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
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
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
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
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
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
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
Building & Roofing M & P Gadsden Consulting Engineers Ltd Barrow Borough Council