Case Study: Development Finance for a Plot in Somerset - April 23, 2018

Area: Chard, Somerset

Loan amount: £900k

An existing client came to us with a new proposal for a site in Somerset. The client was an experienced developer who we had already arranged 2^nd charge funding for on a previous site. We were able to fund the deal to 70% LTGDV with a 65% net release on the land at day one. This was coupled with a market leading interest rate at 7.9% per annum. Doing this on a ‘Senior Stretch’ loan basis proved more cost effective to the client than standard development products (usually capped at 60% LTGDV) combined with a mezzanine facility.

Find out more about our development finance solutions.

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.

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