Small Development Loan to Assist in Purchasing Land That Came With Planning Permission.

The Requirement:

A client had identified an opportunity to purchase land with planning permission attached for a two-bed chalet bungalow.

The Interesting Stuff:

We worked with the client to understand more about the opportunity that had found in Northamptonshire. It was a plot of land that came with planning permission already agreed for a two-bed chalet bungalow.

After reviewing what was needed, and finding the appropriate lender we were able to secure the £230,000 loan as the funding was 65% loan to gross development value. We were also able to secure funding to accommodate 100% of the construction work needed for the build.

Our chosen specialist lender did not need a quantity surveyor due to the size of the loan, this helped reduce costs further on the development project.

Albeit a small loan, our completion team worked closely with the developer to manage all the details relating to the title of the property and legal aspects.

How we helped:

Even modest sized development loans can be sourced with the right market knowledge, saving further costs, and ensuring the overall process runs smoothly.