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Loan amount

£297,500


Interest Paid

0% pa


Funds pledged

£0


Loan Term

12 months


LTV

67%

£0


26 Wellhouse Lane, Penistone, Sheffield, S36 8ER

The property is situated a short walk from the local town centre on a quiet road of residential buildings in Penistone area. Local amenities and a train station are a short 4 minute drive from the property with the highly accredited Penistone Grammar school just a 2 minute drive away. The A628 is approximately half a mile from the property which provides excellent communication to the wider area with routes to Manchester within an hour and Barnsley within 20 minutes.

The area has seen a strong incline in housing prices over the last 5 years, totalling an average capital growth of 21%, reference propertydata.co.uk.

The borrowers have exchanged contracts on the purchase of this plot of land. The land will be purchased with planning permission in place for the build of a four bed detached house . The investment opportunity was identified by the borrower a property developer and experienced builder who has completed multiple projects in the area.

The borrowers are raising £297,500 for the purchase and build of a four bed detached house and will sell the property within an 12 month period, generating a profit margin of 21% on sale of the new build property.

Investors funds shall be utilised as £157,500 towards the purchase price of £210,000. The remaining balance covering build costs and professional fees drawn down upon submission of a monitoring surveyor report confirming works have been completed.

The property gained planning permission to be converted into a four bed, two storey detached house and garage.

The planning was gained through Barnsley Metropolitan Borough Council (reference 2018/0975) and a copy of the planning consent and drawings can be found on our platform under the project www.sourcedcapital.co/projects

Given the demand for larger properties being popular in this location we intend on developing the property to fit the gap in the market taking advantage of this to gain a high level of return.

The borrowers intend to sell the property following completion of the conversion.

Loan Amount † £297,500
Forecasted Valuation aka GDV †† £445,000
Loan-to-GDV 67%
Loan Term 12 months
Loan Interest ††† % per annum
Cash-back Reward †††† 2%
Loan Interest Payment ††††† 10
Loan Security
Platform Fee 0%
Legal Fee 0%
APR 13.50%

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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