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.
Property Type: Residential
Funds For: Development
Timeframe: 3 Stages
No matter how difficult or complex your funding requirements may seem, we would love to talk and establish if we can help. A fresh pair of eyes can make all the difference.
We have a range of over 200 lenders in our financial toolbox, in most cases we can achieve a result. If we can’t, we will not waste your time. Contact an Aura Finance specialist today.
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