Loan amount: £740k
We were contacted by our client who at the time was a first time developer. They had recently located a plot of land without planning in Bedford that they were hoping to develop four houses upon. Following a full fact find of their situation with our Specialist Lending team, we were able to facilitate the purchase of the land initially.
Following this, when planning was eventually granted, we secured the funding on all the build costs of the project to 100%.
As the development progressed, once the four properties were water tight (secured roofing, doors and windows) we were then able to reduce the rate of interest on the loan and allow the client a further 12 months to sell the properties off in order to repay.
Despite the fact our client was an inexperienced developer we were able to source funding up to 70% LTGDV.
To discuss your individual situation and find out how we can help with your specialist finance needs, call our Specialist Lending Department on 01249 474 956.