CrowdProperty has just completed the financing of a £9.05m GDV development project in Somerset, agreeing a total development finance facility of £5,700,000. This project will see the construction of 69 dwellings, of which 35% will be affordable housing, on a 5.04 acre site in Minehead, Somerset.
CrowdProperty is a specialist property development lender providing facilities up to £10m for projects, with a disruptive proposition which is driving a growth trajectory in the UK towards £1bn of lending and proving strong traction in the Australian market having launched there in 2021. In the last few months, amongst many new development finance facilities, CrowdProperty has backed more than 10 projects with a GDV of over £2.5m, collectively representing over £40m of GDV.
Agreed over an 18 month term, the 66% LTGDV facility in Minehead, Somerset will enable the developer to construct 59,995 sq. ft. of living space in varying styles, including flats, terraced, semi-detached and detached homes. The initial phase will provide 33 houses, with a total development area of 33,479 sq. ft., of which 13 will be affordable homes. The borrower has forward sold the affordable homes to a Regional Housing Association. This loan will enable the provision of necessary infrastructure for the remaining land, allowing the developer to immediately begin on further development phases as soon as the initial works are completed.
The site is situated to the south of Minehead, surrounded by green space and the stunning west Somerset coastline – an idyllic location which couples the convenience of local amenities with a rural, coastal community.