What projects have you funded recently? Some Loan Examples – March 2022

£250,000 development finance, 12m term, rolled-up interest

Purchase of a freehold development site with consent for a pair of semi-detached houses. 60% of the purchase price and 100% of the cost of works funded. The borrower, a lifelong builder but never a developer, undertaking a first project. The borrower’s exit plan is to build and sell. Location: Cornwall.

£242,500 auction loan, 12m term, part serviced / rolled-up interest

Eight working day requirement to fund the auction purchase of a part vacant, listed, HMO subject to multiple enforcement notices. 75% of purchase price funded via blended security using an industrial unit investment and the subject property. The borrower’s exit plan is to re-finance. Location: Devon.

£180,000 development finance, 12m term, rolled-up interest

Barn conversion funding to cover 100% cost of works to convert a former cattle shed to form a semi-detached 3-4 bed home to a high specification. Established builder/developer and previous customer returning for the 2nd time. The borrower’s exit plan is the sale of the property, expected GDV of £595,000. Location: Shropshire.