'Broad Oaks' is a 30-acre site making up a contemporary selection of one, two, three and four bed luxury family homes on the south east fringes of Downham Market, West Norfolk.
PIP is delighted to have been appointed the senior lender, raising capital of £14m to fund the development, from land acquisition through to construction finance.
With an initial raise of £7m, the purpose of this loan is to acquire the land. Security is by way of a first charge against the value of the land and as the construction progresses, the security will be against the growing Gross Development Value (GDV) of the site.
Invest now for an anticipated term of up to 30 months, whilst generating returns of 8.5% per annum, payable upon redemption. The exit strategy is clear, upon completion of the properties in phase 1 of the development.
This is an excellent short term investment option for investors who have money in the bank making very little by way of returns in today’s low interest rate environment! It is also perfectly suited for those who like the concept of property investment, but have chosen not to invest at this time.
- First charge over the £6.5m Land Asset residing under the SPV of ‘Prosperity Homes Broad Oaks Limited’ the Issuer;
- Additional security over £4m of assets owned by Prosperity;
- Legal Due Diligence and representation on behalf of the Lender (Property Investor Partnership) by Howes Percival Solicitors;
- Full detailed Planning Consent Approved for 300 properties;
- Lender and borrower have agreed upon a construction timescale which will never exceed more than 75% loan to value;
- Property pre-sales of 50% by Land Acquisition, and 75% three months prior to completion of Phase 1;
- Fixed Price Construction package secured, and in place totalling £17.5m for Phase 1;
- Clear exit, with repayment of the loan note from completion of the residential properties on Phase 1 prior to rolling over into Phase 2.
Reasons To Invest
- No upfront costs or fees;
- Offers investors a short-term, hassle-free investment opportunity;
- Raising up to £20m, initial raise of £7m;
- Interest of 8.5% per annum, payable at the end of the term;
- Anticipated 30 month term;
- Available via cash and ISA;
- First charge security over the value of the land and GDV of the development;
- Minimum investment value of £10,000 for cash investors;
- Clear exit strategy upon practical completion of phase 1.
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