The project involves the development of 2 new build flats. CrowdProperty agreed a total loan facility of £500,000, the third and final raise will have a term of up to circa. 11 months - the contracted end date set for the 25th August 2021. Lenders will receive interest at 8% per annum equivalent rolled up and paid at the end of the loan term. This raise is for £150,000. An IMS inspection took place on 2nd September 2020. The inspection verified that the the contractor has rendered circa. 73% of the external walls and has installed the majority of the external windows and doors. The borrower has been focusing on the interior of properties and at the date of inspection had completed 25% of the heating and ventilation systems and 20% of the electrical installations. The IMS Surveyor has now verified £289,749, with the estimated cost to complete of £151,350. Completion of the works is expected for the end of 2020, provided there are no further delays. The next IMS inspection has been organised for Monday 28th September 2020. The subject property lies approximately 7.1 miles East of Edinburgh and 1.2 miles to the East of Musselburgh town centre which has a population of circa. 22,000. and has the usual amenities on its High Street to include food chains, banks and independent retailers. The City of Edinburgh bypass is situated just 2 miles to the South of the site allowing for a 20 minute journey to the city centre. Access to the city can also be achieved via Wallyford train station which is 0.9 miles South East of the subject property and allows for direct journeys within 10 minutes. Edinburgh is the second largest financial district in the UK with a population of circa. 482,000 allowing for plenty of employment opportunities. The site previously comprised an area of former garden pertaining to the adjacent public house, which the borrower has previously converted to residential accommodation. Planning has been granted by East Lothian Council planning reference: 18/00384/P for the erection of 2 flats. The development will comprise a 2 storey building providing 2 self contained 3 bed flats constructed of a steel frame block and rendered building. 1 private car parking space will be available per flat and an additional car parking space to the front of the development to allow for a visitor’s space. The flats will comprise a similar layout to one another and will be finished to high standard throughout: Flat 1 will be known as Foreman’s View Flat 2 will be known as Forman’s Green The completed properties will benefit from backing on to the Royal Musselburgh Golf Course and horse racing track.
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