Please note, due to the size of the project and current AutoInvest demand, this project will be funded 100% by AutoInvest. As such, this means there will be no Self-Select pledges on this project. The total loan facility is for £311,000 to be raised in 2 phases over a loan term of 15 months. This is the second and last of two raises, with £211,000 being raised. Interest on this phase will be at rate of 7.5%, rolled and paid at the end of the loan. The land to be developed is located on the South side of Cagefield Road close to its junction with Stambridge Road. The area is wholly residential. The village of Stambridge (population 700) is a dormitory village lying 2½ miles north-east of Rochford, through which access to amenities is gained in the town itself or on the edge of Southend. The property has planning consents granted by Rochford Council on 27 March 2017 (outline, reference 17/00070/OUT) and on 2 April 2019 (reserved matters, reference 18/01026/REM), 3 no self contained apartments with associated access, parking soft and hard landscaping. The property will comprise one two-bed maisonette and two one-bed flats with proposed dimensions of: Unit 1 Ground - 775sqft Unit 2 First - 495 sqft Unit 3 First - 495 sqft Unit 1 GDV - £244,800 Unit 2 GDV - £172,500 Unit 3 GDV - £172,500 Total GDV - £589,800 A RICS red book valuation was undertaken by Michael Parkes in November 2020. The RICS Valuation of the existing site is £180,000. The RICS estimate for the GDV of units 1 -3 has been valued at £589,800. Progress to date includes: • Foundations • Walls up to/above DPC including all lintels and beams • Ground floor structure • Upper floor structure • All underground drainage including soakaway • Roof structure • Ground floor external Windows and doors Building control have been to site to conduct their statutory visits. Works for forthcoming weeks will include: • Roof finish • External windows • Internal stairs • Internal Partitions • 1st Fix heating • 1st Fix General plumbing • 1st Fix Electrical The independent monitoring surveyor visited site on the 23rd June to verify the value of works done to date. CrowdProperty has agreed to lend the borrower £311,000, with a day one release of £100,000 which represents 55.6% LTV. The total loan length will be for a maximum of 15 months. The LTGDV at exit including rolled up interest is estimated to be 56.3%.
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