This Project is a Serviced Bridging Loan of £330,000 with CrowdProperty retaining the interest from this raise to pay the Lenders monthly. The serviced bridging loan is being offered to part fund completion of the site where the borrower has exchanged contracts following successful bid at auction. The site is situated at the former Greenhithe Clinic, Knockhall Chase, Greenhithe, Dartford, Kent DA9 9EN. For this project, a £5,000 pledge limit will be in place for the first 5 minutes to provide all those who have taken the time to perform their due diligence a chance to participate, given the current demand for CrowdProperty projects. After 10:05am, pledges greater than £5,000 can be created or existing pledges can be increased, subject to availability. Additionally, CrowdProperty AutoInvest functionality can automatically pledge on your behalf at 10:00am although the actual pledge on a project might be scaled back subject to demand and therefore your AutoInvest pot may be spread across more loans than your original settings. Lenders to this project will receive 7.5% per annum interest paid monthly on a 1st charge secured site with outline planning for the development of 5 houses. The monthly interest payments to our lenders will ensure our LTV of 60% is not breached during the term of the loan. You will be able to lend in the usual way, using all our investment products: our Standard Product, the CrowdProperty ISA and via SIPP or SSAS. The project comprises the purchase of land at Knockhall Chase, Greenhithe, Dartford, Kent. Dartford is the principal town in north Kent with a population of 85,911. It is located 18 miles south-east of Central London and close to J1 M25 and Queen Elizabeth Thames Bridge. Dartford is principally a commuter town for Greater London. It is an important rail hub with the Ebbsfleet International Railway station about 1.5 miles to the east. Connections to the M25 J1 is via the A2 approx. 3 miles to the west. Bluewater Shopping Centre is about 1 mile to the south. The site was formerly Greenhithe Clinic which has now been demolished and site has been cleared. The site measures 0.09 hectares (0.22 acres) and benefits from outline planning from Dartford Borough Council (ref: 18/01573/OUT) for a maximum of 5 terraced dwellings. The borrower has exchanged contracts on the purchase of the site at a recent auction for £550,000. The completion date 26th April 2019. The purchase price has been verified by RICS valuation. CrowdProperty is offering the borrower a serviced bridging loan in order to complete the purchase of the site. The loan term will be for 12 months with retained interest on day 1. The lenders interest will be paid monthly in arrears so that the LTV does not breach our LTV rules and the headroom between debt and value is maintained. Lenders will be paid 0.625% interest per month. Pay back will only be capital as interest would have already been paid. 1st charge security as registered with the Land Registry will be offered in the usual way.
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