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- OVERVIEW – Investors in Phase A funded the refinance of existing debt, investors in this opportunity will fund the development costs for a two storey detached barn style L-shaped property with an Annex (otherwise known as the "Property"). The Property is currently under construction and is located on the outskirts of the village of Steep in East Hampshire. The Property benefits from unencumbered southerly views across the South Downs.
- TERM – The estimated term for this investment is 9 - 12 months (April 2023-July 2023). If the loan is not repaid by the end of the estimated term, returns will accrue on investments for a further 12 months from the end of the estimated term up until the hard stop date (July 2024).
- PLAN – There was a cottage known as "The Butts" on the site and this was demolished after the site was purchased in 2019. Since then, development works have been undertaken to build a 6 bedroom luxury single dwelling with a separate 2 bedroom Annex. The development was originally being funded by another lender who withdrew during the pandemic, and the borrower has been self-funding the build. CapitalRise will be refinancing the current lender and will provide the remaining development funding and a sales period contingency. The borrower will use this phase of funding to assist with the refinance of existing debt. Later phases of this opportunity will launch in the coming months and these will provide funds for the remaining development costs. Construction of the main house has already started, and the only works that remain outstanding is completion of the fit out of the property, construction of the Annex, swimming pool and external landscaping. The Property will be completed to a high specification and the remaining works are expected to take 4 months (including contingency).
- LOCATION – The Property is located on the outskirts of the village and civil parish of Steep in East Hampshire. It is located on the western edge of the South Downs National Park. The Property's elevated position has unencumbered southerly views across the South Downs. Petersfield is the nearest town and offers a range of local amenities and shopping facilities. The Property is located within good proximity to the sought after schools including Bedales. The site is close to and provides easy access to the A3 with direct links to London and/or Portsmouth.
- PROPERTY – The proposed Property will be a two-story detached barn style dwelling with 6 bedrooms (6,629 sq.ft.) and a heated swimming pool along with a building Annex (1,733 sq.ft.) which will have provide 2 x ensuite bedrooms, gym/fitness studio, bar/games room, office, sauna, massage room, pool changing with WC and shower, pool plant room and store room. The Property is under construction and the primary works that remain outstanding is completion of the fit out of the property, construction of the Annex, swimming pool and external landscaping. The Property will benefit from sustainable energy measures. The total development is 8,362 sq.ft.
- THE DEVELOPER – The developer has extensive experience throughout London and large country houses in the southeast of the UK. They specialise in the luxury top end of the residential market having successfully developed similar schemes in the past.
- EXIT PLAN – In terms of exit, the borrower plans to sell the property on the open market upon completion. If a sale is not completed within the term the borrower may seek to refinance the CapitalRise debt with another lender.