Bridging Finance Solutions continues to demonstrate its commitment to the small and medium-sized developer having completed a significant number of property development finance deals over the past 18 months
The latest private developer to secure funding via BFS has kick-started their construction programme with a £617,000 loan from the firm. The Wirral-based client acquired a site in Neston, gaining planning approval for three detached properties. The site was cleared and a single dwelling demolished. However, funding was needed to support the construction project.
Using the site to secure the loan, property development finance was approved and drawdowns agreed in a phased approach. Once completed the site is expected to be valued in excess of £950,000.
John Hardman, Head of Sales at Bridging Finance Solutions explained: “In this instance, one of the directors already owned the land and had gained approval for the new development so was a fair way into the project. The client was not familiar with the bridging process, which can be challenging and complicated. We have been able to guide and work with them to provide funding as an interim financial solution, effectively enabling them to progress with work at the site and press ahead with the actual build.”
He added: “This is very typical of the type of client that we are keen to work with. Our client base for development finance is a very niche market – predominantly sub £1million loans where bank funding has been difficult to secure. Our business is becoming very much synonymous with this area of the market and it is one where we continue to experience considerable growth.”