All the information about withdrawals, accounts, Secondary Market and other topics can be found in this FAQ blog post. In case you still have questions, you can contact us at info@evoestate.com
The property 12 Bullcock Street Burnley, BB10 1UB unfortunately did not sell at auction. The property is being offered again on an auction site, once this is done the originator will post the link to the auction site.
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Financial Cost
C-
Loan To value
C
Purpose
A+
Experience Developer
C-
Presales
A+
Mortgage Guarantee
A+
Detail Descripton
Executive Summary
This project is located at 12 Bulcock Street, Burnley, BB10 1UB a good area within East Lancashire. The property developer has done over 240 of these projects with the same social housing provider over the last 4 years and has a large pipeline for these types of deals coming through.
The developer has agreed the onward sale before he himself buys it, therefore giving great security on exit. Proof of the onward sale and the ID of the purchaser have been submitted to Max Crowdfund, but due to GDPR we cannot share the personal information publicly.
The developer also has their own construction teams in house who consistantly deliver 4-7 finished refurbishment projects every month of this type. The property will be subject to an extensive refurbishment programme to bring it to a high standard in line with the requirment of the social housing provider.
As soon as the refurbishment is complete, the onward sale will have been progressed in the background and will be ready to exchange and complete immediately.
Payment terms
The loan will be paid out to the solicitor’s bank account to purchase the property and establish the legal charge, after which the remainder will be made available to fundraiser.
Collateral
A first rank mortgage valued at € 154.000 will be established on behalf of investors to secure the loan. This value is calculated from the lowest from (A) loan amount, a minimum of 2 years interest and 10% coverage for execution cost (€ 159,900) or (B) agreed sales price (€ 154,000). This results in a loan to value (LTV) of 79.9% and a Total Loan Coverage (TLC) of 125.2%.
Corbelo Capital LTD has a C rating from Creditsafe, indicating a moderate risk. The identified risks are estimated as limited. The project owner is confirmed to be very experienced in real estate investing. This loan has been assigned a score of C on the basis of the risk analysis.
Risks
RISK
SCORE
MEASURE
Renovation not completed on time / within budget.
Low
The project developer has a detailed business plan and fixed renovation quotes. Risk considered to be low and sufficient slack in timeline and budget to cover for any setbacks if they may occur.
Currency risk.
Low
The loan is in Euro and as the property is located in the UK, everything is in GBP. The currency exchange risk is borne by the fundraiser.
Economic downturn could affect property market/values.
Low
Given the area, this risk is considered to be low. The project owner is flexible in terms of exit strategy.
Fundraiser
Registration number 12801808
Address C/O Alexander and Co Centurion House, 129 Deansgate M3 3WR Manchester United Kingdom
Contact Corbelo Group Ltd
E-mail challon@corbelo.co.uk
Message from fundraiser
After university, I moved straight to London where I found a role in an estate agency which is where my property career began. During my years at the estate agency, I learned everything from accounting, staff management, lettings, sales, negotiation, business growth and marketing. I knew I wanted to learn and grow with the intention of getting into property development.
My passion is in the North of England where I can make a real difference in the housing community and where there is a huge demand for good social housing. In the first lockdown, I quit my job having realised my specialism was social housing. In the last 15-16 months I started my own thing full time, namely ‘The Corbelo Group’. I have completed over 65 social housing projects, several pub conversions and two commercial to residential conversions. I now have a small team of people, which is growing substantially at the moment and we are flying through our targets. As a company, we know exactly what we are doing, we have the best people supporting us, we have mitigated every risk we possibly can and have a very clear path on what we are doing and how we will achieve what we have targeted.
The Corbelo Group consists of the following companies; Corbelo Capital - buys our own assets and undertakes all flips. Corbelo Property Group - this is our sourcing company where we find property for our clients. Corbelo Construction - we have our own construction team in house. Corbelo Housing CIC - this is our newest company which is a non-profit organization, which suits my passion to provide social housing for the community.
Payment schedule
Date
Status
Late
Assignment date
10.01.2022
Paid
No
04 January 2022, 13:21
10.02.2022
Paid
No
07 February 2022, 16:07
10.03.2022
Paid
No
02 March 2022, 18:05
10.04.2022
Paid
No
05 April 2022, 12:33
10.05.2022
Paid
No
04 May 2022, 14:53
10.06.2022
Yes
-
Posting questions to projects feature is disabled. Project updates about status of projects will be posted for all projects every Wednesday if the Originator of the project shares an update.
If for any of the reasons you can not wait for an update, consider trying to reach out to originator support directly.
Invest in 4 Bed HMO Bulcock Street Burnley,Burnley, United Kingdom
Amount €
Cookie notice
We use cookies for analytics, advertising and to improve our site. You agree to our use of cookies by closing this message box or continuing to use our site.