The client had been let down by her funder and came to us through a recommendation from a subcontractor, who had worked with us before.
Whilst the client had some experience renovating properties, this was the client’s first new build development.
The client owned the land outright which had a current value of £125,000 – with an end value/GDV of £600,000. The total build cost of the development is £320,000.
We have provided a drawdown facility for the full build costs. The client has the flexibility to draw funds based on her schedule of works – only drawing what’s needed.
To date we have provided funding of £136,000 in 3 tranches, and it’s expected the client will draw down further funds as the build progresses.
The development is going smoothly, and it’s expected that the client will make a healthy profit of over £100,000 on her first development.
The lenders development funding is flexible, easy to draw and without the need for a quantity surveyor.
We are happy to fund first time developers who have a credible plan.
Funded: £320,000 Property Type: Residential Funds For: Development Timeframe: 3 Stages
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