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 £2,000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £2,000 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 office building into 7 residential units. CrowdProperty has agreed a total loan facility of £425,000 for a term of up to 12 months, to be raised in two raises. This second raise comprises £195,000. Lenders will receive interest at 8% per annum equivalent rolled up and paid at exit. The property is situated within the town centre of Rushden on Rushden Court, a private courtyard development. Rushden is a relatively large town with a population of circa 29,000 (2011 census) in the East Northamptonshire District and is located on the A6 between Bedford and Kettering and also close to the A45 giving access to the M1 (to the West) and A1 (to the East). Neighbouring buildings are a mix of retail, office and residential uses. The existing property was originally an agricultural barn, extended in the mid-20th century as a garage, and since an extensive refurbishment in the late 1980’s has been used as an office. It has been vacant since late 2018 with our borrowers acquiring the site in 2019 and subsequently obtaining planning for conversion. Planning permission has been granted by East Northamptonshire District Council, planning reference: 19/01437/FUL granted in September 2019. Permission granted for change of use of the existing offices to 4 one bed flats, 1 two bed flat, 1 two storey one bed dwelling and 1 two storey two bed dwelling, 7 units in total. The development will total some 4,348 sq ft with units ranging from 409 sq ft to 1,152 sq ft. Plot 1: Two bedroom house with 2 parking spaces. Kitchen, dining room, living room, bathroom, double bedroom and master bedroom. 1,152 sq ft. Plot 2: One bedroom flat with 1 parking space. Kitchen / living room, double bedroom and shower room. 449 sq ft Plot 3: One bedroom flat with 1 parking space. Kitchen / living room, double bedroom and shower room. 443 sq ft. Plot 4: One bedroom flat with 1 parking space. Kitchen / living room, double bedroom and shower room. 553 sq ft. Plot 5: One bedroom flat with 1 parking space. Kitchen / living room, double bedroom and en-suite shower room. 409 sq ft. Plot 6: One bedroom house with 2 parking space. Kitchen / living room and shower room. 506 sq ft. Plot 7: Two bedroom flat with 1 parking space. Kitchen / living room bathroom. Double bedroom and master bedroom. 846 sq ft. Our independent monitoring surveyor carried out a first interim inspection on 8th June 2020 and issued a report confirming good progress is being made on site. The main items of work carried out since last inspection include: • All external openings formed within front and rear elevations. • Rooflights inserted into the rear section of pitched roof. • First floor construction to Unit 1 and roof truss reinforcement. • Progress of internal partitioning. • Floor boarding reinstated above completed internal drainage. • Progression of first fix electrical and plumbing to ground floor. As well as carrying our building work throughout the pandemic the developer has also paid for and secured the new water connections for the development.
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