Fully Funded

Wyndham Hall - Phase 2, Wyndham Street East, Plymouth, PL1 5HE

Please note, for this project, pledges will be limited to a maximum of £2500 until 10.05am. After 10.05am, you can create pledges larger than £2500 or increase the size of your pre-existing pledge. This is subject to the project amount remaining which needs to be raised.

loan amount

£300,000

interest paid*

8%

funds pledged

£300,000

number of investors

36

% of target pledged

Fully Funded

project type

Commercial to residential conversion

loan term

up to 16 months

security

1st charge

project phasing

2 of 3

floor area

2874 sq.ft.

purchase price/value

£250,000

cost of work

£1,030,000

loan to value

70%

est. sales value (gdv)**

£1,900,000

owed at exit to gdv***

63.6%

strategy & vision

This is the 2nd phase of a 3 phase raise at Wyndham Hall where CrowdProperty completed an 18 month (max) loan agreement with the borrower on 20th November 2018.

CrowdProperty agreed to lend the borrower £1,050,000 to be raised over 3 phases. The Phase 1 raise was £300,000. Phase 2 raise is £300,000 whilst the phase 3 raise of £450,000 will be offered April 2019. The loan term is 18 months (max) from 20th November 2018 so Phase 2 loan will be for about 15 months. Each raise will merge into the existing legal agreement and as with all our loans 1st charge security registered with the Land Registry is confirmed.

The day 1 release from the Phase 1 raise was £175,000 representing an Initial LTV of 70%, The LTV will fall to 63.6% (including rolled up interest) once works have been completed. Phase 2 and 3 monies will be released on the verification of our Independent Monitoring Surveyors inspections as works are completed.

The borrowers purchased the property in October 2018 and refinanced on 20th November with CrowdProperty. Since then they have commenced the conversion works and a recent Independent Monitoring Surveyors inspection reports the following:-
Demolition and strip out work
Lower ground floor tanking
New masonry
Forming of openings in existing masonry
Lower ground floor steelwork
Ground floor timber floor construction (including reinstatement of existing)

Works planned in the forthcoming period include:-
Continuation of new blockwork to upper floor levels
Ground floor steelwork
Forming new openings
Commencement of ceilings and partitions
Commencement of building services 1st fix

The conversion works are in week 13 of an agreed 40 week programme with Practical completion of the works expected on 19th July 2019.

Wyndham Hall, Wyndham Street, Plymouth PL1 5HE is located immediately to the west of Plymouth City Centre and within a predominantly residential area.

Plymouth is situated in South Devon and is best known for its maritime heritage and historic Barbican district with narrow, cobbled streets. With a population of 234,982 the city is the largest conurbation in the South West and is connected to the rest of the country via the A38 and A30. Bristol is approx. 80 miles to the north whilst London is a further 110 miles; both connected via the M5 and M4 motorways. Plymouths mainline railway station is 0.7 miles to the east with direct trains to Bristol and London Waterloo.

The property comprises a detached former listed chapel last used as a gymnasium but lain empty for a few years. Construction is of solid rendered stone under a pitched roof. Internally the property is full height. The property sits on a site area of 490 sq m with the building occupying circa 90% of this.

Planning has been granted by Plymouth City Council Ref: 17/02043/FUL for a change of use from a gymnasium/sports hall to 6 separate high-end HMOs providing a total of 30 rooms all with en-suites and generous communal areas.

The 6 separate HMO units will have floor areas as follows:

• Unit 1 Lower ground floor 181.3 Sq m
• Unit 2 Ground floor 106.9 Sq m
• Unit 3 Ground floor 104 Sq m
• Unit 4 First floor 105.4 Sq m
• Unit 5 First Floor 104.8 Sq m
• Unit 6 Second Floor 141.1 Sq m

The RICS valuation of the existing property pre commencement of works and with the benefit of planning is £250,000. The RICS estimate of GDV once works have been completed is £1,900,000. Conversion cost is £1.031m – Contractually agreed.

The borrowers intend to exit the loan by refinancing and holding the property as an investment. This phase of the loan is expected to start on 14th February 2019.

exit strategy

On completion of the conversion works the borrowers will refinance onto a long term mortgage, repay CrowdProperty and hold the property as an investment

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

CrowdProperty Comments


In 2016 KHP Investments borrowed £614,000 (79 lenders) towards the conversion of a former nursing home in Saltash into 10 self contained apartments. These were successfully sold and CrowdProperty's lenders were repaid in full and on time. Having now purchased Wyndham Hall at the end of 2018 KHP Investments have commenced works on the conversion of this former chapel and are on programme. From the start they have communicated with us on progress. The Directors are experienced in every aspect of the development process including architect, engineers and construction management.

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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 will depend on individual circumstances and may be subject to change. See our full risk warning.

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