Liberal House, Bell Lane, Studley, Nr. Redditch B80 7LR comprises a traditionally built 2 storey detached commercial office property. Studley is a satellite village of Redditch comprising local shops, pubs, schools and a hospital. This bustling village is located 5 miles south of the M42. Redditch town centre is approximately 4 miles. Main employers of Redditch include AT+T, The Law Society and GKN. The population of Redditch is 65,000. Studley has a population of just 6,000 people and provides excellent links and local amenities. Planning has been granted to convert Liberal House into 2 X 3 bed apartments from Stratford BC planning ref. 16/01042. The RICS valuation of existing property is £175,000, the price which the borrower is purchasing the property for. RICS estimate of converted property with works completed (GDV) is £500,000. CrowdProperty has agreed to lend the borrower £297,000 towards the purchase and conversion. Initially £122,500 will be lent towards the purchase with the remainder being drawn down in tranches on verification of our IMS reports. LTV 70% > 65.34% at completion of works and including rolled up interest. The borrower has exchanged contracts. The loan term is a max of 15 months and will commence on 20th August 2018. 1st charge security will be offered.
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