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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.

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Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address 1 Harvey Street, Bury BL8 1NL. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACFB and FIBA. ICO registration reference Z1196910.

We are a credit broker, not a lender. We work with a panel of lenders who may pay us a commission. This amount varies between lenders.

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