Bridging and Development Loan for Property Development In Essex

The Scenario:

The client had sourced land in Clacton-on-Sea worth £190k and intended to build four semi-detached houses. Due to some unforeseeable delays the client had only ten days to complete the sale.

The client needed approximately £625k to complete both the purchase of the land and the development of the houses.

With such a short amount of time, the client decided not to approach a traditional lender and contacted Clifton Private Finance to explore his finance options.

Our Solution:

With such a tight deadline, we felt it was important to complete the purchase of the land as soon as possible. Through our strong links with private banks and specialist lenders, we were able to arrange a quick bridging loan, with a three month term of finance, to cover the cost of the purchase of the land within seven days.

After the client completed the purchase, we were able to persuade the lender to refinance their own loan with a development loan facility. The client used some of his own capital to start the project and bring it to a certain point and the development was funded completely thereafter.

We were able to arrange the best financial solutions for our client that enabled him to secure the land he wanted and start developing his project.