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

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.