Over 100% loan to cost
Interest rate – 1% per month
Arrangement Fee – 2%
Exit fee – 1%
12 month term
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:
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.