Development of 6 Houses in York.

Deal Structure

70% LTGDV.

£1,450,000 Loan amount.

85% Loan to Cost.

18 Months term.

Deal Summary

Our Client owned a site that was unencumbered and had planning permission for 6 houses.

The Client needed a facility not only to provide the Development Costs for the 6 houses, but also to release some equity to purchase another site. There was sufficient value in the unencumbered site to meet that requirement.

Positive Commercial Finance facilitated the funding required via a boutique private funder, which gave sufficient cash out on Day 1 to complete on the purchase of the other site, whilst also providing 100% of the development costs (in tranches, in arrears) to build out the York site.

The client was more than happy with the outcome and the loan completed within 6 weeks.

No RICS valuation was required on the sites and instead the lender reiled on a QS to audit the build costs for both sites, to satisfy themselves with value & viability.

Another Positive happy client!

Contact James Waddicker

07977 460546

[email protected]