My Menu

Loan amount

£495,000


Interest Paid

0% pa


Funds pledged

£0


Loan Term

6 months


LTGDV

62%

£0


Chapman Court, Dock Street, FY7 6JL

• Twelve Self Contained Apartments
• Combination of One, Two- and Three-Bedroom Apartments
• Allocated Parking to Rear, Located close to Fleetwood Docks
• Fully Occupied with AST's in Place Located close to Fleetwood Docks, this is a wonderful investment opportunity. The property comprises:
Five x 1 Bedroom Apartments, Six x 2 Bedroom Apartments and One 3 Bedroom Apartment.

All Apartments are fully occupied on AST's and achieve a combined annual rent of in excess of £53,000. Most Apartments have long standing tenants which are due for rent reviews.

The area has seen an incline in housing prices over the last 5 years, totalling an average capital growth of 15%

Built on fishing and the railways, many of the magnificent architectural buildings still stand. Fleetwood has miles of stunning seafront from wild and natural landscapes to proper English seaside.

Fleetwood lies at the northern end of the Blackpool tramway. It is about 8 miles (13 km) to Talbot Square, Blackpool. There are 10 tram stops in the town. Trams run the full length of both Lord Street and North Albert Street, undivided from regular road traffic. Bus service to Blackpool is provided by Blackpool Transport and Stagecoach North West, who also provide services to Preston and other local destinations. It is approximately an 18 minute drive to Blackpool from Fleetwood.

The borrower of this project has exchanged contracts on the purchase of these 12 self-contained apartments.

The property requires a light refurbishment and a title split, so that the borrower can sell as individual flats. The investment opportunity was identified by the borrower, who is an investor and developer in the local area.

The borrower is raising £495,000 for the purchase and refurbishment of the property. The plan is to then sell the apartments, during the 6-month term.

Investment secured via a first legal charge on the property.

Current Plot
• 12 self-contained apartments
• Requires light refurbishment and a title split to create 12 separate properties

Financials
• Expected development costs – £55,000
• Expected GDV – £800,000
• LTVGDV – 62%

The Location and Local Market
• Fleetwood on the Flyde coast
• 18-minute drive to Blackpool
• Area has seen an incline in housing prices of 15% over the past 5 years
• Average salary £32,100

Investor Security
• Secured Loan with First legal charge over the property. The charge will be transferable to all titles as and when they are split, just before point of sale
• The borrower has signed a personal guarantee
• Director’s cash contribution of £110,000 into the deal (equity in the project)

For this project, as the apartments are being refurbished, they will go onto the market, off-plan. A refinancing option has been agreed in principle should the open market sale take too long.

Loan Amount † £495,000
Forecasted Valuation aka GDV †† £800,000
Loan-to-GDV 62%
Loan Term 6 months
Loan Interest ††† % per annum
Bonus Interest †††† 2%
Loan Interest Payment ††††† End of Term
Loan Security First Legal Charge + Personal Guarantee + Borrower Equity
Platform Fee 0%
Legal Fee 0%
Exit Fee £0
APR 12.00%

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

Type: Bonus paid on repayment 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 repayment of the loan. This offer only applies to your first £500 investment. Lender Terms and Conditions apply.

Bonus Interest Reward: 2% when you lend £20,000 or more.

Type: 2% Interest per annum added to your rate of return.

Terms: To claim this offer, you will need to invest a minimum of £20,000 into the loan opportunity. You will then have your investment return automatically increase by 2% pa. Lender Terms and Conditions apply.


Downloads

x

Sign in