We are continuing our strategy of pledge limits until further notice. This allows all lenders the greatest opportunity to successfully pledge and in particular those lenders that have spent valuable time undertaking the necessary due diligence. Pledges will be limited to £1,000 for the first 5 minutes that the project is live. Post 10.15 a.m. pledges greater than £1,000 can be created, or an existing pledge for this project can be increased (subject to availability). This project is a 15 month total development loan facility of £850,000 towards the development of a site with planning in place for the construction of 5 detached residential houses. The borrower had purchased the site outright using their own funds and started work on site prior to the commencement of the loan. This third phase raise is for £300,000 gross. Interest is rolled and paid at exit and lenders will receive 8% per annum equivalent. This phase will continue to fund the construction costs. The project is situated in Ruyton XI Towns, within the county of Shropshire, which has a population of circa 323,136 (2019 ONS). Ruyton XI Towns is a large town located in North Shropshire, situated approximately 11 miles to the North-West of Shrewsbury, and 9 miles to the South of Oswestry. Ruyton has a population just over 1,000, and is located on the River Perry, between villages of Baschurch and Wykey, with the A5 passing just to the West providing ease of access to Shrewsbury and Oswestry. The local area is residential, with local amenities close, including a village shop and pubs. The site comprises an area of disused paddock land, previously used in conjunction with the adjoining period residential property. Planning permission was granted by Shropshire Council for the erection of 5 dwellings. Outline permission granted February 2019 Ref: 19/00560/OUT and reserved matters granted January 2020 Ref: 20/00391/REM. The development will consist of five, 4-bedroom properties, all of similar two-storey construction, having pitched roofs with slate effect finish, red brick elevations with white render features, white uPVC double glazed windows, and dark grey insulated composite front doors. Access will be from Aldersley Way, with each unit having two parking spaces. Three units will be a size of 1,442 sq ft (134 sq m), and two large units will be a size of 1,593 sq ft (148 sq m). The site is approximately 0.555 acres (24,176 sq ft). The borrower had purchased the site using their own funds and the loan will fund construction costs. As with all projects CrowdProperty hold first charge security and also has company debenture over the SPV and personal guarantees from the borrower. Funds are only drawn down on verification of works by our independent monitoring surveyor. Our independent monitoring surveyor last inspected 2nd March 2021. A further inspection is being carried out in June which this raise will provide funds for. They noted in March: - Plots 1 & 2 were constructed with roofs on awaiting slate covering. - Plots 3 & 4 were at first floor level and plot 5 at first lift. - The site is professionally managed and sufficiently resourced with labour and materials. Works have progressed since the last inspection with the borrower funding the costs and units near completion as can be seen in the photos.
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