Fully Funded

Station Road, Hinckley, LE10 1AW - 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

£220,000

interest paid*

8%

funds pledged

£220,000

number of investors

249

% of target pledged

Fully Funded

project type

HMO (House in Multiple Occupation)

loan term

up to 12 months

security

1st charge

project phasing

1 of 2

total loan facility

-

floor area

2787 sq.ft.

rics valuation

£275,000

cost of work

£425,000

est. sales value (gdv)**

£670,000

initial loan to value

69.1%

loan to gdv

62.70%

owed at exit to gdv***

67.40%

strategy & vision

This raise will be the 1st of 2 raises totaling £420,000 to provide funding towards the conversion costs of the project.

For this project, a £2,500 pledge limit will be in place for the first 5 minutes to provide all those who have taken the time to perform their due diligence a chance to participate, given the current demand for CrowdProperty projects. After 10:05am, pledges greater than £2,500 can be created or existing pledges can be increased, subject to availability. Additionally, CrowdProperty AutoInvest functionality can automatically pledge on your behalf at 10:00am although the actual pledge on a project might be scaled back subject to demand and therefore your AutoInvest pot may be spread across more loans than your original settings.

The proposed project is situated in Hinckley within an edge of town centre location fronting Station Road. Station Road comprises a mixture of tertiary retail and office buildings.

Hinckley has a population of 105,078 and is located about 10 miles south west of Leicester. The town is centrally linked to Leicester via the M69 at junction 21 and Coventry at junction 2 some 15 miles to the south west. The town also benefits from a railway station with direct trains to Nuneaton, Leicester and Birmingham. Hinckley has a history dating back to the 11th century and is well known for being the former centre of the hosiery industry.
Major local employers include Next HQ, Caterpillar and Triumph Motorcycles.

The property comprises a three storey mid terraced building originally used as offices and built circa 1900. The construction is of traditional solid brickwork elevations beneath a double pitched slate clad roof and attached single storey flat felted roofs. Externally, there is direct pavement access to the front. To the rear, there is a hard-surfaced yard providing limited off road parking. In total the site is approximately 259 sq. m and includes an area of flying freehold whereby the first and second floors of the property over-sail a ground floor retail unit to the south east of the building.

Planning permission has been granted by Hinckley and Bosworth Borough Council ref: 18/00801/FUL for the change of use of existing offices to form a house in multiple occupation (HMOs) and 2 self contained apartments. The planned development will comprise 13 units, an 11 bedroom HMO and 2 apartments. Following completion of the proposed conversion the accommodation will be laid out as follows:

Basement:
Communal utility room

Ground Floor:
HMO room 1
1 self-contained en-suite studio flat
1 bedroom flat (en-suite)

First Floor:
HMO rooms 2 - 6 (12.9 sq. m - 14.2 sq. m)

Second Floor:
HMO room 7 - 11 (10.4 sq. m - 16.1 sq. m)

Works have commenced on site with stripping out, demolition and excavation of the basement. The total build programme is scheduled to take approx. 22 weeks. Upon completion, the borrower intends to let the individual rooms, refinance and hold. Based on comparables in the area, the borrower anticipates the rooms will generate between £450 - £675 pcm.

exit strategy

On completion of the conversion works the borrower will rent out the individual rooms, refinance and hold.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

12 month loan

£600

£5,600

CrowdProperty Comments


This project offers an opportunity to convert existing offices into 2 self contained flats and an 11 bedroom HMO. The Borrower is well experienced and has several HMOs across the West Midlands. 16 Station Road is set to become HMOs in approx 22 weeks as planning permission is already in place.

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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