Bridging Finance Solutions has supported a small, first time developer with its latest deal.
The Merseyside-based client had identified a building plot in Wirral and was looking to secure part of the acquisition cost, as well as 100% of construction cost. The team at BFS responded quickly to the enquiry, navigating the applicant through the administration and application process.
A total of £330,000 was required, £215,000 of that accounting for build costs and the remainder to be used as part of the purchase of the land. A plan was agreed including building schedule and draw down, and the loan was approved and completed within a tight timescale set by the vendor
John Hardman, head of sales at Bridging Finance Solutions, said: “This was yet another ‘small’ development deal where the operators had little experience. This continues to be a sector that has very few lenders capable of or indeed wanting to understand the needs and requirements of the applicant.
“BFS remain wholly committed to this end of the market – our belief is that every single developer has to start somewhere and invariably they require a finance partner.”
Construction of the four-bedroom property will begin imminently taking some six months to complete. Upon completion the house is expected to be valued in the region of £500,000.
Hardman added: “More and more first time developers are turning to BFS to work with us as finance partners for their development schemes. We are keen to support and collaborate with this part of the market and recognise the growth and potential in this niche area that undoubtedly forms an important part of our business moving forward.”
