The borrower has owned this property in the Metropolitan Borough of Dudley since 2015. The property comprises the 1st and 2nd floors of 3 storey building held on 999 year lease (out of which 997 years is unexpired). The property is registered in the name of the company ‘Property Dreams Come True Limited’. Planning permission has been granted to convert the commercial space into a 12 bedsit House in Multiple Occupation – 16/0475. All the rooms are en suite with communal kitchen in each floor. RICS valuation of existing property is £125,000. RICS view on GDV of completed unit is £410,000. The total estimated cost of works is £213,000. Estimated cost of finance, fees and contingency is £70,000. CrowdProperty will lend £250,000 for up to 12 months - £75,000 on completion of loan agreement and £175,000 towards cost of works. Loan to value will initially be 60% rising to 61% at the end of the build. The length of the loan is a minimum of 6 months and a maximum 12 months.
Projet proposé par