£1.4m Development Finance For 9 New Flats In South Gloucestershire
The Scenario:
Our client was a seasoned property investor who had acquired land in Gloucester with planning permission to build nine flats.
The project had full planning permission, with a gross development value (GDV) of £2.4M, and he was looking for funding of of £1.4M on an 18-month term.
He came to us looking for the most competitive development finance terms available on the market, based on his criteria for this project, and his track record as an experienced property developer based in South Gloucestershire.
The Solution:
After discussions with a number of lenders we secured a finance facility for the amount required at a rate of 6.5% over the 3-month Libor rate, on an 18-month term, which gave him 57% of the loan-to-gross-development-value (LTGDV).
We also discussed with the client what he wants to do with the completed development, with a view to converting his short-term finance to a commercial portfolio loan, which gives access to lenders who can offer capital up to 75% of a future project's GDV.
Jack Spillane
Finance Broker
Bristol
0117 959 5094
Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.
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
Senior 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 a time that's convenient for you to discuss your situation.
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.