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 £650,000 this will be a 42.3% 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.
|Minimum 6 month Loan||Full 18 month loan period|
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.
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.
* Please see full risk statement here.
† Estimated Sales Value is more formally referred to as GDV - Gross Developed Value
‡ Interest Cover is a measure of the project's ability to cover the interest payments from profits and is calculated by dividing the Projected Return on Costs by the Total Interest incurred throughout the loan period