£1M-Plus Development Finance in Essex to Finish and Exit

£1M-Plus Development Finance in Essex to Finish and Exit

Area
Essex
Capital Raised
£1.1M

We arranged exit finance for another scheme by this developer, and he was delighted for us to set up a similar solution on this project. 

The Scenario

The property was a high-spec luxury home (six bedrooms, four bathrooms, big garden…) being built by our HNW experienced developer client. It’s just outside the picturesque medieval market town of Saffron Walden, an hour’s commute from London.

His properties are finished to a high standard - there was no more than three to four weeks’ work remaining to be done on this scheme: final fix, the completion of decoration, plus landscaping and installation of electric gates.

But there was a hard deadline to getting this finance in place. Our client’s £1.05M development finance was coming to an end, and in less a month his borrowing currently costing 1% a month would go onto his lender’s default rate.

This wasn't the right structure of lending for this client: a 12-month deadline on new-build finance is very restrictive, even for an experienced builder-developer. His current lender wasn't willing to extend the loan term by even a few weeks, and their default rate is punitive.

The challenges: standard bridging finance wasn’t an option because the project wasn’t yet at practical completion.

And many financers aren’t keen on large single asset lending – they like the safety net of having their risk spread over a number of residential units which could be sold off to recoup their capital, if necessary.

The Solution

We work with a specialist lender who has developed a niche finance solution for exactly this kind of situation.

Within two days we had an offer of finance for the £50K needed to complete the building works, plus the £1.05M our client needed to repay his original lender. Lending was offered at 0.99%, secured against a valuation of the property in its current state at £1.5M.

The GDV on completion was valued at £1.6M, giving our client the option to exit his development onto a buy to let mortgage at 75% loan to value.

He’s very pleased, and we’re proceeding with refinancing his other development sites.

Our development finance service

Simon Mullins

Finance Broker CeMAP

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Paige Dumpleton

Finance Broker CeMAP

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Jonathan Moffatt

Head of Business Finance

Cardiff

0203 880 8890

Do you need help sourcing your own business finance?

I have extensive experience securing finance for a wide range of businesses. Book a free telephone consultation with me at a time to suit you. 

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Alex Morris

Private Client Adviser

Bristol

0117 332 5061

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Scott Dutfield

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you

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Carly Cheeseman

Head of International

Bristol

0117 457 9922

Do you need help sourcing your own property finance?

I have extensive experience securing UK mortgages for clients. Book a free telephone consultation with me at a time to suit you.

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Nick Kerley

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Bristol

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Bristol

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Broker Team

Cardiff

0117 959 5094

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We have extensive experience securing UK development finance. Book a free telephone consultation with our team at a time to suit you.

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Broker Team

Bristol

+44 203 900 4322

Do you need help sourcing UK property finance?

We have extensive experience securing UK mortgages for clients based outside the UK. Book a free telephone consultation with our team at a time to suit you.

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Louis Levine

Finance Executive CeMAP

Bristol

0117 457 7862

Are you looking for a similar type of property finance?

Get in touch today and find out how I can help.

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Bridging Team

Clifton Private Finance

Bristol

0117 959 5094

Are you in need of a similar type of property finance?

Book a free telephone consultation with one of our bridging specialists today and see how we can help you.

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Sam Baker

Finance Broker

Cardiff

0117 959 5094

Are you looking for a similar type of property finance?

As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you.

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Fergus Allen

Senior Finance Broker

Cardiff

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.

Book a free telephone consultation with me at a time to suit you.

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Jacob Phipps

Finance Broker

Bristol

(+44) 0117 959 5094

Are you looking for a similar type of property finance?

I specialize in helping international clients source residential and investment property finance for UK property. Book a free telephone consultation with me at a time to suit you.

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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. customDatabaseField-8455

Mathew Phillips

Senior 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.

Book a free telephone consultation with me at a time to suit you.

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Alex Chambers

Senior Private Client Adviser

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.

Book a telephone consultation at a time that suits you.

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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. Book a free telephone consultation with me at a time to suit you.

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Sam ONeill

Senior Finance Broker

Bristol

0117 959 5094

Is your situation similar?

I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you.

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