Fully Funded

Plots 79-82, The Point, Pennar Park, Ocean Way and Haven Drive, Pembroke, SA72 6RA

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

£174,000

interest paid*

8%

funds pledged

£174,000

number of investors

36

% of target pledged

Fully Funded

project type

New development

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

-

floor area

-

rics valuation

£400,000

cost of work

£322,500

est. sales value (gdv)**

£500,000

initial loan to value

43.5%

loan to gdv

34.80%

owed at exit to gdv***

38.21%

strategy & vision

Plots 79-82, Pennar Park, Pembroke is a residential development site with planning for the development of 120 houses. 63 houses have already been built. All of the infrastructure is currently in place including the estate roads of Ocean Way and Haven Drive. The drainage is also constructed. Planning consent ref. no. 12/0892/PA is live by virtue of the earlier phases.

The site is well established and comprises a mix of both owner occupied properties and holiday lets. Pennar Point is a secluded site approximately 1 mile west of Pembroke town centre. Pennar 18 hole Golf Course is immediately to the east.

The Site is surrounded to the north by Milford Haven, the Pembroke river inlet to the east and the Pembroke river to the south which leads to Pembroke town centre and Pembroke Castle.

Plots 61-64 are being purchased for £400,000 by Pennar Park Ltd who already owns and has commenced construction of the adjacent plots 83-86 and 88 with funding through CrowdProperty of £769,000. CrowdProperty agree that plots 61-64 are a natural extension of this and the borrower intends to commence this phase in about 12 months once the current phase has been built and sold. He already owns plot 60 which forms part of this block.
The borrower is purchasing the land for £400,000. The RICS valuation is £500,000. CrowdProperty has agreed to lend £174,000 for up to 18 months which equates to £43,500 per plot. The max loan to value assuming the loan goes full term will be 40%.

exit strategy

Hold for future development, seek re finance to include monies towards the construction of this phase and repay existing lenders.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

12 month loan

£600

£5,600

CrowdProperty Comments


CrowdProperty were going to include the loan of plots 61-64 in the earlier raise but were uncomfortable with some legal aspects so had to withdraw this.
These matters have now been resolved and our solicitors confirm that we can move forward on the loan.
With a LTV at exit of 40% this is well within our lending criteria. Furthermore the purchase of these plots creates the next phase to the development and joins plot 60 is which already owned by the borrower.

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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