NE Scaffolder can create a home for his business

A North East scaffolding business operated from a Middlesbrough's Industrial quarter was looking to expand his business. The property they traded from was undeveloped and effectively served as a hub and yard for the Scaffolding business. The client obtained planning permission to build a single block of 9 x 1000 sqft industrial units on the site, fulfil the client's requirements and fulfil the demand for these types of units in Middlesbrough.

The client required 65% LTV which equated to £200,000 over four months on a development finance facility in addition to the clients own funds to build the units. The build was being undertaken 'in house' through 2 other family businesses and contacts the client had through their Scaffolding business which meant the client would oversee the build from start to finish.

The client will look to rent two of the units for his Scaffolding business, the remaining seven rented to local companies in need of smaller industrial units. Before the commencement of the build, five of the units already had pre-agreed tenants. Making the refinance of this facility as clean and as easy as the original development finance facility from Momentum.