Residential Development Finance
Case Study Category: Development Finance
A client contacted us after a year of frustrating negotiations with two High Street banks over a Scottish residential opportunity they had.
Land had been acquired for 20,000 using their savings and planning consent had been sort for three 2 bedroomed semi-detached houses as our client’s maiden project. With a track record in smaller scale refurbishments they had expected their long term bank to help with the build costs of £175,000. The bank did not listen or approve their finance deal.
UK Property Finance could identify with the client’s high level of qualifications, track record in financial prudence and the sound professional project plan they had produced. We identified a specialist lender who was on site within a week and issued a formal finance offer for the total sum. We incorporated 9 months of interest charges to be rolled up, this being repaid when the finished houses have been sold at a GDV of £300,000.