Loan

Loan #670579 Heaton Chapel Stockport SK4 5BU United Kingdom

Property location
17 Victoria Grove Heaton Chapel Stockport SK4 5BU United Kingdom

Executive Summary

Bluetouch Ventures Ltd are looking to raise funds against a large 4-storey Victorian property on a tree lined private drive in the highly desirable suburb of Heaton Chapel, South Manchester, for a full refurbishment and extension within permitted development rights.

Similar properties in the area continue to exchange hands for over £1,000,000 and the end value of this property with small extension and utilisation of attic and basements will take the property over 3000 square foot and comfortably reach a valuation of £975,000. We have pre-sold the property to a long-standing client for who we have sourced and renovated numerous similar properties over the past 3 years. On completion they will add the property to their portfolio of high-end HMO properties (Houses of Multiple Occupancy).

The total cost of the project including contingency and funding costs is £837,000. We have funded the purchase up to exchange of contract, along with survey, architects’ fees and site clearance to enable immediate start on completion of purchase. The shortfall between the gross loan amount of £720,000 and total cost is to be made up comfortably from business cash, regular business activity cash flow and we also have a sale completing in January that will provide the business with a £125,000 cash injection.

The project represents good value for an investor to secure a healthy, low risk return on a project that we have a guaranteed exit strategy for. We expect to complete the program of works within 7 months allowing 2 months flexibility on our proposed schedule.

*** Note from Max Crowdfund: target amount and minimum have been updated as communicated via email to all. We expect to close and activate this loan before end of this week. A separate loan will be placed on the platform to finance the renovation. This is expected to be early next year. ***

Investing FAQ
Loan terms summary
  • Interest per annum 10.00%
  • Fully subscribed 614,400.00 raised
  • Risk class i
  • Expires Closed
  • Target amount €615,500.00
  • Profit share 0.00%
  • Term 9 Months
  • Payment frequency 1 months
  • Loan purpose Bridging
  • Type Bullet i
  • Mortgage rank First Rank
  • Total Loan Cover (TLC) 178.0%
  • Loan To Value (LTV) 56.2% i
  • Location
    United Kingdom
Latest investments
  • 698418€300.002021-12-20 17:21:14
  • 698358€400.002021-12-20 16:55:38
  • 698343€400.002021-12-20 16:51:32
  • 698302€1,800.002021-12-20 16:29:21
  • 698289€1,000.002021-12-20 16:24:01