Refinance To Reduce Costs And Raise Additional Funds To Finish Norwich Development

Area
Norwich
Capital Raised
£1.5M

The Scenario

Our developer client was looking for additional finance to complete two conversion projects in Norwich with a combined gross development value of £3.1M.

The first project was to convert a period residential property into nine flats. The second was on a parcel of estate land: converting the main residence into three flats and the stables into four mew houses.

We raised the initial finance required for the conversions, and our client completed work on the first project and started to sell off the nine flats to provide the funding to complete the second project. However, sales of the apartments was slow, and our client needed additional funding to be able to complete the second project while allowing the units to achieve their best market price.

Our Solution

For the first project, we negotiated with the client's exiting lender to ensure they wouldn't incur an early exit fee, and then refinanced onto development exit finance at a lower rate for the final marketing period. 

For the second project we arranged refinance for a further 12 months to get the conversions to market. With the major works already completed and only internals remaining, the lower LTV gained a more advantageous rate and cheaper borrowing. 

 

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.

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