Black & White Bridging has helped an experienced Bristol based developer to purchase a property in Bristol to convert into a new eco-home.
The case was introduced to B&W by local finance specialist Cornerstone Finance after the client had dealt with another lender and had experienced difficulties with getting the certainty of funding, subject to valuation, they would need to purchase the appropriate property when it came along.
The development is turning a tired car park covered in tarmac with no opportunities for wildlife, into an eco-home with a flat ‘living’ roof, providing a habitat for insects. This combined with the latest green technologies, such as solar panels, rain collection, low water flow taps etc, helped to produce a 20% reduction in the total CO2 emissions as detailed within Bristol’s Climate Change and Sustainability Practice Note.
The initial valuation for the property was confirmed at £375,000 with an estimated GDV of £1,200,000. The loan amount over 14 months for the development is £713,827.40 with the intended exit being the sale of the eco-home.
Heather Hancock, B&W’s lending manager for the deal, said: “From start to finish, the broker and borrower furnished us with as much information regarding the property and project as possible. It was great being able to assist local developers with this eco-development, whilst supporting the local community by meeting the requirements for lower carbon emissions and more energy-efficient homes. Both parties were, and continue to be, a pleasure to deal with and I look forward to being able to assist them with more deals in future.”
Rob Williams of Cornerstone Finance added: “Heather was great in keeping me in the loop and ensuring that I knew where we were up to throughout, as well as doing all that she could to get completion over the line. It was directly thanks to her that the two weeks prior to completion went so smoothly.”