Residential Development Finance

A client contacted us after over twelve months of frustrating negotiations with two High Street banks over a Scottish residential opportunity they had.

Using their personal savings, land had been purchased for £20,000, and planning consent had been granted for three 2-bedroom semi-detached houses as our client’s first project. With a successful history of smaller-scale refurbishments, they had anticipated that their usual bank, with whom they had a long-term relationship, would help with the build costs of £175,000. The bank was not willing to take the risk and therefore did not 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 bridging loan 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 and repaid on completion of the build, which was estimated to be sold at a GDV of £300,000.