Fast Development Finance facility for a new-build house plus refurbishment of existing property in the South, completed within 4 weeks!

Deal Structure

40% Loan to GDV

100% of build costs

Interest rate – 1.5% per month

Arrangement Fee – 1.5%

No Exit fees

12 month term

Deal Summary

Our client is a first-time developer who was previously employed by a house builder, so has a good grounding in the building industry. He surrounded himself with a strong professional team and was clearly very well organised.

He had purchased a semi-detached house, with planning consent to build a new house in the garden. The project involved the refurbishment and extension of the existing house, plus the new-build.

The development finance facility we arranged allowed equity release against the unencumbered existing property to fund the refurbishment of the existing house, plus enough funds to cover the completion of the new-build property.

From the point of the valuation inspection being paid for, the facility completed within 4 weeks. The timeline was as follows:

Monday 22^nd July – Valuation paid for & instructed,

Friday 26^th July – Valuation inspection carried out,

Wednesday 31^st July – Formal Offer letter provided,

Thursday 1^st August – Solicitors & QS instructed,

Thursday 15^th August – Loan completed.