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.