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October 11, 2023
Development Finance to Takeover Development Opportunity
October 11, 2023Small Development Loan for Purchasing Land with Planning Permission
Small Development Loan to Assist in Purchasing Land That Came With Planning Permission.
Loan Value: £230,000
Location: Northamptonshire
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.
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