This project consists of the inheritance of a muse cottage from probate to the beneficiary of the property. The beneficiary is being assisted by experienced property developers and financiers to pay off the existing mortgage on the property and inheritance tax and to refurbish the property for refinance or sale.
The project is being carried out by an experienced property development company (referred to as developer herein) with over 15 years collective experience in the industry. The developer has been buying, refurbishing and selling properties in and around London and South East England for over 15 years and has carried out 50 similar projects. The project itself is a small a straight forward refurbishment. Demand in the area appears to be favourable. West Hampstead is a desirable part of London and 20mins from the city centre.
The Property is believed to have been constructed in the late 19th century. The property comprises a two-storey, end-of-terrace muse cottage. Internally it is arranged to comprise and open plan kitchen and reception area with separate bathroom on the ground floor. There are two double bedrooms and a second bathroom on the second floor.
The property sits along a street known as West Cottages, just off the main West End Lane which comprises the main parade of shops and facilities for West Hampstead.
The Bond is asset-backed and secured via a 2nd charge against the property owned by the Property Company and shall be registered at HM Land Registry.
Bondholders have higher seniority than the property developer in the company’s finance stack and will receive priority in terms of redemption of the Bond and payment of the interest. The developer has voting shares and shall manage the Property Company. They shall provide periodic updates on the project to Crowd with Us.
The Property Company will project manage the process from acquisition and development through to refinance and shall update Crowd with Us as the project progresses. If and when funds are released from refinancing or selling of the completed residential house, the Property Company is obliged to redeem the Bond and other loan facilities.