Paid Back in Full

Phase 1

69 Temple St, Rugby, CV21 3TB

Developer: Gaynor Jenkins

loan amount

£343,000

interest paid*

8%

funds pledged

£343,000

number of investors

48

% of target pledged

Fully Funded

project type

Commercial to residential conversion

loan term

up to 18 months

security

1st charge

project phasing

-

floor area

-

purchase price/value

£485,000

cost of work

£0

loan to value

70.72%

est. sales value (gdv)**

£3,300,000

owed at exit to gdv***

32%

strategy & vision

This is a two phase raise. Phase one will be a raise of £343,000 with phase two being launched later.

69 Temple Street, Rugby CV21 3TB comprises a former Builders yard with planning consent for the erection of 4 x 3 bedroom town houses and 3 x 2 bed flats together with associated car parking and amenity mews courtyard. The planning ref.no. is R15/0091 and was granted by Rugby Borough Council in September 2015.

The site is located on the eastern side of Rugby town centre in close proximity to the A428. The railway station is approximately 1 mile to the north.

The site currently comprises a mix of storage and office buildings as well as an existing house which is split into 3 flats. The size of the 3 flats are 556sf, 369sf and 376sf approx. The commercial element totals around 1150sf. The site totals .22 acres.

The 3 flats are currently let on Shorthold tenancies with aggregate monthly rents of £1280. It is intended to retain the 3 existing flats and a small office, which will be turned into the site office/amenity block and in due course the owners new head office. The existing storage building will be demolished to make way for the proposed new development.

69, Temple Street ltd is a SPV set up by the owners for the purchase of the site. The company purchased this site in Q1 2015 and are now looking to raise the necessary funds to implement the development proposals.

The Company purchased the property for £375,000 in April 2015 and this was verified by the RICS valuation at the time. Since obtaining the planning consent the RICS valuer has revisited his report and advised that the site is now worth £485,000.

CrowdProperty have agreed to lend the developer £343,000 to release the current debt and pay some of the initial planning and pre start fees. The length of the loan is a minimum of 6 months and a maximum of 18 months.

The developer will then return for a phase 2 lend of £670,000 to undertake the development and build the new residential units.

Phase 1 of the loan is for a total of £343,000 while the current market value of the property is £485,000, therefore the initial LTV will be 70.7%. The total loan, including multiple phases and anticipated interest, to GDV will not exceed 70%.

The developer is looking to The Crowd to back this scheme at an interest rate of 8% for a period of up to 18 months. The CrowdProperty interest cover will be 2.36

exit strategy

the borrower
& project team

The Team behind the project are Gaynor Jenkins and Guillaume de la Gorce. This partnership is completing the refurbishment of a 3 storey ex-factory and office block into 22 new apartments, in Spring Street, Rugby.

The first phase of this development was released for sale at the end of February 2016 and there has been tremendous interest, with several people currently reserving apartments. This development has a GDV of £3.3 million approximately.

Gaynor established her property development company in Rugby about 4 years ago. Prior to that she and her family had been seriously involved in the construction industry from the year 2000. She knows Rugby well and has good contacts with all the professionals and takes an active interest in the future plans for its development.

She believes in the strong market conditions and the commercial growth of the area due to its excellent placement for London and the Midlands via it's road and rail network. Both Guillaume and Gaynor have existing multi-million property portfolios, in the Midlands, Milton Keynes and London.

Both Guillaume and Gaynor have progressively increased their building capabilities. Guillaume has a portfolio of 50 flats. Gaynor has a further 28.

indicated return for your pledge
interest
total
6 month loan
£200
£5,200
18 month loan
£600
£5,600

CrowdProperty Comments


This is a profitable project, by an experienced local developer, in an area where there are strong investing fundamentals including good transport links and increasing population due to the creation of new jobs.

With a relatively low loan to end value of just 63% we are confident in the developers ability to refinance the properties if for any reason they are unable to sell them off plan which the preferred exit strategy.

We are delighted to give this project the CrowdProperty stamp of approval.

The

CrowdProperty

Shield

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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 and you may lose all you lend. See our full risk warning for more information

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