Detail Descripton

Executive Summary

This property is located at 50 Shakespeare Street, Padiham, BB12 8RG. A bay fronted three bedroom mid-terrace property in this popular area of town which has just been refurbished. Comprising also of a spacious lounge, dining kitchen and first floor bathroom. The property benefits also from double glazing, gas central heating, garden forecourt and rear yard.

Located near to local shopping facilities, infant/junior schools, and bus routes to the town centre. The property is only a few minutes drive away from access to M65 motorway providing ideal commuting distance throughout the North West.

Some key points about the developer:

- The developer has done over 240 of these projects in the last 4 years with the same social housing provider

- He already has a buyer, which guarantees excellent security of exit.

- The developer also has its own construction teams in place

Property location

50 Shakespeare Street Padiham BB12 8RG United Kingdom

Loan terms

Target amount

€154,500.00

Minimum amount

€149,500.00

Interest per annum

10.00%

Profit share

0.00%

Term

6 Months

Payment frequency

1 months

Loan purpose

Buy to sell

Type

Bullet

Mortgage rank

First Rank

Loan To Value (LTV)

76.92%

Total Loan Cover (TLC)

130.00%

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 € 200,850 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 (€ 200,850) and (B) agreed sales price (€ 201,000). This results in a loan to value (LTV) of 76.9% and a Total Loan Coverage (TLC) of 130.0%.

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. 

Mortgage

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

Risks

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.