General Information

  • IRR%: 8
  • CoC%: 8
  • Minimum: 0 GBP
  • Type: -
  • Asset: -
  • Investors: 114
  • Start Date: 2018-07-27
  • End Date: -
  • Target: 925k GBP
  • Completed: 100%

Additional Information

  • 436 Tavistock Road
  • PL6 7HQ
  • Plymouth
  • Plymouth
  • Great Britain

Plymouth situated on the South coast of Devon is approximately 37 miles (60 km) south-west of Exeter and 190 miles (310 km) west-south-west of London. The city sits at the estuarys of the river Plym and Tamar, naturally forming Plymouth Sound and Devons boundary with Cornwall. At the 2011 Census, Plymouth’s unitary population was 256,384. 436, Tavistock Road Plymouth PL6 7HQ is situated approx 4.5 miles north of Plymouth City Centre. It has direct access onto Tavistock Road B3413 / A386 which leads to the A38 1 mile to the south and Plymouth City Centre beyond. The property sits within a mixed residential and parkland area and comprises a 2 storey detached former 8 bed hotel on approx. .64 acres. The plan is to demolish the existing hotel and construct 11 new dwellings and associated works under planning ref. no. 16/02351/FUL Plymouth City Council. The 11 new units will comprise: 2 semi detached 3 bedroom houses 1,130sqft 3 detached 4 bedroom houses 1,227sqft 3 detached 3 bedrooms 925sqft 3 detached 4 bedroom houses 1,270sqft Total floor area: 12,179sqft (1,131sqm) Site Area: 0.2Hectares (0.64Acres). Already owned by the borrower who purchased the site in 2016 CrowdProperty has agreed to lend him a max of £2m which will be raised over 3 phases of £925,000, £500,000 and £575,000. CrowdProperty has agreed an initial draw down of £665,000 at completion of legal formalties The remaining phase 1 monies will be held and set against early stage construction costs and consultants fees and released on verification of the IMS certificate. The RICS valuation of existing site with benefit of planning is £950,000; RICS estimate of completed development (GDV) is £3,255,000 - £267psf. Expected cost of works is estimated at £1.6m and with fees, finance and selling costs adding a further £400,000 the project is showing a 25% profit on cost. The initial LTV represents 70% of RICS valuation. Assuming the borrower draws the entire facility of £2m at 4 and 8 months the LTV at exit including rolled up interest will be 69%. The loan will be for a term of 18 months (max) . Further raises are expected to be offered in months 4 and 8 approximately. The borrower will exit the project by selling the completed houses and repaying The Crowd. As with all CrowdProperty projects this loan is secured by means of a Land Registry-registered first legal charge on the property.

Project offered by

CrowdProperty

Earn 8%p.a. first-charge secured returns, tax-free through the CrowdProperty ISA.

Would you like to add this platform to your list?

Please Log In first

Don't have an account yet?

Sign up & enjoy all the services BrickFunding provides
Register