Our project at 52 Coomura Dr, Salisbury Heights, SA has been paid back in full, with investors receiving 100% capital and above the target income return of 8.5% p.a.
We’re thrilled to share the successful completion of our 20-lot land subdivision project in collaboration with developer Phi Le at Coomurra Drive, Salisbury Heights. Phi has now sold 75% of the lots for this project, with the remaining lots being held for further development.
Finance expertise matters
While the target income returns were set at 8.5% p.a., the actual average return on investment to investors in this project was just over 16%. The project ran into a few hurdles along the way and was delayed in paying back, resulting in penalty interest to the borrower for the delayed repayment (bonus interest for investors).
Our first goal is always to support the developer to complete a project successfully as it means more homes are being built and investors see their capital and target income returned.
Together with Phi, CrowdProperty has worked through COVID delays, construction material defects, and council issues. While delayed pay back is never the goal for any developer, our close communication with Phi and the expert knowledge of our lending team, meant we understood the project was still in great shape, that Phi and his team were on top of the issues, and that profitability was still very much on track.
The end result? 20 new homes are now being planned for construction in Adelaide for a new community of families. As we like to say at CrowdProperty, together we build a better future.
We look forward to seeing what’s next from Phi and his team.
If you’re interested in investing with CrowdProperty and helping SME developers build more homes, check out our projects coming soon and register on the platform as an investor.