Case study 5
Key Facts:
Planning agreed for a knock-down and rebuild of a detached 5-bed dwelling
Site value: £800,000
Loan required: £1,500,000
Gross development value: 4,000,000
Current mortgage £200,000
Complex income structure featuring overseas currencies and over a dozen owned companies
Complex income structure featuring overseas currencies and ownership across more than a dozen companies
Finance was required to assess the feasibility of borrowing 100% of the build costs for a knock-down and rebuild project.
The broker became involved after the client had previously been presented with a commercial development loan by another adviser and was seeking a more cost-effective solution better aligned with a residential self-build.
The client owned or part-owned multiple businesses across the globe, with income derived from several jurisdictions, requiring a lender comfortable assessing complex, multi-currency income structures.
Through our strategic relationship with a private bank, we supported the broker in securing a self build mortgage that funded 100% of the build costs, with no penalties for the client to exit the lender on completion of the project..
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.
