Purchase and ground up development of a 3 bed chalet bungalow in Ramsgate

Funded:

£320,000

Location:

South East

Property Type:

Residential

Funding:

Bridging Loan, Development Finance

The Project

Land in Ramsgate with full planning permission for the ground up development of 2 x residential houses.

The Approach

With one of the 2 plots already being sold to another developer, our Borrower wished to purchase the remaining plot and requested Seneca’s funds to support the purchase and fully fund the build costs.

The Outcome

Seneca provided funding of £85,000 net on Day 1 to support the acquisition and £233,000 net to fully fund the build costs. Our Borrower is currently progressing on site and has already received their first post completion drawdown, 4 weeks from completing on the Loan Facility.

Bridging Loans – Key Features

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  • Fast Decisions: Initial responses typically delivered within hours—perfect for time-sensitive situations like auction purchases.
  • Loan Size: £100,000 – £2.5 million.
  • Loan-to-Value (LTV): Up to 75% of the end value (Gross Development Value or market value), with flexibility available on a case-by-case basis.
  • Desktop valuations are available
  • Term: Usually up to 12 months, but occasionally longer if LTV can support it.
  • Interest Roll-Up: Interest can be “rolled up” and repaid at exit, easing cash-flow pressure during the loan term.
  • Interest Serviced: Interest can also be “serviced” allowing a larger day 1 cash drawdown (subject to serviceability).
  • Exit Strategy Required: Clear repayment strategy—such as sale or refinance—must be established at the outset.
  • Security: First legal charge on the property is required.
  • Transparent Costs: Arrangement fees typically start at 1%. No early repayment or exit fees, and no hidden admin charges.
  • Unregulated Product: these Bridging loans are not FCA-regulated, they are not available for owner-occupied residential properties.
Learn more about our Bridging Loans

Development Finance – Key Features

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  • 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.
Learn more about our Development Finance

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