Plots 61-64, Pennar Park, Pembroke is a residential development site with planning for the development of 120 houses. 63 houses have already been built. All of the infrastructure is currently in place including the estate roads of Ocean Way and Haven Drive. The drainage is also constructed. Planning consent ref. no. 12/0892/PA is live by virtue of the earlier phases. The site is well established and comprises a mix of both owner occupied properties and holiday lets. Pennar Point is a secluded site approximately 1 mile west of Pembroke town centre. Pennar 18 hole Golf Course is immediately to the east. The Site is surrounded to the north by Milford Haven, the Pembroke river inlet to the east and the Pembroke river to the south which leads to Pembroke town centre and Pembroke Castle. Plots 61-64 are being purchased for £400,000 by Pennar Park Ltd who already owns and has commenced construction of the adjacent plots 83-86 and 88 with funding through CrowdProperty of £769,000. CrowdProperty agree that plots 61-64 are a natural extension of this and the borrower intends to commence this phase in about 12 months once the current phase has been built and sold. He already owns plot 60 which forms part of this block. The borrower is purchasing the land for £400,000. The RICS valuation is £500,000. CrowdProperty has agreed to lend £174,000 for up to 18 months which equates to £43,500 per plot. The max loan to value assuming the loan goes full term will be 40%.
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