We approached a development finance institution who were happy to work with the clients, despite this being their first project. They were also willing to take a second charge on the clients’ additional property, meaning there was no need to involve two lenders, making the process simpler.
The application was approved quickly, and we were able to secure a second charge on another property that was owned by the clients as additional security. This allowed us to reduce the required deposit to a level that was affordable to the clients.
The loan completed, and the clients were able to begin their journey as a property developer.