Case study 3
Key Facts:
Permitted development on exiting old agricultural barn
Current property Value: £150,000
Loan required : £350,000
Gross development value: £700,000
Finance was required to assess whether it was feasible to purchase and convert an old agricultural barn with permitted development rights approved by the local planning authority.
The broker identified that the client had sold their existing home, had 70% of the plot costs paid, and required funding for 100% of the build costs, making early feasibility and lender appetite critical.
Drawing on our experience with barn conversions, we supported the broker in securing a self build product on an interest-only basis at 4.15%, with interest charged on a drawdown basis throughout the build.
Why do brokers want to work with Mayflower?
Mayflower was founded after our directors, Mike and Lulu, completed their own construction project. They saw firsthand how complex and unclear specialist finance can be, even with their industry knowledge.
Today, we are a specialised team focused on finance for self-build projects, renovations, and conversions. Many of our team members are self-builders, so we understand the pressures involved in decision-making. We take the time to thoroughly understand each project, communicate clearly about what is achievable, and support brokers and their clients through a professional financing process.s involved. We take the time to understand each project thoroughly, communicate clearly about what’s achievable, and support brokers and their clients through a professional finance process.
