with 4 en-suite bedrooms
In her spare time, Vanessa also mentors other investors about investing in property. Vanessa is a member of the National Landlord Association (NLA) and also a member of an accredited DASH scheme - an accreditation to encourage and promote good property standards and management practices in the private rented sector.
Vanessa has appointed Kevin Wright of Wright Construction to be her lead consultant/builder on this project. Kevin Wright is the CEO of Wright Construction that has been trading since 2004. Kevin is a member of the Federation of Masters Builders and Guild of Master Craftsmen for over 12 years
He is also a qualified bricklayer with over 30 years experience in construction. Wright Construction is based in Chesterfield and they offer building services from concept to completion of projects with a track record of delivering projects on time and within budget. They have been employed by Vanessa to deliver the project from design to construction
min. loan (6 months)
15 month loan
This project offers the chance to convert a pub into new dwellings. The site sits in the centre of Staveley between Worksop and Chesterfield. The village is well placed for people to commute into the wider East Midlands and Chesterfield area. The town offers a good set of amenities for the residents.
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.
A ‘1st legal charge’ gives CrowdProperty the legal right to take ownership of a property in the unlikely event that a property professional defaults on their loan repayments. 1st legal change is the highest level of security and gives CrowdProperty all the rights that a mortgage company holds. We have 1st legal charge on every project listed on our platform. This is an essential, non-negotiable criterion to ensure your funds are safe.
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.