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Development Finance facility for a large new build house in Cornwall

Deal Structure

Over 100% loan to cost

Interest rate – 1% per month

Arrangement Fee – 2%

Exit fee – 1%

12 month term

Deal Summary

Our client was looking at this scheme as their ‘2nd’ development – having recently completed their first one for a pair of small semi-detached houses.

The client had inherited the land from a family member and their requirements were:

  • Borrow some funds against the land value to assist with the scheme cashflow,
  • Borrow 100% of the build cost and professional fee budget to complete the scheme,

This meant that, not only was the client taking a sizeable ‘step up’ in terms of the type of scheme they were developing, they also didn’t want to put any money into the deal – indeed they wanted to take some money off the table on day one against the land value.

A suitable Development Finance lender was quickly found who could underwrite the deal on the above terms, recognising the client’s ‘stake’ into the deal as the land they had inherited.

Contact Gary Ellis

gary@positivecommercialfinance.co.uk

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