CC DEV 1 Re-Listing 8% net p.a. Secured, Fixed Return Loan Note
16 Beaumont Road, St Judes, Plymouth, Devon, PL4 9BN
Fixed return loan note which will enable the refurbishment and sale of a 5-bedroom mid-terrace house in St. Judes, Plymouth. The property is in need of modernisation and is currently being refurbished to a high-quality standard. The developer is raising additional funds for this project due to extra works of which have been carried out in order to improve the saleability of the property, such as the creation of a second en-suite and improvements to the first floor roof garden.
Fixed return loan note which will enable the refurbishment and sale of a 5-bedroom mid-terrace house in St. Judes, Plymouth. The property is in need of modernisation and is currently being refurbished to a high-quality standard. Total Loan: £147,190. Loan Available: £22,000
Sale of the property on the open market once the scheme of refurbishment works have been completed.
The funds will be raised by Creditum Capital, previously Property Moose Finance, by way of secured loan note, with all funds legally secured against the assets of CC DEV 1 with a legal charge. The investment runs alongside mainstream lender MT Finance who are providing the senior debt for the project.
We recently visited the site and are impressed with the level of works to date. The contractor is estimating 6 weeks until the project is complete. The developer is then allowing for a 4 month marketing and sales period. Please note that returns are annualised and paid on redemption and that returns.
The total LTGDV (Loan to Gross Development Value) is 79%, calculated on the projected GDV of £310,000. Should the property not sell during the projected 12-month period, the loan will remain in place and we will seek to implement long-term finance to repay the loan and retain the property, or, we will seek investor votes as to whether to continue to hold the property as a buy to let investment (passed as a majority).
The property is in need of modernisation and is currently being refurbished to a high-quality standard. We are working with the same developer who refurbished PM SPV 84, which was finished to a very high standard, as you can see by the images on that listing. Past performance is not a reliable indicator of future performance.
The property is situated within a 14-minute walk to Plymouth University. Attracting more than 20,000 students a year, Plymouth University is one of the largest in the country.
Likewise, Drake Circus, “the West Country's most popular shopping centre," is just a 13-minute walk away from the property. In addition to this, according to Aspen Woolf in April 2017, a “£226 million investment programme is set to transform the city centre.”
As a result, we anticipate a high demand for the property once the works have been completed.