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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.

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12 Granby Road
Harrogate
North Yorkshire
HG1 4ST
Tel: 01423 524 559

Newsource Commercial Finance Limited (NCFL) is registered in England & Wales No. 08374586 Registered office: 12 Granby Road, Harrogate, North Yorkshire, HG1 4ST - Data Protection registration No. Z3536079 / NCFL is authorised and regulated by the Finance Conduct Authority (FCA): No. 718948. Some transactions are not regulated by the FCA

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