This launch is the 2nd raise of a 2 phased raise on the Loan Agreement between CrowdProperty and the borrower where we are raising £200,000 having previously raised £250,000 towards the initial construction costs. 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. The loan agreement on this project completed on 2nd November 2018 and is for a term of 15 months (max). Phase 2 raise will be for a term of approx. 10 months. Since completion of the loan agreement the Borrower has signed a JCT contract and commenced works. The Project Manager has updated us with the following progress: 1) Appointment of the design team to complete detailed architectural and structural design 2) Extensive surveys including recovery of original drawings of the building 3) Appointment of contractor and signing of JCT contract with Bespoke Modular (BM) Developments Ltd 4) Completion of the party wall agreements 5) Commencement of off-site construction of modular system 6) Commencement of work on site 7) Removal of existing materials/waste Works planned in the forthcoming months include: 1) Preparation to party wall 2) Demolition of existing stairs and concrete platform 3) Superstructure to include internal/external walls, party walls, roof system, windows, doors & roof lights 4) Internal finishes to include 1st/2nd fix carpentry, kitchen installation, carpet 5) Electrical installation, TV/satellite and fire alarm This project comprises a secured loan on the development of the rooftop at 13 Lower Marsh London SE1 7RJ. Situated on the South side of Lower Marsh and to the South of Waterloo Station, Lower Marsh is close to Westminster Bridge Road with access to the West End. The property comprises a modern end of terrace 3 storey 1980's building. Having purchased the long lease of the ground floor, one of the flats on the 2nd floor and the freehold interest in the property in 2016, the borrower has since secured planning on the rooftop for the development of another apartment and sold the long lease of the ground floor to a commercial operator. The relevant Planning consent (ref. 16/02230/FUL) provides for the construction of a penthouse suite. providing a 2 bed apartment with a floor area of 81.98 sq m (882 sq ft) + private balcony of 22 sq m (237 sq).
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