Fully Funded

18-20 Empress Drive, Blackpool, FY2 9SD

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

£310,000

interest paid*

8%

funds pledged

£310,000

number of investors

361

% of target pledged

Fully Funded

project type

Residential (Standard Construction)

loan term

up to 12 months

security

1st charge

project phasing

1 of 1

total loan facility

-

floor area

4698 sq.ft.

rics valuation

£140,000

cost of work

£310,000

est. sales value (gdv)**

£560,000

initial loan to value

64.3%

loan to gdv

55.40%

owed at exit to gdv***

60.90%

strategy & vision

This launch will be a development loan of £310,000 and will be used to support the development of 4 new residential properties at 18/20 Empress Drive, Blackpool, FY2 9SD.

For this project, a £5,000 pledge limit will be in place for the first 5 minutes to provide all those who have taken the time to perform their due diligence a chance to participate, given the current demand for CrowdProperty projects. After 10:05am, pledges greater than £5,000 can be created or existing pledges can be increased, subject to availability. Additionally, CrowdProperty AutoInvest functionality can automatically pledge on your behalf at 10:00am although the actual pledge on a project might be scaled back subject to demand and therefore your AutoInvest pot may be spread across more loans than your original settings.

The project is situated on the north side of Empress Drive within the North Shore area of Blackpool about 1/2 mile north of the town centre. Blackpool is the most populous town in Lancashire with a population of 139,720. It is located on the Lancashire coast, 27 miles north of Liverpool and 40 miles northwest of Manchester. Blackpool is well known as a major centre for tourism in UK and therefore attracts an influx of visitors every year. Some of its major attractions include: Blackpool Tower, Blackpool Illuminations, Grand Theatre and Blackpool Zoo.

The site is located within a mixed residential and holiday area close to the Queens Promenade. Empress Drive runs west to east from the Queens Promenade through Warbreck Drive. The subject site is between the junctions with Holmfield Road and Warbreck Drive and sits between no. 49 Holmfield Road and 18a Empress Drive. The site also shares a boundary to the east by a rear service road to Holmfield Road.

The site was formerly The Arosa Hotel which has now been demolished due to a historic fire. The site measures 436.5 sq. m (0.10 acres) and benefits from full planning permission granted by Blackpool Council (ref: 18/0718) for residential development of four, two storey dwellings with associated car parking, landscaping, refuse storage and boundary treatment. A party wall agreement is also in place with the adjoining owners of 47 and 49 Holmfield Road, Blackpool, FY2 9RU.

The planned development will comprise four terraced two storey houses, all three bedroom with an internal floor area of approximately 87 sq. m. The ground floor space will provide a lounge plus fitted dining kitchen, the 1st floor providing bedrooms and bathroom. The external parts to each house will include a pull in parking space, front garden, fenced rear garden space, and footpath access off the side service road.

exit strategy

On completion of the development the borrower intends to sell the 4 houses.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

12 month loan

£600

£5,600

CrowdProperty Comments


This is an infill site with planning for the development of 4 town houses. The borrowers have proved ability and experience to complete this development.

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.

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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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