Case study 7
Key Facts:
Planning agreed for a detached 4 bed dwelling
Site value £670,000
Loan required : £200,000
Gross development value: £1,000,000
Brokers client was at watertight stage of their build and ran out of funds
The broker reached out to us when their clients were at the watertight stage and had exhausted their funds. Finance was required to complete the remaining phases of their self-build project, without their client needing to sell their existing home.
There was no structural warranty in place on the project, and the clients did not wish to obtain one, as the sale of their existing property would redeem the borrowing on completion. The clients had no intention of selling or refinancing the new property once it was complete.
Through our strategic relationship with a bridging lender, we supported the broker in securing a bridging facility secured on the client’s current primary residence to complete the build.
All fees and interest were retained by the lender for the duration of the facility, ensuring cash flow was not affected during construction. The facility was repaid upon sale of the client’s existing home at project completion, without requiring a structural warranty.
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.
