Development Finance for new houses
£1.1m build loan for a ground-up development in Hertfordshire
Sector
Property Development
Location
Hertfordshire
Purpose
Ground-up Development
Scenario
Our client is an experienced property developer, having completed a number of renovations and ground-up developments. They had purchased a plot with a 6 bedroom house on a bridging loan in order to develop the site into 3 new houses.
Problem
The client required a £1.1m development loan to undertake the build phase of the development, this being the equivalent of 100% of the build costs.Â
Solution
Our specialists were able to source a specialist development lender to refinance the existing bridging loan as well as fund 100% of the build costs. The specific lender charged no arrangement or exit fees and was able to support the client to get the outcome they needed.