Fully Funded

Olivia House, Plumstone Road, Birchington, Kent, CT7 0JD

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

£280,000

interest paid*

8%

funds pledged

£280,000

number of investors

106

% of target pledged

Fully Funded

project type

Residential (Modular Construction)

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

-

floor area

1489 sq.ft.

rics valuation

£395,000

cost of work

£280,000

est. sales value (gdv)**

£450,000

initial loan to value

63.3%

loan to gdv

62%

owed at exit to gdv***

68.4%

strategy & vision

Due to unprecedented product demand and as a result of user feedback, we have introduced a pledge limit for this project on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5000 can be created, or an existing pledge for this project can be increased (subject to availability).

The proposed project is known as Olivia House, Plumstone Road, Birchington, Kent CT7 0JD. Birchington has a population 10,000. It is located 5.3 miles away from Margate and 11.4 miles from the city of Canterbury.

The village of Birchington provides a local primary school, a medical centre, a sailing club and several bars and restaurants. The village also provides Birchington-on-Sea train station which provides half hourly trains to London Victoria and London St. Pancras.

Planning permission has been granted by Thanet District Council under the planning application numbers F/TH/15/0973 & F/TH/16/0229 for the construction of a two storey property with three bedrooms.

The property comprises a three bedroom 2 storey detached property with a total floor area of 1,489 sq. ft
Ground floor is 765 sq. ft including lounge, Kitchen/Dining Room and Shower Room
First floor is 724 sq. ft and provides three bedrooms, one en-suite and two bathrooms
Externally there is parking and a garden at the rear

The site is owned by the borrower with existing 3rd party debt of £224,000. The current Market Value is £395,000 - RICS verified.

Construction works on the property require completing. It is already structurally sound with all windows, doors and roof fitted. The re finance will be utilised towards paying off the remaining debt of £224,000 and completing the landscaping, porch installation, driveway, front brick wall and connection of services (Gas, Water, and Electricity) making a total agreed loan facility £280,000.

This is therefore a development exit loan. The out turn GDV is £450,000 - RICS verified - further validated by the borrower having exchanged contracts with a 3rd party for the onward sale of the house once works have been completed. A completion date has been agreed for 28/02/2020 although this could be brought forward by mutual agreement of both parties and determined by the lead in time and execution of works by the Utility Companies.

CrowdProperty has agreed to lend the borrower £280,000 in a single raise for a maximum of 12 months.

The borrower will receive a day 1 advance of £250,000 to pay off the debt and provide monies to order the utilities. The rest will be drawn down once the rest of the building works have been completed. This represents an initial Loan to Value of 63.3%. The estimated Loan to Value at Exit to GDV will be 68.4% including rolled up interest, assuming the loan runs full term.

The borrower's exit strategy is legally secured with an exchange with a buyer already in place.

The 12 month loan term is a max term and the borrower can return it in full between 6 and 12 months. The sale to the buyer has a back stop date of 28/02/2020. Therefore the loan from CrowdProperty will finish at the same time.

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

Targeted loan commencement date for this project is 15th March 2019

exit strategy

An exchange has already occurred for this property, making the exit strategy legally secured

indicated return for your pledge
interest
total
min. loan (6 months)
£200
£5,200
12 month loan
£600
£5,600

CrowdProperty Comments


The loan is our 1st development exit product, with the property just requiring services installation, landscaping and external works. The property is a modular build and is a great example of the future of UK property. Modular builds offer a efficient, high quality and sustainable build process and look to be the answer to the UK's housing supply deficit. With an exchange of contracts already in place the exit strategy is legally secured.

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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.

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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