Detail Descripton

Executive Summary

This opportunity is to purchase the freehold of a block of 6 flats with a light refurbishment which includes replacing the bathroom in Flat 1 and general painting of the whole apartments. The strategy is to carry out a title split where these freehold blocks of flats would be split into individual titles and “sold off” on long-term leases. Properties in this location are in high demand and the estimated time for completion is expected to be within 6-12 months if not earlier. Alternatively, those properties could be ‘’let out’’ for a passive income of £ £4,080 per month after which the exit will be to refinance the property via a commercial buy-to-let mortgage.

Property location

10 Cowper Road West Sussex BN11 4PD United Kingdom

Loan terms

Target amount

€825,000.00

Minimum amount

€800,000.00

Interest per annum

10.00%

Profit share

0.00%

Term

12 Months

Payment frequency

1 months

Loan purpose

Buy to sell

Type

Bullet

Mortgage rank

First Rank

Loan To Value (LTV)

89.87%

Total Loan Cover (TLC)

111.30%

Investment plan

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.

Additional terms

The currency exchange risk is borne by the fundraiser.

Collateral

A first rank mortgage valued at € 918,000 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 (€ 1,072,500) and (B) market value (€ 918,000). This results in a loan to value (LTV) of 89.9% and a Total Loan Coverage (TLC) of 111.3%.

10 COWPER ROAD WORTHING 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. 

Mortgage

Below mortgage will be established on behalf of investors to secure this loan.

Risks

Fundraiser

Registration number

13564854

Address

10 Cowper Road Worthing BN11 4PD West Sussex United Kingdom

Contact

10 COWPER ROAD WORTHING LTD

Website

https://bucklej.com

E-mail

richmond.mensah@bucklej.com

Message from fundraiser

I, Richmond Mensah am the founder and shareholder of Buckle J Limited and run a successful serviced accommodation and lettings business in Andover, Hampshire. Buckle J Limited is now expanding and entering property development.

I commenced my career as a banker with Royal Bank of Scotland and am now working for a Bank based in Canary Wharf, London. Buckle J Limited also manages other serviced accommodation properties for landlords in London and Hampshire. Richmond was awarded the Traveller Review Award in 2021 for his professionalism and for providing high-quality properties for guests.

I am purchasing this property via an SPV called Cowper Road, Worthing Limited. I am delighted to commence my property journey with Max Crowd Fund and build a working relationship to facilitate future projects specifically within the remit of property development.  The block of six flats will be a great milestone to achieve as I will be working with knowledgeable investors who brings a wealth of experience to the project.