Paid Back in Full

Phase 1

Tamarinda, Farnham, GU10 3JY

Developer: Oliver Steele-Perkins

loan amount

£275,000

interest paid*

10%

funds pledged

£275,000

number of investors

49

% of target pledged

Fully Funded

project type

New development (eg new build, self-build, air rights etc)

loan term

up to 18 months

security

1st charge

project phasing

1 of 2

floor area

3600 sq.ft.

purchase price/value

£625,000

cost of work

£595,000

loan to value

44%

est. sales value (gdv)**

£1,450,000

owed at exit to gdv***

67%

strategy & vision

The development involves the demolition of an existing bungalow and detached garage, followed by the construction of a new detached property of approx. 3,600sqft with high end finishes together with a detached double garage.

The design of the property has been prepared with consideration to local architecture, the landscape and site conditions, it is ideally located for respected local schooling, Farnham is less than 5 min drive as is the station for travel to Waterloo in just over an hour.

As anticipated planning permission was granted on 06/02/2015, You can see the planning details here: http://waverweb.waverley.gov.uk/live/wbc/pwl.nsf/%28RefNoLu%29/WA20142347?OpenDocument

This first Phase is a loan of £275,000, which will be used to pay off the outstanding mortgage on the current property and to cover the planning and consultant fees.

At this point CrowdProperty will be able to take a first charge on the existing property as security on behalf of all the lenders. With a value of £625,000 this will be a 44% loan to value so plenty of security for the lenders.

This Phase One loan will be a for period of 18 months, which will be long enough for the demolition of the existing property, construction of the new build and sale.

The Phase Two loan will be for the sum of £575,000 for a loan term of 12 months, which will be used for the construction costs of building the new property.

The funds will be released at appropriate stages throughout the build, based upon sign off by a quantity surveyor employed on behalf of CrowdProperty.

The combination of Phase One loan and Phase Two loans will be a total of £850,000, which will be secured with a first charge against the new build property.

exit strategy

the borrower
& project team

Oliver is an experienced Project Manager, he holds an HND and first Class Degree in Construction Management and has his own Project Management practice that works for Private Clients and Developers in the residential property sector.

He advises on the potential development opportunity of property, brings design teams together, co-ordinates and manages the legislative and design requirements to prepare for building work, tenders the work and Project Manages the build.

In the last 2 years, two client projects have been shown in “25 Beautiful Homes” magazine and he was interviewed by “YPN” magazine in Dec 14 about a successful bungalow to house conversion / development which he procured and managed direct to trades and with no Main Contractor.

He has completed over 100 refurbishment projects ranging from buy to let, buy to sell, full house refurbishments, extensions, basements, listed buildings and new build work.
Website: www.steele-perkins.co

indicated return for your pledge
interest
total
6 month loan
£200
£5,200
18 month loan
£600
£5,600

CrowdProperty Comments


This is exactly the type of project we like to back on CrowdProperty. Very profitable and being run by a highly experienced property developer.

Now that Planning permission has been granted we believe this will be a very successful project and anticipate that Phase one will be filled very quickly.

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
Unparalleled expertise
more
*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.

Your capital is at risk and you may lose all you lend. See our full risk warning for more information

ask a
question

Ask us a question and we'll get back
to you by email within 24 hours
or view our FAQS

ask a question

Thank you for your question, we'll get back
to you by email within 24 hours or view our FAQS

As featured in...
Peer2Peer Financing Association
UK crowdfunding
UK Proptech Association
Cyber Essentials