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Loan amount

£595,000


Interest Paid

0% pa


Funds pledged

£0


Loan Term

8 months


LTV

66%

£0


58 Abbots Way, Westlands, Newcastle, ST5 2HF

Ground Floor
• Entrance Porch- tiled floor, courtesy light and a door which leads into the entrance hall
• Entrance Hall - doors that lead to all rooms, stairs, under stairs storage cupboard
• Lounge- With coved cornice to the ceiling, a brick fireplace with wooden mantle above
• Dining Room- door leads out to the patio and entertainment area and a tiled fireplace
• Kitchen- Worksurfaces, breakfast bar area, window looking out, door to the boot room
• Boot Room- With tiled floor and plenty of space for appliances. Door with access to rear
• Guest Cloakroom- with close coupled WC and a pedestal wash hand basin
• Laundry Room - sink unit with cupboard below and plumbing for a washing machine

First Floor
• First Floor Landing- doors to all rooms. With loft access point and a good-sized cupboard
• Master Bedroom- radiator, stained glass window, plate rail and door to dressing room
• Dressing Room/Nursery- radiator and two windows, one to the front and one to the rear
• Shower Room- wash hand basin and vanity cupboards below, shower cubicle
• Guest Bedroom- window to the rear, a range of fitted bedroom furniture
• Bedroom Three- window to rear, radiator, plate rail, fitted wardrobe and fireplace
• Separate WC- half height tiling to walls, opaque glazed window and a close coupled WC

Exterior
To the front there is an in and out carriage style driveway with block paved parking for several vehicles which leads to the garage. There is external courtesy lighting together also with deep shrub beds planted with a variety of mature shrubs, with personal gates either side of the property leading around to the rear. The property also has a lawn to the front with borders and beds containing a variety of shrubs. This property sits on a very generous plot and to the rear we have external work sheds, a paved patio area bordered by wrought iron fencing with steps that lead down to the lawned garden having beds and borders planted with a variety of mature shrubs and specimen trees. The garden also contains a summer house.

The property is located in Westlands in Newcastle-Under-Lyme. It is a desirable area and property prices are some of the highest in the area. Historically, Westlands is where well-off merchants and business owners from Stoke on Trent would live.

The property is located close to the centre of Newcastle-Under-Lyme which borders the city of Stoke-on-Trent and occupies the north-western corner of Staffordshire.

There are plenty of primary and secondary schools in the area and both Keele University and Newcastle College are close by.

The borrowers of this project have exchanged contracts on the purchase of this 4-bed property in Newcastle-Under-Lyme. The property will be purchased and refurbished with planning permission in place to build another 4-bed property on the plot. The investment opportunity was identified by the borrower, a developer who is local to the area.

The borrowers are raising £595,000 for the purchase and works of the refurbishment of this property and the build of a new 4-bedroom house on the plot. The plan for the borrower is then to sell the properties on the market during the 8-month period.

Investors get a first legal charge on the current property and plot of land.

The purchase price of the property is £385,000. £307,000 of the raise will be utilised towards the purchase of the property, as the borrower has invested £78,000 of their capital. The remaining balance will go towards the build costs. The monies raised will be drawn down upon submission of an independent monitoring surveyor report, confirming works have been completed.

The property gained planning permission to build a detached house and double garage.

The planning was gained through Newcastle-Under-Lyme Borough Council (18/00878/FUL)

The site is located just off a main road which leads into the town centre. The majority of the surrounding properties are established older properties.

Every project is evaluated, looking at if the loan-repayment schedule and the borrower’s exit strategy (sale of the developed property or refinance) is realistic, to ensure the most secure and profitable plan is followed. Sourced Capital employ solicitors for every loan that is provided, who work with the borrower’s legal adviser.

For this project, as the extra property is being built it will go onto the market off-plan. The other property once refurbished will also be put onto the market. A refinancing option has been agreed should the open market sale take too long.

Loan Amount † £595,000
Forecasted Valuation aka GDV †† £900,000
Loan-to-GDV 66%
Loan Term 8 months
Loan Interest ††† % per annum
Cash-back Reward †††† 2%
Loan Interest Payment ††††† End of term
Loan Security First legal charge + borrower’s equity + personal guarantee
Platform Fee 2%
Legal Fee 0%
APR 12%

Bonus: £50 when you lend your first £500.

Type: Bonus paid on drawdown of the loan by the Borrower.

Terms: To claim this offer, you will need to invest a minimum of £500 into the loan opportunity. You will then have your account credited with £50 on drawdown of the loan. This offer only applies to your first £500 investment. Lender Terms and Conditions apply.

Cash-back Reward: 2% when you lend £20,000 or more.

Type: 2% Interest added on drawdown of the loan by the Borrower.

Terms: To claim this offer, you will need to invest a minimum of £20,000 into the loan opportunity. You will then have your account credited with 2% of the final amount you have invested on completion of the loan. Lender Terms and Conditions apply.


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