Development Finance For A Grand Design
The Scenario:
The clients, a married couple, purchased a plot of land with an existing property on it for £500K. They intended to build a brand new property on the land and demolish their existing property.
The clients had limited development experience and did not have enough capital to finance the works themselves, as they only had a combined annual income of £50K.
The couple were living on site and required £400K, which equated to 100% of the building costs, to complete their project.
Traditional lenders refused to lend to the clients. This was because of the clients’ lack of property development experience. The high street lenders were also hesitant to approve development finance, due to the plans to demolish the clients’ existing property.
Our Solution:
We arranged a short-term mortgage, through one of our specialist lenders, with a term of finance that suited our clients’ requirements. This provided our clients with the necessary funding they needed to complete their project.
Once the property is habitable, it will be refinanced with a high street lender with an expected completion value of £1.3M
Do you need development 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.
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.