The proposed development site had previously been used as a dairy and had planning permission in place for the building of 19x one-bedroom apartments and a single commercial unit. The project was expected to appeal to commuters who worked in London and demand was projected to be very high.
The clients were keen to get started ASAP and the sale needed to be completed as quickly as the vendor was looking to release their cash from the site. As such, the pressure was on to ensure funds were released in a timely manner.
The clients were also keen to ensure the lender used would be willing to fund future projects as their previous lenders were no longer active in the market.
The Key Requirements
|Amount of loan required:||£1,800,000|
|Rate offered:||7% Per Annum|
We approached one of our top development finance lenders, who were able to commit to expediting the application. A meeting was arranged between ourselves, the clients and the lender to iron out any issues in a timely fashion.
With the loan to gross development value under 60% and highly experienced clients, we are able to negotiate an interest rate of just 7% per annum.
The loan was able to move forward to completion quickly, and was managed closely through the valuation and legal process to save time where possible. Development is now well under way.