|Criteria||From a+ to d||Project rating|
Macro Location Analysis
EvoEstate Risk rating is of an informative nature only & can not be considered investment advice.
Loan To value
This project is located on Haydock Street, Blackburn, Lancashire. The property developer has done over 220 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 on 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 has 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 the house who consistently 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 requirement 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.
A first rank mortgage of € 115,000 excluding interest and execution costs will be established on behalf of investors to secure the loan while the market value after completing renovations is estimated at approximately € 145,000. In addition, a business guarantee of € 40,000 qualified as partly material will be provided to secure the loan. Combined, resulting in a loan to value (LTV) of 74.2% and a Total Loan Coverage (TLC) of 134.8%
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 B on the basis of the risk analysis.
|No formal survey was conducted for this property.||Low||Not required since the sale of the property after completion of the refurbishment is already agreed.|
|Renovation not completed on time / within budget.||Low||The project developer controls all stages in-house, including renovations. 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.|
Registration number 12801808
Address C/O Alexander and Co Centurion House, 129 Deansgate M3 3WR Manchester United Kingdom
Contact Corbelo Group Ltd
Message from fundraiser
Firstly I would like to tell you a little bit about myself so you know who I am, my values and how I work. I have taken part in a lot of sports from around 12 years of age, such as riding horses to a county level, playing semi-professional rugby, playing the accordion to a national level and racing pigeons (of all things)! I played many other sports too such as badminton, tennis, crown green bowling, shooting, track sports and believe it or not, falconry. (I bought a red tailed hawk imported from America when I was 17 years old).
After several years at college and some hard work earning extra qualifications, I completed an independent personal training course before going to study Policing, Investigations and Criminology at University. 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 learnt 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, so I took a role as a property manager in property management. Within a couple of months I found my "thing". All refurbishments that were required across a portfolio of nearly 1,000 properties were simply passed to an outside contractor to deal with directly with the property owner and no project management was provided. What I did was bring it entirely in house and I managed the projects myself (while teaching myself how to do it). This started as just small maintenance jobs but by the time I was done 12 months later, we were managing anything from redecorating a house through to huge £500k plus refurbishments of residential and commercial property across central London. Within those 12 months, I was promoted to Senior Property Manager and then Head of Property Management and was then running one of the largest mixed portfolios in London for a well-known agency.
After gaining this experience I was then able to go and work directly for a large project management consultancy, completing projects on HMRC sites, Military bases, High Security sites and HM Prisons. My passion was to be back in the North of England where house prices were cheaper and where I could make a real difference in the housing community where I was from and where there was and is a huge demand for good social housing. In the first lockdown, I quit my job having realised my specialism was social housing having done this for other people as a project manager for the last three years.
In the last 15-16 months since starting my own thing full time, 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, growth is substantial 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. We aim to control every step within our process of finding a house right through to the refurbishment and then putting a lease in place. In line with that, The Corbelo Group now 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 organisation that is my passion project in that I can provide the social housing for the community through a non-profit organisation which also benefits my other companies by providing leases for the houses I purchase alongside the large number of other organisations I work with such as Serco, Salvation Army, YMCA and Stepping Stones. As you can hopefully see, my aim is to create something where we can control the full cycle to protect our clients, investors, our investments and us.
I trust the above is insightful and shows you where we started, where we are now and where we will be going. We are happy to be contacted with any questions at all and we very much look forward to working with you. Please note, our website www.corbelogroup.co.uk is currently being updated.