The borrower needed £379,200 net to purchase two properties, a public house and a residential house each with a purchase price of £237,000. He was using some of his own funds for the deposit. The purpose of purchasing these properties was to demolish them to allow a suitable access road to a development to the rear of the properties of which he already owns the land with planning agreed for 14 houses with a pre-application in for a further 12. These properties will not be demolished whilst our facility is in place. We took a charge over both properties being purchased along with the land he owns, and the land valuation came in higher than anticipated. The development finance on his existing unencumbered land will then be arranged redeeming our facility.
- Comprehensive Coverage: Funds typically cover land purchase, professional fees, and build costs.
- Staged Drawdowns: Capital is released in phases, usually against certified expenditure.
- Tailored Structures: Designed around project timelines, often short- to medium-term in duration.
- Market leading LTV’s up to 75%.
- We typically fund 75% of land purchase costs and 100% of construction/development expenses
- Loans from £100,000 to £2,5m.
- Expert Team & Relationships: We work with expert surveys who work closely with Developers to ensure funds are delivered promptly through the construction phase aiding cashflow.
- Transparent and Responsive Service: With fast decision-making and clear dialogue, we support borrowers from initial enquiry through to delivery and repayment.
- Unregulated Product: these Bridging loans are not FCA-regulated, they are not available for owner-occupied residential properties.