Development Finance

Client – UK Ltd Co with a Foreign National director/shareholder

Lender – Goldentree Development Finance

Loan Amount – £336,000 – 100% funding for four newbuild townhouses

Interest rate – 1.16% per month

Term: 12 months

Development Finance

An Irish entrepreneur with a UK property portfolio had been sitting on a site in Leeds for over ten years. With the UK property market moving more positively he felt this was time to finalise planning and develop out the site for profit. The development was to demolish a small commercial building and build 4x new 4 bed town houses.

The applicant put the unencumbered land into the deal and we requested a loan of £350K (100% finance for the build), 40% LTV against the anticipated aggregate valuation figure of £860K. As the applicant wasn’t a typical ‘property developer’ we obtained funding from a specialist residential property development funder at an interest rate of 1.16% per month.

The term of the facility was 12 months with full interest roll up over the term which considerably assisted cash flow. The client was delighted to secure this facility as most other lenders turned him down.

Contact Us

If we can help you with Refinancing a Heavy Refurbishment call us on 01423 524 559 or fill in our contact form.

Request a callback

Send us a message via our contact page or Call Us 01423 524 559

Quick Links

We Help

Finance Brokers

Address

Suite 2, One Cardale Park,
Beckwith Head Road,
Harrogate,
North Yorkshire
HG3 1RY
Tel: 01423 524 559

Newsource Commercial Finance Limited, registered at Riverside House, Irwell Street, Manchester, M3 5EN. Company Register number is 08374586. Newsource Commercial Finance Limited is authorised and regulated by the Financial Conduct Authority, FRN: 718948. Newsource Commercial Finance Limited is an authorised credit broker and not a lender. We work with an unrestricted number of Lenders to find a potentially suitable option for consideration. ICO registration Z3536079 and you can check via www.ico.org.uk. We will receive commission from lenders. Different lenders pay different amounts depending on different commission models. For transparency we work with the following commission models: fixed fee, fixed rate of commission, percentage of the amount you borrow and rate for risk (this is based on the risk profile of the business). Further details of the commission model, calculation and amount will be disclosed to you throughout your customer journey.