Loan amount: £1.2m
We were contacted by a client who had just finished building a site of 6 homes in the rural town of Buckingham.
With the site complete but yet to sell at the price the developer had factored into their business plan, they were now looking to move on to their next project but did not have the funds available to do so. Therefore, in order to give them time to sell the properties at the right price but also release funds to move on to the new scheme the client came to us in the hope of repaying the expensive Buckingham development funding whilst also raising an additional £325k against the completed site.
Following a fact find of the situation we were able to take security over the freehold of the entire development, thereby raising more cost effective finance, which give the client the cash they needed to get their next project moving.
Do you require development exit or any other form of specialist lending? For our full range of specialist finance options and products, or to talk through the viability of your project and the funding options available, call our Specialist Lending team on 01249 474956.