+
CLOSE
+
CLOSE
Register

By submitting this form you confirm that are happy to submit your data, which will be used solely for the purposes of my above enquiry

+
CLOSE
Quick Enquiry

By submitting this form you confirm that are happy to submit your data, which will be used solely for the purposes of my above enquiry

Development Finance for 9 houses in Scotland for a first-time developer, with no valuation report required.

Deal Structure

82% Loan to Cost

65% of GDV

Facility amount £795k

2% arrangement fee

Interest at 1.1% per month, rolled up

0.5% Exit fee

Deal Summary

An experienced project manager who worked for a well-established construction company in Scotland had purchased some land near Glasgow. He purchased the plot outright then successfully applied for planning consent for 9 houses, to be built of timber frame construction.

This would be the first development of his own, and he wanted to use his skills and project manage the scheme himself, instead of using a main contractor on a fixed price basis. He teamed up with a colleague and was able to satisfy the lender that they were capable of delivering the scheme, on a self-build basis.

The development finance lender did NOT require a 3rd party RICS valuation report and instead satisfied themselves with the current value and the proposed GDV. The lenders own appointed QS was happy with the costings and solicitors were instructed simultaneously for a timely completion.

John Waddicker

Contact

John Waddicker

Quick Enquiry

Positive Commercial Finance is a trading name of Business Financial Solutions Limited. Registered in England & Wales 06451075. Registered office address Warth Business Centre, Warth Road, Bury BL9 9TB. Authorised and regulated by the Financial Conduct Authority (716012). Full members of the NACBF and FIBA. ICO registration reference Z1196910.