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Development of six flats with commercial premises underneath

21-23 Market St, Cinderford, Gloucestershire, GL14 2RT.

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LOAN TERMS

Summary: 
Development of six flats with commercial premises underneath. Potential for planning enhancement
Investment Type: Loan (IF ISA applicable) 
Raise Amount: £180,000
Interest payment: 
9% PA pro rata 

Interest payment terms: Payment at end of project.  
Projected loan start date: 5th February 2018 
Loan term: For up to 18 months repayable on refinance. There is an option to repay this project early after 6 months.

Minimum Investment: £500 
Security Offered: First legal charge over the property will be taken on behalf of the lenders


NOTE:
Two further funding rounds are expected to take place on this project.  Please see the 'Financials' tab for more information.

THE PROJECT

This project involves the refurbishment and extension of two existing buildings, 21 and 23 Market St, to contain six flats with two commercial units at ground floor level. 21 Market St is already owned by a company in the MELT Homes group and was originally purchased in 2007.  There is an option to acquire 23 Market St, the purchase of which will complete as soon as finance is raised.


The loan will be used to finance the acquisition of 23 Market St and refinance 21 Market St so that both properties can be developed. 

21 Market St currently contains a single retail unit, used as a bakery, along with a significant amount of unused storage space. 23 Market St contains a retail unit which is currently vacant and not in a state in which it can be occupied, with a flat above which is in a similar condition. In March 2017, permission was received for extension of the building to create 5 new apartments, along with refurbishment and alteration of the retail units and existing apartment. There is also potential for further planning enhancement (further details will be on page 8 of the downloadable presentation when available).

The permission allows for 3,426 sq ft of residential floor space and 1,870 sq ft of commercial floor space, with a total of four new car parking spaces. The planning permission documents can be viewed on the Forest of Dean District Council website, application reference P0480/17/FUL.

Further details can be be found in the downloadable presentation in the 'Documents' tab.  This will be made available when the project goes live.

THE SECURITY

A first legal charge over both properties is offered to investors. 

ABOUT THE FUNDRAISERS

EVAN MAINDONALD, Founder and Managin
g Director



Evan founded MELT Homes in 2002 and has grown the company from undertaking small refurbishment and development projects to the larger projects it is undertaking today. 

He has hands on involvement with the Company’s development projects and is responsible for overall company management and direction. 

Evan has an MBA from IMD in Lausanne and a BSc in Computer Science from Auckland University

RICHARD KEY, Commercial Manager



Richard is responsible for the company’s operations in Gloucestershire, including management of the investment portfolio and projects undertaken in that part of the country. 

He takes care of setting up and managing relationships with key professionals and suppliers in relation to our property projects more generally. 

Richard has a BSc in Maths and Statistics from the University of Kent 

GIOVANNI SCIALO, Marketing Manager



Giovanni Scialo (Gio) has a background in Marketing and design. His experience covers a number of different industries and disciplines, but he possesses a particular passion for architecture and interior design. 

Gio takes care of all aspects of property marketing, including specification and design of completed properties and is also responsible for running our property marketing projects in Kent. 

Gio has a BA (Hons) with First Class Honours in Interior Architecture from the University of Kent.Margherita Crema –Finance Manager

MARGHERITA CREMA, Finance Manager




Margherita has worked in finance and related roles in the UK and Italy since 2007. 

She provides key administrative and finance support to the rest of the team, dealing with HR matters, supplier payments and other key matters. 

Margherita has a BA in Political Science and International Relations from the University of Padua in Italy and is currently studying in the process of completing an AAT3 Foundation Certificate in Accounting.

21-23 Market St, Cinderford, Gloucestershire, GL14 2RT.