This project consists of a site with planning permission for 7 x new build properties in Malpas, Cheshire.
The building works are now largely complete. Unfortunately the project encountered some setbacks at the outset, meaning commencement of the build was delayed and the developer has been unable to extend the repayment deadline with the current senior lender Assetz. Terms have been agreed with a new Senior lender and will refinance the majority of the existing debt with Crowd with Us funds going towards paying off the remainder of this and completing the outstanding works, which are primarily finishing tasks both internal and external.
The properties will be marketed for sale end of May/June 2019.
Although some of the delays have been frustrating and unavoidable for the developer, overall, the decision to maintain the build quality at the expense of the timeline has paid off. The almost finished properties, inspired by traditional stone and timber barns and designed to be ‘eco’ homes, are of a high quality and have received positive feedback from both building control and local agents.
We will have Second charge over the site, debenture over the Borrower and Personal guarantees.