CC COR 1 Re-Listing 8% net p.a. Secured, Fixed Return Loan Note
39 Trevarthian Road, St Austell, Cornwall, PL25 4BT
Secured, fixed return loan note which can enable the refurbishment and sale of a 3-bedroom semi-detached house in St. Austell, Cornwall. 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 as they have decided to convert the loft space in order to provide additional accommodation. They have been advised by a local agent that the conversion may increase the GDV (Gross Development Value) and saleability of the property.
Secured, fixed return loan note which can enable the refurbishment and sale of a 3-bedroom semi-detached house in St. Austell, Cornwall. The property is in need of modernisation and is currently being refurbished to a high-quality standard.
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 COR 1 Ltd with a first legal charge.
We recently visited the site and are impressed with the level of works to date. The contractor is estimating 4 weeks until the project is complete. The developer is then allowing for a 4 month marketing and sales period. Please note that returns are paid on redemption, and that returns are annualized.
The total LTGDV (Loan to Gross Development Value) is 81%, calculated on the projected GDV of £200,000, which has been confirmed by local agents as an achievable price. Should the property not sell during the projected period, the loan will remain in place, we will seek to put in place long term finance to repay the loan and retain the property or 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 that refurbished a previous opportunity on the Property Moose platform, PM SPV 84. A buyer has been secured for this property for more than the independent valuation, indicating the quality of the work undertaken. Past performance is not a reliable indicator of future performance.
A local agent has also provided their opinion on the property, stating that the property is “situated in a popular area due to its tucked away location and close proximity to the town centre and local amenities.” Therefore, we anticipate a high demand for the property once the works are complete.
The property is located within a 6-minute walk of St Austell train station and there is a network of local bus routes serving the surrounding area. Shopping amenities can be found locally with a range of shops, bars and restaurants within St Austell Town Centre.