Fully Funded

The Former South Waid School, Melville Terrace/Farm Road, Anstruther, Fife, KY10 3JS - 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

£290,000

interest paid*

8%

funds pledged

£290,000

number of investors

301

% of target pledged

Fully Funded

project type

Commercial to residential conversion

loan term

up to 18 months

security

1st charge

project phasing

1 of 2

total loan facility

£290,000

floor area

7414 sq.ft.

rics valuation

£135,000

cost of work

£786,650

est. sales value (gdv)**

£1,065,000

initial loan to value

55.6%

loan to gdv

54.50%

owed at exit to gdv***

61.20%

strategy & vision

ABOUT THE PROJECT

The proposed project is the conversion of a former school into four apartment as well as the creation of a new build in the former school playground. The development will take place at The Former South Waid School, Melville/Terrace Farm Road. Anstruther, Fife, KY10 3JS. This will be CrowdProperty's second project in Scotland.

LOCATION AND DESCRIPTION

The project is located in Anstruther, a small coastal resort town in the county of Fife in Scotland. It is located on the north-shore of the Firth of Forth. The town has a population of 3,500 people and is just 9 miles south of St Andrews and approximately 50 miles east of Edinburgh.

The property itself is located in between Melville Terrace and Farm Road and is located centrally in Anstruther. The property is just 0.5 miles from the harbour which provides a waterfront with several restaurants including The Water Front as well as a number of chip shops. Whilst being a small town it also provides a town hall and a RNLI lifeboat station.

The site is approximately 0.19 ha (0.48 acres) and was previously utilised as The South Waid Academy School. The site currently comprises an original stone single storey building built circa 1901 along with a later two storey extension building. The former playground is circa 0.19 acres. The site is contained with the Anstruther Conservation Area.

The project will be for the refurbishment and conversion of this former school into four apartments and the creation of a detached new build in the former school playground. Demolition of the more recent two storey part of the school will also be undertaken.

Planning permission and listed building consent has been granted by Fife Council under the planning numbers 19/00241/FULL & 19/00440/LBC for the creation of four flats within the former school and the creation of a new build on the former school playground.

The breakdown of the five units is as follows:

Unit 1: 1,560 sq. ft (145 m2)
Entrance hallway, lounge, kitchen with dining area, 2 bedrooms with en-suite shower rooms, bathroom and study area

Unit 2: 1,388 sq. ft (129 m2)
Entrance hallway, lounge, kitchen with dining area, 2 bedrooms with en-suite, utility and main bathroom

Unit 3: 1,173 sq. ft (145 m2) - this will be across 2 levels
Entrance hallway, living room/dining room and kitchen, bedroom with en suite and utility area

Unit 4: 1,840 sq. ft (109 m2) - this will be across 2 levels
Entrance hallway, living room/dining area and kitchen, bedroom and bathroom

Detached House: 1,453 sq. ft (135m2)
Ground Floor: Entrance, lounge, living/dining/kitchen with utility, bedroom 3 and shower room
First Floor: Landing, master bedroom with ensuite and bedroom 2 and bathroom

These areas have been validated by an independent monitoring surveyor as well as during the RICS survey.


OVERVIEW OF FINANCIALS

CrowdProperty has agreed to lend the borrower a total loan facility of £580,000 in two raises of £290,000 to partially fund the build costs for the creation of four apartments and one new build on the former playground. The borrower will supplement the build costs we are not funding. The property is already owned unencumbered. The loan term will be 18 months maximum and the loan is being offered to the lenders at an interest rate of 8%, rolled up and paid at exit.

The total loan facility for this project is £580,000 and will provided across two raises at £290,000 each raise. This is the first raise for this project. The borrower owns the property unencumbered. The independent RICS Current Market Value for the property in it's current state and in light of planning is £135,000. The total loan facility will go towards the cost of works. The total cost of works are £786,560, therefore the borrower will supplement the deficit of the works. The Independent RICS verified GDV for the completed 5 units is £1,065,000. The borrower will receive a day 1 release of £75,000 to begin works.

The borrower's exit strategy is to sell the five units once the conversion of the school has been completed and the new build has been constructed on the former playground. The borrower has received offers for all 5 units before any construction has begun. The 18 month loan term is a maximum term and the borrower can pay back the whole or part anytime between 6 and 18 months.

The borrower will receive a day 1 advance of £75,000 to begin works.This represents an initial Loan to Value of 55.6%. The estimated Loan to Value at Exit to GDV will be 61.2 % including rolled up interest.

As with all CrowdProperty loans, the property will be secured by way of a 1st charge registered with Land Registry.

exit strategy

The borrower intends to sell all five units upon completion. The borrower has currently has offers for all five of the units showing the demand for high quality properties in this area.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

18 month loan

£600

£5,600

CrowdProperty Comments


The borrower is well known in the area having completed a number of successful residential conversions and new builds. He has worked with his consultants for over 15 years.

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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