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Ground Up Development

Remote Lincolnshire Project

  • Loan: £380,000
  • Term: 12 Months
  • Charge: 1st
  • Site Value: £660,000
  • Site: Land with planning
  • Exit: Sale of completed units

Peter approached Finspace as he was looking for funding to start work on a ground up development against an unencumbered site he owned in Lincolnshire. Peter had previously applied to a couple of lenders and on each occasion he had passed the valuation stage only for each lender to determine that the location was too remote for them to consider so naturally he was a little sceptical that we could help.

After an initial conversation and assessment of the site, our Senior Consultant, Steve Pollard used his expertise to find Peter a product that not only met with his needs in terms of the loan required, but also with a lender who Steve knew could deliver the funding in a timely manner.

Solution

  • 2% Arrangement Fee
  • 1.25% per month
  • No QS or monitoring surveyor fees
  • Interest charged on drawn down funds
  • No Exit Fee or Early Redemption Charges
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