Fully Funded

Elm Tree Inn, High Street, Staveley, Chesterfield - Phase 1, S43 3UU - 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

£250,000

interest paid*

8%

funds pledged

£250,000

number of investors

153

% of target pledged

Fully Funded

project type

Commercial to Residential Conversion

loan term

up to 15 months

security

1st charge

project phasing

1 of 2

total loan facility

-

floor area

4574 sq.ft.

rics valuation

£450,000

cost of work

£450,000

est. sales value (gdv)**

£1,000,000

initial loan to value

33.3%

loan to gdv

56.00%

owed at exit to gdv***

61.50%

strategy & vision

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 .

exit strategy

Upon completion of the works the borrower will refinance onto a longer term mortgage, repay CrowdProperty and hold the property as an investment.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

15 month loan

£600

£5,600

CrowdProperty Comments


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.

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
Unparalleled expertise
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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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