A group of friends and developers have joined forces to create a stunning five bedroom home in Wirral, using a development loan from Bridging Finance Solutions to help finance the project.
The land was purchased with the support of BFS who provided 60% of the cost. The construction costs were built into the remainder of the loan and funds released as drawdowns under five phases.
The developers managed to complete the dwelling in an impressive seven months during lockdown at a time when materials were scarce. A spokesperson for the client explained: “We had identified the site pre lockdown and recognised its potential. We have all had experience in developing property but never as a collective and so it was a great opportunity to come together for our first project.
“We utilised shared resources as part of the land cost and required funding with the remainder of that, plus the build costs. We approached a broker who had experience in development projects and he recommended Bridging Finance Solutions.
“BFS talked us through the best way to finance and structure the deal that gave us the cash we needed, plus the guarantee they needed in terms of security on the land. The team there have been great throughout and we have felt them to be partners who have supported us rather than just a loan provider.
“Continuing the build through lockdown presented challenges that lay largely in the availability of materials and labour rather than the financial aspect. Lines of communication with the BFS team remained open and consistent throughout. They have provided a great service and we look forward to working with them again.”
The project is now complete and has been valued at £625,000 and has recently been placed on the open market.
Image source: Rightmove