This is a development finish and exit loan to replace the facility CrowdProperty wrote in Q1 2020 for £750,000. The developer has had significant delays in obtaining necessary sign off from United Utilities and Manchester Highways for necessary drainage connection and approval of the new access road. CrowdProperty's previous loan facility was for a term of 18 months expiring on 16th August 2021. In this time the development has been 70% completed with the houses wind and watertight and 1st fix completed. This new finish and exit development loan will be for £900,000 and this will pay back the existing loan and provide top up funds so that the houses can be completed, the Utilities connected and the roadway built. Lenders will receive 7.8% interest rolled up and repaid at the end of the loan. The loan term is for a max 12 months. The works are expected to take 3 to 4 months to complete; they re- commenced at the end of July and the contractor is on site, with the civil works underway. The borrower will then seek to sell the houses in the open market with sales expected to occur at different times so the loan will be paid down over a number of phases. The site is situated in Stockport, a large town in Greater Manchester, 7 miles South-East of Manchester City Centre. The site is close to Junction 25 of the M60 and the A560 which is an arterial route leading from Stockport on to the M60 forming the Manchester Outer Ring Road. The M60 provides access to the M56, M62 and M6 which makes up part of the UK’s major motorway network. The project comprises 6 wind and watertight and 1st fix completed houses at the rear of 350-352 Brinnington Road, Stockport, SK5 8BU. The Planning consent was granted under ref: DC/072570 from Stockport Council, for the erection of 6 x four bedroom two and a half storey, semi-detached residential dwellings all with associated parking, landscaping and new access from Brinnington Road.
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