This is phase 3 of a multi phase raise totalling £2,800,000 to provide construction costs for the development of 10 new residential units in Hinton St George Somerset. The loan was completed in Mid 2018 and an initial advance of £455,000 was submitted to the borrower to cover design fees and initial construction costs. Construction commenced on site in September 2019 and we raised a further £455,000 shortly thereafter to provide another tranche of monies towards the works. This phase raise of £400,000 will cover estimated costs for the January and February 2020 scheduled works. This phase will be for a term of about 14 months paying 8% per annum equivalent interest rolled up and paid at exit of the loan. Given there are 10 properties being built it is expected lenders will have their capital and interest returend in tranches as properties are sold at different times. Hinton St George, Somerset, TA17 8SL is situated 4 miles north west of Crewkerne, 12 miles south west of Yeovil and 17 miles south east of Taunton. Crewkerne Railway Station is based on the West of England mainline approx. 5 miles from Hinton St George with trains to Exeter (50 mins) and London Waterloo (2.5 hours). Hinton St George is a popular and affluent South Somerset village with a population of circa 442 (2011 Census). The village includes a primary school, award winning pub and village store. The site is situated on the East side of the village and has been in the ownership of the same family for nearly 40 years. It is rectangular in shape with a level topography and totals approx. 1.02 acres. Access to the site is directly off Merriott Road a public highway. There is a private farmers right of way from Merriott Road through the site to access the rear field. Planning consent was granted ref. no. 17/02545/FUL on 19th April 2018 by South Somerset Council. A further application no. 18/01345/S73 was approved to vary internal layouts, window positions, the removal of car ports and minor external alterations. The total no. of new units to be erected will be 10 ranging from 2 – 5 bedroom houses. Three of the units will be set aside for Affordable Housing as required within the planning consent. Construction will be high quality traditional 2 storey development to include local “Ham” stone elevations under pitched and hipped roofs. The breakdown of the sizes of the houses are as follows:- Plots 1-3 3 x 2 bedroom house 959 sq ft each Plot 4 1 x 5 bedroom house 1,721 sq ft Plots 5-6 2 x 3 bedroom house 1,026 sq ft each Plot 7 1 x 3 bedroom house 1,018 sq ft Plot 8 1 x 4 bedroom house 1,231 sq ft Plot 9 1 x 4 bedroom house 1,246 sq ft Plot 10 1 x 5 bedroom house 1,711 sq ft Total floor area: 10,830 sq ft (1,006 sq m) Works commenced on 2nd September 2019 and the build programme is 13 months with Practical Completion expected in October 2020. Despite the inclement weather the build programme has allowed for this and they are still on target. The total build contract sum is estimated at £2,591,000 and the IMS has undertaken 3 inspections since our last raise. He has reported that completed works to date include site clearance, temporary on site road, foundations sunk to all plots, super structure has commenced and are up to 1st floor on units 2,3, 8 and 9. There was an overspend of £6,000 for additional piling previously not accounted for and the Borrower has covered this off. Total spend as at the date of the IMS latest report dated January 7th 2020 and including validation of the December draw is £861,557 and this is consistent with the pre-start monthly draw down schedule. This also includes application for Utility Connections and 10 year warranties.
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