CONSTRUCTION OF 3 HOUSES
0.73% PM + 1% EXIT
60% LTV / 59% LTGDV / 85% LTC
The underwriter assigned to the case moved quickly to establish a reasonable timeline for completing the builds and getting them refinanced. With these points taken into account, we delivered a 12-month loan, containing £690,000 for further drawdowns.
Our client required funding to refinance debt held over a dilapidated bungalow in Surrey. The original lender had planned to fund the works to demolish this property and construct three terraced houses. However, due to slowdowns in the discharge of pre-commencement conditions, the loan term had come to an end. With these issues resolved, a new development facility needed to be secured quickly.
It was great to work with an experienced developer to help in realising their vision. I'm excited to see these properties completed and look forward to working with this client going forward.