Fully Funded

Land at Hinton St George, Somerset, TA178SL - Phase 2

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

£455,000

interest paid*

8%

funds pledged

£455,000

number of investors

328

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 18 months

security

1st charge

project phasing

2 of 5

total loan facility

£2,800,000

floor area

11858 sq.ft.

rics valuation

£750,000

cost of work

£2,591,000

est. sales value (gdv)**

£4,590,000

initial loan to value

60.67%

loan to gdv

61.00%

owed at exit to gdv***

66.89%

strategy & vision

This is phase 2 of a multi phase raise totaling £2,800,000 to provide construction costs for the development of 10 new residential units in Hinton St George Somerset. The loan was completed in Mid 2018 and an initial advance of £455,000 was submitted to the borrower to cover design fees and initial construction costs. However after aborted protracted negotiations with a 3rd party contractor the borrower moved to employ Project/Site manager directly allowing him to commence works in September 2019.

Hinton St George, Somerset, TA17 8SL is situated 4 miles north west of Crewkerne, 12 miles south west of Yeovil and 17 miles south east of Taunton.
Crewkerne Railway Station is based on the West of England mainline approx. 5 miles from Hinton St George with trains to Exeter (50 mins) and London Waterloo (2.5 hours).

Hinton St George is a popular and affluent South Somerset village with a population of circa 442 (2011 Census). The village includes a primary school, award winning pub and village store.

The site is situated on the East side of the village and has been in the ownership of the same family for nearly 40 years. It is rectangular in shape with a level topography and totals approx. 1.02 acres. Access to the site is directly off Merriott Road a public highway. There is a private farmers right of way from Merriott Road through the site to access the rear field.

Planning consent was granted ref. no. 17/02545/FUL on 19th April 2018 by South Somerset Council. A further application no. 18/01345/S73 was approved to vary internal layouts, window positions, the removal of car ports and minor external alterations.
The total no. of new units to be erected will be 10 ranging from 2 – 5 bedroom houses. Three of the units will be set aside for Affordable accommodation as required within the planning consent. Construction will be high quality traditional 2 storey development to include local “Ham” stone elevations under pitched and hipped roofs.

The breakdown of the sizes of the houses are as follows:-

Plots 1-3 3 x 2 bedroom house 959 sq ft each
Plot 4 1 x 5 bedroom house 1,721 sq ft
Plots 5-6 2 x 3 bedroom house 1,026 sq ft each
Plot 7 1 x 3 bedroom house 1,018 sq ft
Plot 8 1 x 4 bedroom house 1,231 sq ft
Plot 9 1 x 4 bedroom house 1,246 sq ft
Plot 10 1 x 5 bedroom house 1,711 sq ft

Total floor area: 10,830 sq ft (1,006 sq m)

Works commenced on 2nd September and the build programme is 13 months with Practical completion expected in October 2020.
The total build contract sum is estimated at £2,591,000 and the IMS has reported that completed works to date include site clearance, temporary on site road, foundations sunk to plots 1-8 and piling part ring beams to plots 9-10. On inspection by CrowdProperty on 8th October all foundations had been completed, surface water drainage was underway and the Ham stone brick/block work to DPC level was underway. Block work to one part was complete with scaffolding due. The IMS is reporting the programme has not as yet been affected by the weather and is still on schedule. There has been an overspend of £6,000 for additional piling previously not accounted for and total spend as at the date of the IMS report was £308,000 paid directly by Borrower. This includes application for Utility connections and 10 year warranties.

exit strategy

Build out in one phase and sell

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

18 month loan

£600

£5,600

CrowdProperty Comments


The borrower has commenced on site and is now out of the ground. Progress in the 1st month of construction has been good despite the weather and the site is active. The village is well connected to a number of nearby towns and the new development when completed will provide much needed housing for the village

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.

share this 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.

ask a question
TrustPilot
Property Awards
Property Awards
AltFi
Growth Finance
Birmingham Post
Money Net Awards
spacer
P2P Finance News
Bridging and Commercial
UKBAA
Money Age
Money Age
spacer
peer2peer Finance Association
Brismo Verified
ECN Gold Member
UK CrowdFunding
spacer
UKPropTech Association
Trusted Land
Qandor
spacer
As featured in...
financial times
the times
City AM
Daily Mail
FT Weekend
The Sunday Times
Which?
Investors Cronicle
The is money
Business Life
Die welt
Forbes
Property Week
EG
Development Finane Today
Property Investors News
YPN
Property TV
Peer2Peer Finance News
altfi
PlaceTech
UKTN
Angel News
University of Cambridge - Judge Business School