• Sowerby

  • £422,500

  • Development

  • 66% LTGDV


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Case Study: Thirsk, Sowerby

Project Completed: September 2019

This was a very interesting case as the developers had varying experience within the sector having completed a number of property developments which primarily focused on residential redevelopment. However this development was set to be their first ground up development and to add further complications the project was being undertaken in a conservation area.

The developers purchased the land at auction and were able to purchase approx 10% under guide price which was good news for their development costs as the goal was to build two 4 bedroom properties that retained the conservation area characteristics. The properties were to be joined to an existing highly conserved residential terrace row and once competed were valued at a guide price of £320,000 each.

Mint were approached to fund the development of the properties and following our due diligence on the developers there were no reservations regarding this being their first ground up development. Given our experience dealing with such borrowers we viewed this as the natural progression into heavy development which our clients regularly take.

Mint provided an initial loan of £340,500 over 12 months with a day 1 draw down of £106,000 with the security being the development land and an additional charge on an existing property. While the build schedule predicted a build time of 9 months Mint looked to add further flexibility within the deal by providing a period of 3 extra months to sell the property. As their exit from the loan was based on the sale of the properties we wanted to provide a good period of time to sell post build should this first time ground up development run over. This was purely precautionary for the developer as were they to sell sooner there would be no early redemption fees to pay.

With both the developers continuing to work their primary jobs full time and instructing a construction company to undertake the work the relationship between developer and Mint’s internal project mangers was key. It was this relationship that was important when it became clear from Mint’s perspective that the development was not going to complete when the developers intended.

Mint were able to work with the developer to extend the loan term by an additional 3 months and provide additional funds in order to further expedite the delivery and cover shortfalls in the construction budget.

The project has now completed and the results are fantastic with the newly constructed development seamlessly adopting identical characteristics of the properties within this highly conserved residential area. The project is also testament to the developers and their appetite to increase their portfolio with such a challenging development.

Should you require any auction or development finance for a new or upcoming project then contact Mint Bridging today to discuss your needs or alternatively submit an eligibility check to determine your level of funds.

Case Study: Thirsk, Sowerby

Project Completed: September 2019

This was a very interesting case as the developers had varying experience within the sector having completed a number of property developments which primarily focused on residential redevelopment. However this development was set to be their first ground up development and to add further complications the project was being undertaken in a conservation area.

The developers purchased the land at auction and were able to purchase approx 10% under guide price which was good news for their development costs as the goal was to build two 4 bedroom properties that retained the conservation area characteristics. The properties were to be joined to an existing highly conserved residential terrace row and once competed were valued at a guide price of £320,000 each.

Mint were approached to fund the development of the properties and following our due diligence on the developers there were no reservations regarding this being their first ground up development. Given our experience dealing with such borrowers we viewed this as the natural progression into heavy development which our clients regularly take.

Mint provided an initial loan of £340,500 over 12 months with a day 1 draw down of £106,000 with the security being the development land and an additional charge on an existing property. While the build schedule predicted a build time of 9 months Mint looked to add further flexibility within the deal by providing a period of 3 extra months to sell the property. As their exit from the loan was based on the sale of the properties we wanted to provide a good period of time to sell post build should this first time ground up development run over. This was purely precautionary for the developer as were they to sell sooner there would be no early redemption fees to pay.

With both the developers continuing to work their primary jobs full time and instructing a construction company to undertake the work the relationship between developer and Mint’s internal project mangers was key. It was this relationship that was important when it became clear from Mint’s perspective that the development was not going to complete when the developers intended.

Mint were able to work with the developer to extend the loan term by an additional 3 months and provide additional funds in order to further expedite the delivery and cover shortfalls in the construction budget.

The project has now completed and the results are fantastic with the newly constructed development seamlessly adopting identical characteristics of the properties within this highly conserved residential area. The project is also testament to the developers and their appetite to increase their portfolio with such a challenging development.

Should you require any auction or development finance for a new or upcoming project then contact Mint Bridging today to discuss your needs or alternatively submit an eligibility check to determine your level of funds.


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