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Manchester Street Barrow-in-Furness

52 Manchester Street, Barrow-In-Furness, LA141QR

£90,000
of £90k
12
Current Investors
100% Funded
3 days left to fund
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THE OPPORTUNITY


Property Type – Commercial 
Project – Commercial conversion to a multiple occupancy property with 8 en-suite bedrooms and communal living area
Loan Required – £70,000 to £90,000
Minimum Investment Amount - £1,000
Term – 9 months with possibility of early repayment. 
Interest Payable – 10% at end of loan term.  Note, there is a strong possibility that this project will pay back early. If this is the case, the interest earned at end of loan term will remain at 10%
Payment Intervals – At end of loan term
Borrower Type – Experienced investor / developer
Security Availability – 1st charge on 2 properties

IF ISA Applicable - Meaning you can invest using your ISA allowance or account, allowing for tax free returns

THE PROJECT


The property was previously a commercial building, which was used as an office over 2 floors.
  The property was purchased in February 2018 for £60,000.   Planning permission was obtained in March 2018 to convert it into an HMO with 8 en-suite bedrooms over 3 floors and a communal kitchen/lounge/dining room.

The refurbishment has already started (May 2018) which has resulted in the following work being completed:
  • Full back to brick rip-out
  • Lowering 2nd floor to conform to architectural drawings (which will enable the attic space to be used for 2 of the bedrooms)
  • Windows installed
  • Remedial wall ties installed
  • Main ground floor drains installed
3rd party builders/tradesmen are being used for the refurbishment, all of whom have been used on the fundraiser's previous developments to carry out similar work, and have much experience in their respective trades.

The investment will be used to complete the works, which is expected to be complete by the end of November 2018. The exit strategy is to refinance the property based on the rental multiplier of the property, which from a chartered surveyor’s report (please see the documents tab) has been valued at £275k (GDV). On a 75% mortgage this would equate to £206.5k, that will be used to repay investors. There is no other outstanding finance on the property.

Another commercial building has also been purchased for £90,000.  This with the property above have been offered on a first charge basis as security. 

There is an Agreement In Principal in place for development finance.  The fundraisers have chosen to share the opportunity on the Simple Crowdfunding  platform, allowing investors to get involved. 


PRESTIGE PROPERTIES 

Neil Hodgson and Carl Waters have over 20 year’s property development experience between them.  Prestige Properties NW Ltd was formed in December 2017 to acquire and refurbish properties in the local area of Cumbria in the North West of England.

The experience of the team has seen them complete over 20 property developments, which have covered single lets, serviced accommodation and new builds.  They have also completed a similar project to that being proposed whereby a commercial building was converted into 12 apartments.

NEIL HODGSON - DIRECTOR



Neil is 41 years old and from Millom in Cumbria. He has worked in the building trade for 25 years gaining a wide knowledge of all aspects within property development. He has also built up a reasonable size property portfolio over the last 20 years, which ranges from single let’s to service accommodation.

At the age of 21 he bought his first investment property and has been adding to this portfolio ever since. In 2004/2005 he purchased a building plot and completed a self-build which he still lives in today. Neil also project managed a full refurbishment of a previous hotel, which was converted into 12 apartments. 

Neil is a full time property developer and carries out the day to day project managing of the trades who are carrying out our refurbishments.
     

CARL WATERS - DIRECTOR




Carl is 37 years old and from Millom in Cumbria. He entered the property business a few years ago and has since added 3 properties to his portfolio including single let and commercial buildings.

His background is in the nuclear industry whereby after becoming a time served Electrician, he went onto become a Project Engineer and most recently a Planning Engineer involved in multi million pound projects. Carl also gained an honours degree in Electrical/Electronic Engineering and also completed accredited Project Management courses.

His project management and planning experience enables costed schedules to be produced to ensure our projects are budgeted and scheduled correctly, which ensures we have the best opportunity to complete the projects on time and within budget.  

PROJECT TEAM & SERVICES
 

Brown and Murray Solicitors 
FDS Architectural  
MLTC Building & Roofing 
M & P Gadsden Consulting Engineers Ltd  
Barrow Borough Council 


52 Manchester Street, Barrow-In-Furness, LA141QR