Case Study
Key Facts:
Planning agreed for a detached 4 bed dwelling
Site value £670,000
Loan required : £200,000
Gross development value: £1,000,000
Clients were at water tight and ran out of funds
The client approached us to see if it was feasible to borrow the remaining funds to finish their self build without having to sell their current house.
There was no structural warranty in place on the project and clients did not want to pay for one as the sale of their old property would be redeeming the finance, leaving them mortgage free with no plans to ever sell or re-finance.
Through our strategic relationship with a Bridging lender, we managed to secure a bridging loan, using the clients current main residence to finish the build.
The lender retained all fees and interest throughout the loan facility, so cashflow was not affected. The client repaid the facility on sale of their old home at project completion without needing a warranty that they did not want