Client: First-time borrowers with a 17-year track record of running their own development company
Request: Development Exit finance for two completed properties to raise funds for acquiring their next project
Loan total: £408,443
Rate: 0.65% (rolled)
A couple who had been running a development company for 17 years approached us for Development Exit on two 4-bedroom houses they had just finished in Cheshire.
They were looking to raise capital for the acquisition of their next development project. This was their first time borrowing as they had previously funded developments through the proceeds of sales.
On this occasion however they wanted to move quickly to get the next project started, and their track record and quality of the completed projects gave us confidence to lend to them.
The sale of both properties would more than clear the loan amount, and the borrowers were willing to refinance again if the sales could not be achieved by the end of the loan term, however this was not deemed likely by the valuers.
This piece is part of our focus on Northern England and the opportunities for property investors there. If you want to discuss your next deal in the region, contact our BDM, Jan Gallagher on her email: [email protected], or you can connect with her on LinkedIn or call her on +44 (0)75 0363 2686.
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