This project is a 15 month development loan facility of £850,000 towards the development of a site with planning in place for the construction of 5 detached residential houses. The borrower has purchased the site outright using their own funds and started work on site. This first phase raise is for £250,000 gross. Interest is fully retained on this raise and lenders will receive 8% per annum equivalent paid monthly. Interest on future raises will be rolled up and paid at exit. The day 1 release will be £150,000 gross. The project is situated in Ruyton XI Towns, within the county of Shropshire, which has a population of circa 323,136 (2019 ONS). Ruyton XI Towns is a large town located in North Shropshire, situated approximately 11 miles to the north-west of Shrewsbury, and 9 miles to the south of Oswestry. Ruyton has a population just over 1,000, and is located on the River Perry, between villages of Bashcurch and Wykey, with the A5 passing just to the west providing ease of access to Shrewsbury and Oswestry. The local area is residential, with local amenities close, including a village shop and pubs. The site comprises an area of disused paddock land, previously used in conjunction with the adjoining period residential property. Planning permission was granted by Shropshire Council for the erection of 5 dwellings. Outline permission granted February 2019 Ref: 19/00560/OUT and reserved matters granted January 2020 Ref: 20/00391/REM. The development will consist of five, 4-bedroom properties, all of similar two-storey construction, having pitched roofs with slate effect finish, red brick elevations with white render features, white uPVC double glazed windows, and dark grey insulated composite front doors. Access will be from Aldersley Way, with each unit having two parking spaces. Three units will be a size of 1,442 sq ft (134 sq m), and two large units will be a size of 1,593 sq ft (148 sq m). The site is approximately 0.555 acres (24,176 sq ft). The borrower has purchased the site using their own funds and the loan will fund construction costs. As with all projects CrowdProperty will hold first charge security and will also have company debenture over the SPV and personal guarantees from the borrower. The remainder of the first raise and future raises will only be drawn down on verification of works by our independent monitoring surveyor who has already inspected and prepared an initial report on the project.
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