General Information

  • IRR%: 8
  • CoC%: 8
  • Minimum: 0 GBP
  • Type: -
  • Asset: -
  • Investors: 1.14k
  • Start Date: 2021-02-13
  • End Date: -
  • Target: 152k GBP
  • Completed: 100%

Additional Information

  • Kendal Road
  • M32 0DZ
  • Manchester
  • Manchester
  • Great Britain

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 £3,000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £3,000 can be created, or an existing pledge for this project can be increased (subject to availability). This is the final raise of 4 where CrowdProperty agreed a loan facility of £835,000 expiring on 20th June 2021. With Building Works not expected to compleet until the end of April this loan is expected to run late. The borrower advises all the units are under offer and some have exchanged but the mortgage and legal process will take the sales of some of these units passed the loan end date. Lenders will receive 8% for the remainder of the term moving to 10% interest for any monies owed after the expiry of the loan. Interest will be rolled up and paid at exit. The site is situated off Kendal Road, Stretford, Manchester, M32 0DZ and backs onto Trafford Park Railway Station which has frequent train services into the Manchester Piccadilly Terminal (approx 25 mins). The City Centre is approx 4 miles to the North East by road. Stretford has a population of circa 47,000. Access to the motorway network is via M60 (J9), approx 3 miles to the East. The town offers a number of amenities including various schools, supermarkets and the INTU shopping centre, all within 5 miles of the site. The development totals 0.4 acres and was vacant land with frontage to Station Road and backing onto Trafford Park Railway Station, comprising a narrow strip of vacant scrub land in an otherwise residential location. Planning permission was granted by Trafford Council under Appeal reference: APP/Q4245/W/17/3179935 for the construction of 10 residential apartments in 5 detached 2 storey blocks. Pre-commencement conditions have now been discharged and the borrower has commenced works. The land has been stripped, with foundations, drainage and floor slabs laid . The IMS reported on latest status on progress to the end of January as follows:- The works commenced on 9th March 2020 and were meant to complete in Oct 2020 but for a number of challenges However he is now at the stage where:- All roof trusses and felt had been installed and 3 out of the 5 blocks had been roofed. Windows were being installed at the time of inspection whilst 1st fix electrics had been installed to 9 of the 10 units. Stud partitioning has commenced and it is anticipated completion of the building works will around Easter 2021 Home owner warranty being provided by Checkmate. Building Control inspection booked for 1st week in February With a loan end date of June 20th the full redemption of the loan is unlikely to occur, and we consider will be more likely around the end of August although approx 7 units need to be sold to pay down the entire debt

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