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Residential Development Finance
Shovel Ready!
Location - Romford, Essex
Property Value - £2,310,000
Loan Amount - £1,500,000
Loan Type - Development
LTGDV - 65%

The developer had purchased the site some years ago. It originally comprised a bungalow and its garden and planning permission was obtained to demolish the bungalow and build a new block of eight self-contained flats.

The development had commenced, financed by the borrower’s own funds and a small bridging loan, but had ceased pending obtaining a loan for construction. The developer wished to progress the scheme and we provided a facility to repay the existing loan and further funds to complete the construction. When the property is completed, the flats will be sold to owner-occupiers and investors from which proceeds the loan will be repaid.

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