Development Exit Finance
The Scenario:
The client, a homeowner in Harpenden, was looking to develop his property to increase its value to £1.7M with the view to selling it on.
The client did not have the necessary funding to carry out the development himself, so he approached a lender and secured £250K with a 12 month term of finance.
Unfortunately, the client’s builder caused some significant delays and the client had to find an alternative builder to finish the project.
The client’s development finally began four months into the term of finance. However, as a result of the delay, it was unlikely that the client would be able to sell the property to repay his lender within the agreed 12 months.
In danger of being in default with his loan, the client approached Clifton Private Finance for assistance.
Our Solution:
The client was close to the end of his term of finance and needed to pay £300K to his current lender. We acted quickly, reached a decision in principle within 2 days and secured the required development exit finance within 2 weeks.
We secured the client £300K, which allowed him to complete the repayment of his original loan along with the interest he incurred over the term of finance.
The client completed the development of his property, with a GDV of £1.7M.
Do you need development exit finance? Are you in a similar position? To investigate your finance options call our team on 0117 959 5094 or fill in our call back form.
James Ellacott
Commercial Finance Broker
Cardiff
0203 880 8890
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Simon Mullins
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
Paige Dumpleton
Finance Broker CeMAP
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Cardiff
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Private Client Adviser
Bristol
0117 332 5061
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Scott Dutfield
Finance Broker
Cardiff
0117 959 5094
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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
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Head of International
Bristol
0117 457 9922
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Nick Kerley
Finance Broker
Cardiff
0117 959 5094
Are you looking for a similar type of property finance?
As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.
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Bristol
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Finance Broker
Cardiff
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Fergus Allen
Senior Finance Broker
Cardiff
0117 959 5094
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Bristol
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Finance Broker
Bristol
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Mathew Phillips
Senior Finance Broker
Bristol
0117 959 5094
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Senior Private Client Adviser
Bristol
0117 403 4324
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