Strategy & vision
CrowdProperty has agreed a bridging loan facility of $528,000 for settlement of this project. CrowdProperty will take First Mortgage security over this loan. This will be the only phase of the project, with the loan period of up to 12 months. Developer equity for this project is approximately $460,000.
The project, situated in the coastal suburb of Umina Beach, will see a 4 Bedroom house renovated to a high level finish. Scope of works includes a new kitchen relocated to existing 4th bedroom with new cabinetry and appliances. In addition the Family Room will be remodelled as a Master Bedroom, a new laundry will be built at the back of the existing kitchen and the existing kitchen, dining and living space will be combined.
Further cosmetic changes include:
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- New flooring throughout living spaces
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- New Carpets in Bedrooms
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- New Paint
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- New Window Furnishing
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- New floor coverings
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- Remodel existing bathroom with separate bath & shower
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- New landscaping in courtyard
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- Remodelling existing laundry to an outdoor entertainment area
Exit strategy
The property will be sold at completion of the project.
The borrower & project team
With more than 15 years of experience as an engineer, developer Matt Tomkins has an eye for detail and an excellent understanding of what it takes to deliver high quality projects. Having transitioned into full time development in 2020, Matt and the team at Nest Egg Homes specialise in cosmetic renovations and house flips that modernise the family home.