One of our existing customers acquired a 1.1 acre site in a very attractive Lincolnshire village and obtained planning consent for the erection of three large detached houses.
His clearing bank was hesitating over the provision of sufficient facilities and we were asked to consider the provision of 100% funding for the construction costs and 52% of the site value. We were able to visit the property quickly and offer facilities immediately. Within six weeks of receiving the request the customer was on site.
The construction phase was completed on time and came in within budget. Our customer sold all the units off plan and as a result the loan was fully repaid ahead of the final repayment date. We are now assisting the customer with his next scheme.
Loan: £800K
Loan to value: 60%