Due to product demand, and as a result of lender feedback, we have reintroduced a pledge limit for this project, on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £2,000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £2,000 can be created, or an existing pledge for this project can be increased (subject to availability). The project comprises the erection of 4 new dwellings and 2 dwellings from the conversion and refurbishment of existing barns. CrowdProperty has agreed a total loan facility of £1,425,000 over 4 phases. This is the 3rd phase raise of £325,000 for a term of 14 months; lenders will receive equivalent to 7.8% per annum interest. A further raise will be held as the development continues and these funds will be submitted only once the IMS surveyor has validated the works. The site is situated in the town of Easingwold on Stillington Road. The town itself has a population of 4,627 (2011). Easingwold is approximately 11 miles South East of Thirsk, 13 miles North of York and 21 miles North of Harrogate. Easingwold is located approximately 2 miles East of the A19 which runs from Doncaster to North Newcastle where it joins the A1. The town benefits from shops such as a Costcutter and Co-Op supermarket, Barclays bank and various high street shops. The town is served by 6 different bus routes which run to and from local towns and villages in the area and York. The existing property comprises a range of former farm buildings comprising traditional brick and more modern steel and concrete frame buildings set on a plot measuring approximately 1.69 acres. The project has the benefit of planning permission and permitted development rights for the creation of 6 dwellings; 2 from the conversion and refurbishment of existing barns and 4 from new build dwellings under the planning reference 18/00559/FUL from Hambleton Borough Council. Current progress on site to start of March 2021: - The timber frame to plot 2 has progressed to first floor. - Plot 4 has been constructed to wall plate and the rafters are being installed. Coming works: - Plots 2 & 4 will be wind and watertight in the next 4 weeks. - Plots 3 & 5 to follow shortly after. - Plots 6 & 7 to be done last. - Demolish plot 3 in anticipation of rebuilding. - Fencing and boundary wall structures. The proposed units will comprise the following: Plot 2: Part single storey/part two story 3 bed-barn conversion with double garage, 1,808 sf, £475,000 Plot 3: Single storey 2 bed barn conversion with single garage space, 995 sf, £265,000 Plot 4: Two storey 3 bed new build dwelling with single garage space, 2,789 sf, £725,000 Plot 5: Two storey 3 build new build dwelling with double garage, 2,212 sf, £575,000 Plot 6: Single storey 2 bed new build dwelling with single garage space, 1,044 sf, £275,000 Plot 7: Single storey 2 bed new build dwelling, 1,044 sf, £275,000 The RICS Valuation of the completed development is £2,590,000. The Independent RICS view of Current Market Value of the property is £750,000. The conversion costs for the construction of the units is estimated at £1,024,000. CrowdProperty has a 1st charge security over the site, registered in the normal way with the Land Registry.
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