We refinanced an expired loan secured against a development site and provided 100% of the construction cost of the development. Additional security was taken in lieu of equity investment so that maximum gearing could be achieved.
The developer, an experienced contractor, is constructing an executive home using a timber frame system. To meet the requirements of the timber frame supplier, we funded the frame in advance of it being supplied and fitted while also meeting the construction cost of the access road and foundations.
We are financing the project through to completion when it will be sold and our loan repaid.