55% Loan to Gross Development Value
100% of build costs & associated professional fees.
2% Lender Arrangement Fee
Interest 6.75% per annum
No Exit Fees
The clients had purchased the land some time ago, and had since applied for planning consent to demolish the existing property and replace it with something more suited to the plot it sat on.
The GDV of the proposed 3,000+ sq ft unit was circa £900k.
Whilst each of the applicants had the appropriate skill-sets to deliver the project, this was the first time they had pooled their resources and talents, and indeed this was the first time they had undertook such a project for themselves.
Given the comfortable Loan to GDV required, and the professionals involved, we were confident in being able to source Development Finance funding at a competitive rate.
Personal Guarantees were also limited to cost over-runs and interest short-fall.
Contact John Waddicker