10th August 2015 Crowdahouse

Priestman Rd Loan Project Completed Today

Funded in One Day

Today one of our Borrowers, Lindsay Naylor, completed on a purchase of a 2 bed mid-terrace in Darlington, Co Durham using funds raised entirely by Crowdahouse® Members.

Lindsay had already entered into an option agreement to purchase the property, but decided to raise money via Crowdahouse to buy out the seller early. The loan was relatively small at £59,500 and was pledged within a few hours of the project going live and completed within a few short weeks during which the Borrower undertook standard purchaser’s conveyancing.

Our Lenders Get 10% p.a. Secured

The Crowdahouse Lenders who formed the crowd to fund this loan will receive interest at 10% per annum for 12 months, after which they will get their capital back. The loan was also secured with a first charge on the Land Registry in favour of the lenders, with no other borrowing allowed during the term.

Our Members are earning high interest just by lending and without all the hassle of equity based crowdfunding – joint ownership, valuations, agreeing the the right time to sell, etc. Also their 10% is contractual – not based on media projections of the rise in property prices in a particular area.

The Tenants Even Get the Right to Buy

The purchase of the 1960s property will help to provide stability for the current tenants who wanted to remain in the property on a long term basis. Lindsay is also giving his tenants the right to buy the house from him in three years time at price fixed today. That right doesn’t lessen the secured first charge the Lenders hold over the house, but it does give one more deserving couple, otherwise resigned to being tenants forever, the chance to become homeowners in the near future.

This kind of transaction would not be possible with mainstream mortgage lenders. At Crowdahouse, however, we carefully review each Borrower application and try to work with the applicant to create the best opportunity for both Borrower and importantly, for our Members who are lending.

About the Borrower

Lindsay is a full time property professional with a large portfolio of owned and managed properties as well as his own estate agency in nearby Newton Aycliffe, Co Durham.

Two further loan projects listed by Lindsay are currently still available to lenders, North Rd and Pullman House, both with high interest returns for short term loans.

If you want to lend via your limited company join Crowdahouse for free here.

 

  • Gary Corben

    CEO and Co-Founder of Crowdahouse.com

    Gary Corben
  • Gary Corben

    CEO and Co-Founder of Crowdahouse.com

    Gary Corben

About Crowdahouse®
Crowdahouse is a business-to-business (B2B) property crowdfunding platform lending to business borrowers, always secured against property. Instead of lending to individuals, we’ve reduced the risk by offering you the chance to lend only to property businesses. You join a crowd to lend money in return for interest on your money. Your loan is secured with a first charge over property, just like a bank, and you pay no fees as a lender.

 

 

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