This is the refinance of an existing loan CrowdProperty agreed in Q1 2018 on 2 parcels of land at Church Street Hastings TN35 5NQ. The 2018 loan was £300,000 and together with rolled up interest to date the borrower owes around £355,000. The borrower is now ready to commence the development and CrowdProperty has agreed a facility of £1,000,000 towards repaying existing debt and provide funding towards the build. This will be raised over 3 phases with this Phase 1 raise being £273,000. Many of the existing lenders are remaining in the refinance, therefore there will be no AutoInvest pledges on this project. The site is located on the northern edge of Hastings town centre within a residential area and close to the Priory Meadow Shopping Centre. Hastings is a coastal town in South Sussex with population of 92,000 (2018). It provides a mainline railway to London Charing Cross - 1 hr 15 mins and access to the road network is via the A21 – London 53 miles to the north. The local economy is based on Fishing (Europe’s largest beach launched industry), Tourism and Education. The towns largest employer is Saga (800 employees). More recently the town has undergone some major improvements including the pier (2016) and extension to Brighton University with its own campus. The site is a cleared site in 2 parcels either side of Church Street and totaling 0.234 hectares. Planning permission was granted by Hastings Borough Council under planning ref no. HS/DS/17/00194. Pre-commencement conditions have since been discharged and a Material start to works are confirmed via an initial Building Control sign off of the foundations. The Permission granted is for the construction of 1 x 2 bed detached house, 2 x 3 bed detached houses and 2 x 3 bed semis with each house having its own off street car parking and gardens.
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