Paid Back in Full

Phase 2

Tamarinda, Farnham, GU10 3JY

Developer: Oliver Steele-Perkins

loan amount

£575,000

interest paid*

10%

funds pledged

£573,000

number of investors

40

% of target pledged

Fully Funded

project type

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

loan term

up to 12 months

security

1st charge

project phasing

2 of 2

floor area

-

purchase price/value

£650,000

cost of work

£575,000

loan to value

44%

est. sales value (gdv)**

£1,450,000

owed at exit to gdv***

67%

strategy & vision

Phase 1 of the project has been successfully delivered – raising the £275,000 from the crowd to pay off the outstanding mortgage on the current property and to cover the planning and consultant fees.
As a result of paying off the existing mortgage CrowdProperty now holds a first charge over the property. Also, 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

The development now moves into Phase Two and this offering is for you to take part in funding the Phase Two of the development project.
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.

The Phase Two loan is 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 12 month term will be long enough for the demolition of the existing property, construction of the new build and sale.

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 loan will be a total of £850,000, which is secured with a first charge against the new build property.

There will be additional costs of £179,000 for finance and other costs meaning the total project cost will total £1,029,000.

exit strategy

the borrower
& project team

This project is being delivered as a joint venture between Mr and Mrs Cootes, the legal owners of the property, and Oliver Steele Perkins who will Project Manage the development to drive it to completion. Mr and Mrs Cootes are the Borrowers and the loan will be in their joint names.
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 Phase One is funded and planning permission has been granted we believe this will be a very successful project and anticipate that Phase Two will be filled 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

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