Loan #605937 17 Belvedere Road, Blackburn
The property developer has been working on this project for a while and is located in Feniscowles, a great area just outside Blackburn. According to local estate agents, the area is highly desirable to live and as such enjoys a big demand for property.
The current owner bought this for him, his wife and his mother to live in, due to his mother requiring full-time care. His mother has unfortunately taken a turn for the worse and is no longer able to move in. This has led to the current owner paying for her care and this has led to him running out of money to finish this project.
The owner needed to sell the property fast and approached an agent, which is coincidentally close to the property developer, as he has purchased projects from the agent in the past. This is the reason why the property was sold off-market.
As you can see from the photos and video, the vast majority of the major works have been completed, such as fitting of new windows, which only leaves the internal fit outs (kitchen, bathroom, decorating and floor finishes), plus external rendering, drive way and landscaping.
The property is being bought for £190,000.00. It has been valued at £210,000.00 as it stands and there is a written valuation from an estate agent, who has valued the property between £270,000 and £280,000.00 once the renovation works have been completed.
The renovation works will costs a total of £30,000.00 which is broken down to approx. £13,000.00 for internal works and labour, approx. £12,000.00 for all external work and the remainder for kitchen and bathroom materials.
The work will take approximately two months with the aim to have the project fully complete and sold within 6-7 months.
Note from admin: Corbelo Capital LTD changed their name to Corbelo Group LTD on 25/08/2021. This has no impact whatsoever on this loan nor securities established.
Investors can invest in real estate backed loans from €100 or a multiple of this. NOTE that there is a 0.1% fee to make an investment. As such you need to ensure you add this 0.1% when making a transfer to ensure you can invest the amount you would like to invest, i.e. if you would like to invest €10,000, you need to transfer €10,010 to your account on Max Crowdfund.
Because of the regulations in the Netherlands:
- A maximum of €80,000 applies per individual investor in total investments made on Max Crowdfund.
- If you have a joined account this is doubled to €160,000.
- When investing a minimum of €100,000 per loan it will not be added to the total investments made on Max Crowdfund.
- Company accounts as have no limits.
Please note, that Max Crowdfund can optionally set a maximum for a single investment regardless of the above.
You will be notified in case your investment(s) exceed(s) any limit.
On the Max Crowdfund platform you have your personal Max Crowdfund Current Account. You can top your Max Crowdfund Current Account up via various payment providers such as iDeal or by bank transfer. Provided your balance is sufficient, you can start investing in loan applications immediately. The maximum deposit amount allowed differs per payment provider, but is usually a maximum of € 50,000. If you supplement your balance via a bank transfer, please use the reference provided in the description with your payment. Please note processing your bank transfer may take more than a day, which may mean you miss out on the investment opportunity.
No. Investors must be over 18 and must have an approved account, meaning their Know Your Client (KYC) documentation needs to be submitted and approved and have a bank account linked to their account. Country-specific restrictions exist and certain nationalities may be prevented from participation in some investment products. This is to prevent money laundering, tax evasion and other illegal activities, in line with our commitment to regulatory compliance and transparency.
At the moment we only accept EURO for investing in real estate backed loans. We are aiming to accept all currencies, including crypto currencies, like we do for the Max Property Group Share Certificates, but this depends on the regulators.
By Dutch law you are allowed a 24 hour cooling-off period, which means you can either change or cancel your investment during this time without any fees charged. After the cooling-off period you cannot change or cancel your investment. You are still allowed to make a second investment. Multiple investments will be combined in one when a loan is finalised.
Yes, but you will need to have a joined bank account with your partner. If you have a joined bank account, you can request to register a joined account on Max Crowdfund. Once approved, the regulatory limit for investing will be doubled to €160,000.
You can only register a new bank account by making a bank transfer of any amount from that bank account. We only accept bank accounts that are held by you and are in your name.
If you only have one bank account registered, this will automatically be your preferred account. In case you have multiple accounts registered, you can select only one of those to be the preferred account. Funds in your Max Crowdfund Current Account that are not used for a period of more than 60 days will automatically be transferred to your preferred bank account.
When the fundraiser fails to meet their obligations to make periodic payments as defined in the loan agreement, Max Crowdfund will follow up. Periodic updates will be shared to inform investors about the status of the loan. To recover from default, measures like a change of terms can be proposed, but this requires the approval from a majority of all involved investors via online voting. In the worst case scenario the Max Crowdfund Security Agent will execute on the collateral for the loan and distribute the proceeds to the investors.
Loan terms summary
- Interest per annum 12.00%
Fully subscribed 250,000.00 raised
- Risk class i
- Expires Closed
- Target amount €250,000.00
- Profit share 0.00%
- Term 9 Months
- Payment frequency 1 months
- Loan purpose Buy to sell
- Type Bullet i
- Mortgage rank First Rank
- Total Loan Cover (TLC) 150.0%
- Loan To Value (LTV) 66.7% i
- Location United Kingdom
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