52 Manchester Street, Barrow-In-Furness, LA141QR
Manchester Street Barrow-in-Furness
52 Manchester Street, Barrow-In-Furness, LA141QR
£90,000
of £70k
12
Current Investors
128.57% Funded
0 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
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.
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