Finish and exit for £1.95M barn development

Area
Sussex
Capital Raised
£605K

The Scenario

Our clients are an older couple, with development experience, but not professional developers: they use their own finance, working in their own names, and enjoy doing bespoke builds to a high standard.

This project was a derelict barn they were rebuilding as a very desirable four-bed residence with a projected GDV of £1.95M.

But project overruns and complications to do with planning meant they’d run out of time on their original finance. The clients had approached another lender for finish and exit finance: a survey had been done and they were already involved in the legals when that lender pulled out.  

So now time was tight. And we were running into Christmas.

The build was wind and watertight – our clients needed £350K to repay the original lender, and £180K for the second-fix, interior fit-out and landscaping (with an exit to sale).

The Solution

We took the deal to a specialist bridging lender we have a close working relationship with, who could be more flexible than a more process-orientated development finance lender.

The valuer used just a month previously was also on this lender’s panel of surveyors, so they were prepared to accept a "retype" of the survey report at a saving of £2,500 to our clients.

Nonetheless, this was a complicated deal to hold together. Getting it finalised in just under five working weeks was a triumph, and 0.99% per month over 10 months was a very manageable rate.

Jack Spillane

Finance Broker

Bristol

0117 959 5094

Is your situation similar to this? I specialise in helping clients who need creative development finance solutions, and second-charge mortgages. Give me a call any time and we can set up a detailed discussion of the finance you need.

Mathew Phillips

Finance Broker

Bristol

0117 959 5094

Are you in a similar situation? I specialise in bridging finance at Clifton Private Finance - I will find you the best funding solution for your property transaction.

Alex Chambers

Senior Finance Broker

Bristol

0117 403 4324

Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.

Luther Yeates

Senior Finance Broker

Bristol

0117 244 5561

Are you looking for a similar type of property finance? I have extensive experience finding residential and investment property finance for UK and international clients. Please get in touch and we can arrange a time that's convenient for you to discuss your situation.

Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar? I am a bridging finance specialist at Clifton. I can find a quick, cost-effective solution for the funding you're looking for.

Robert Gibb

Senior Finance Broker

Bristol

0117 959 5094

Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.

Adam Arnott

Associate Director

Bristol

0117 205 0214

Is your situation similar to this? I have extensive experience of advising clients who need creative property finance solutions. Please get in touch and we can arrange a time that suits you for a detailed discussion of your requirements.

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