Pearn House is a Grade II listed two storey former convalescent home which is over 11,000 square feet in size. The building is set within landscaped grounds which occupy a substantial enclosed level corner site at the junction of Eggbuckland Road and Hartley Road. It is located in a well established and sought after residential district less than 2 miles north of Plymouth city centre. The borrowers, Your Property Development (Pearn) Ltd negotiated a conditional contract at a purchase price of £525,000. Planning permission has been granted (16/02343/LBC) for change of use and conversion into 10 high end luxury apartments for the over 55's market. Planning has lifted the value to £650,000 (RICS view). The building will comprise: - Ground floor - 5 x two bedroom apartments - First floor - 5 x two bedroom apartments RICS view on GDV of completed conversion is £2,600,000. CrowdProperty will lend £1,050,000 for up to 15 months - £455,000 towards the purchase price and £595,000 towards the cost of works. The £595,000 will be released in stages and as verified by our Independent Monitoring Surveyor. The loan to value will initially be 70% reducing to 40% on completion of the conversion works. The length of the loan is a minimum of 6 months and a maximum 15 months. Interest and capital on this project can be repaid in stages as the loan is paid back by the borrower (in minimum tranches of £250,000). The interest on the repaid amount will fall away, but you will continue to earn interest on the outstanding balance. The target start date for the loan is 30th June 2017.
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