Following the successful completion of a Seneca funded ground up development project, our client returned to us with a brand new scheme. On this occasion, funds were required to aid the purchase of a plot of land which had full planning permission for the construction of a spacious three bedroomed detached bungalow.
On receipt of our surveyors reports, we were able to provide £180,000 net day 1 towards the purchase of the plot and £247,000 net released in stages to fully fund the build works, taking the GDLTV to our maximum of 75%.
Our client secured the plot of land and was able to commence the construction of the property immediately. Given the success of the borrowers previous project, we can’t wait to see the end result of this latest scheme.