Bridging Finance Solutions has agreed a £1,084,825 development loan to a private developer on a multi-unit housing site in Wirral, Merseyside.
The client was in need of urgent funds to secure the land, which was part of a time sensitive deal. A development loan was required to partially fund the land purchase, as well as 100% of the net build costs.
Planning was already in place to build six four-bed homes on the site, situated in a popular residential area of The Wirral , with work now well underway.
Becky Myers, Internal Business Development and Sales Manager at BFS commented: “This is the first time we’ve worked with this client who left his permanent role in finance to become a property developer in 2019. Whilst this wasn’t his first project, it is undoubtedly the largest. The site is set in a prominent residential neighbourhood and would have undoubtedly been snapped up by another buyer if funds hadn’t been available quickly thus assuring the client a speedy completion.
“Recognising that time was of the essence, we worked closely with the client and solicitors to ensure we had a good understanding of all outstanding requirements. As ever it has to be a real team effort to meet all objectives. We are delighted we were able to provide the fast funding required and hope this is the first of many future developments .”
Once completed the GDV of the site is expected to be in the region of £1,650,000, realising circa 50% profitability.