DEVELOPMENT EXIT FINANCE FOR EXPERIENCED BUILDER-DEVELOPER IN ABERDEEN

Area
Aberdeen
Capital Raised
£1.5M

Successful developers with an established track record can nonetheless run into finance problems when they move beyond their own funding circle – especially in parts of Scotland.

The Scenario

Our client was an experienced Scottish developer who had self-financed her last two projects in Aberdeen. Now her private lender was calling in their £500,000 loan. The builds were complete but the sales phase could take 6-12 months to return the funds.

At the same time, a new development site had come available that she wanted to buy immediately. She was looking to repay her private loan and access a further £1M to finance the next project.

The Solution

This was a very experienced developer with a successful track record. The GDV of the two sites nearing completion was £3.5M.But she had been turned down for finance.

The issue was location. Aberdeen’s oil boom is over and lenders for Scotland are reluctant to look beyond Glasgow and Edinburgh.

Plus she needed finance fast to catch this opportunity, and to keep her builders busy.

The terms of her private loan weren’t very competitive; we were confident we could get her a better rate, and with the projects at practical completion stage we took her application to a lender we believed could be persuaded to look north of the Edinburgh-Glasgow corridor.

We had an offer of terms from a property development finance lender the same day, a valuation in hand three days later, and an offer for our client within another three days.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange to discuss your situation at any time that's convenient for you.

James Palmer

Senior Associate

London

0203 900 4322

Are you looking for similar property finance? I specialise in development and commercial finance for Clifton - I can find creative and commercially effective solutions for your project.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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