Due to product demand, and as a result of lender feedback, we have reintroduced a pledge limit for this project, on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5,000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5,000 can be created, or an existing pledge for this project can be increased (subject to availability). This project comprises the conversion of an existing commercial building into 6 residential units. CrowdProperty has agreed a total loan facility of £210,000 for a term of up to 12 months, to be raised in a single raise. Interest is fully retained and Lenders will receive interest paid monthly at 7.8% per annum equivalent. The borrower is purchasing the property outright with their own funds and the loan will contribute to the cost of works. The property is situated on the edge of the town centre of North Shields, a large town with a population of circa 34,423 (2011 census) on the North bank of the River Tyne in North East England, eight miles (13 km) North-East of Newcastle upon Tyne. The property sits in a secondary, mixed retail and residential street within short walking distance of the town centre and the Metro station which provides access to Newcastle city centre and the airport. The property comprises a mid terrace, two storey building, most recently utilised as a bed and mattress store. The property is of traditional brick construction with single glazed windows within timber casements and beneath a pitched and tiled roof. Planning permission granted by North Tyneside Council, planning reference: 20/00077/FUL granted in March 2020. Permission granted for change of use of the existing building to 4 one bed flats and 2 two bed flats, providing 6 units in total. The development will total some 3,960 sq ft with units ranging from 483 sq ft to 840 sq ft Ground Floor Flat 1: One bedroom flat with floor area of 689 sq ft. Flat 2: Two bedroom flat with floor area of 840 sq ft. First Floor Flat 3: Two bedroom flat with floor area of 775 sq ft. Flat 4: One bedroom flat with floor area of 635 sq ft. Flat 5: One bedroom flat with floor area of 484 sq ft. Flat 6: One bedroom flat with floor area of 538 sq ft.
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