Ground Up Development

Ground up development

The prospect had purchased a site in Scunthorpe and planning was sought for 2 semi detached 2,500 sqft residential dwellings. Planning permission was obtained and construction started within 1 week of planning.

The client required £350,000 to fully develop the properties to practical completion for a sale or refinance of the 2 dwellings. Due to the 30 years of experience in development we were able to easily understand the build costs and schedule and managed the site visits on a monthly basis with the need or costs of an external QS.

The dwellings were fully completed on time, however with Covid the prospect was struggling for a sale. We therefore introduced the client to our broker network who were then able to get a 70% LTV interest only BTL product which fully repaid our facility and gave the prospect funds to purchase his next site.

Interest was serviced from other income from the prospects existing BTL portfolio which reduced the costs of our facility.

Needless to say we are on with putting terms out on the next deal for a very happy repeat client.