Project Description

  • SOUTH EAST
  • 350,000
  • 12 months

CHALLENGE

  • Working with many experienced brokers and property developers means that we frequently don’t face many challenges, as was the case with the finance provided for this impressive new development
  • With planning permission secured the only stipulation was that the finance needed to be provided ahead of the completion of the borrowers current project
  • The vacant land for the development was formerly a disused filling station, so with the possibility of land contamination this needed to be addressed at the outset

APPROACH

  • Site Investigation findings confirmed that the ground conditions were not as harmful as first thought, remediation works were required and had been budgeted for
  • Building cost were confirmed, with a facility provided based on an initial release to enable the purchase of the land and a retention amount to cover costs for the works

RESULT

  • Finance agreed and completed enabled commencement of the development of this impressive four bedroom detached house, exit strategy was via the sale of the property
  • The fit and finish of the property was be to a high standard, and with strong sales in the local area plus marketing commencing all  ‘off-plan’ property sold in early stages of the development

“The fit and finish of the property will be to a high standard, and with strong sales in the local area plus marketing commencing ‘off-plan’ the borrower expects to sell in the early stages of the development”

Sinead , Mint Bridging