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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 22nd July – Valuation paid for & instructed,

Friday 26th July – Valuation inspection carried out,

Wednesday 31st July – Formal Offer letter provided,

Thursday 1st August – Solicitors & QS instructed,

Thursday 15th August – Loan completed.

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.