Our clients, who are experienced in the construction industry, required funding to assist with the purchase of a ground up development opportunity in London. The land, which sat at the rear of an existing residential property, had full planning permission for the construction of a 1 bedroomed detached house. In addition to aiding the acquisition, we were also asked to fully fund the build costs.
Following receipt of our Surveyors appraisal reports, we were able to authorise a net day 1 release of £67,000 plus a further £150,000 net to fund the development costs in monthly drawdowns.
The Loan Facility has successfully completed and our clients are now able to concentrate on progressing their project. We look forward to working with them throughout the build and eagerly await the end result.