03/12/2021
Case Study :- Development Finance in just 18 days!
When you take on a development project, whether it is a heavy refurbishment of a property or a complex build starting from the ground up - you need a lender you can trust, but one that can swiftly provide funds when you need it. This case study demonstrates how quickly we were able to offer an existing client a £7m development finance facility allowing them to quickly launch their project.
Loan value: £6,375,000
LTV: 62.5%
Development value: GDV £10,200,000
Loan term: 18 months (12-month build, 6-month sales period)
The client: This client is an experienced developer with many projects taking place at one time.
The Situation: The developer planned to convert an existing country mansion-style building into 11 luxury apartments consisting of 2 and 3 bedrooms located in St Albans, surrounded by green open spaces and little in the way of build-up development.
Once finished the luxury apartments benefited from high ceilings with windows stretching from floor to ceiling. Internally, the apartments include high-quality solid wooden flooring throughout with a high-end kitchen, consisting of integral appliances.
The bathrooms are luxurious with walk-in showers, some including steam rooms and dressing rooms. The surrounding grounds are a mixture of open fields and grassland, with parking available on an adjacent area of land which is gated with a path leading to the house.
Our Solution: The solution for this client was a development finance product, which is designed for experienced property developers looking to finance residential-led schemes.
We strive to develop closely held relationships to give property developers certainty of finance which they can rely upon to successfully grow their businesses.
Our Benefit: West One has a fantastic team of expert underwriters which makes them agile, allowing them to make fast decisions for developers when they really need it.
They also have a range of expertise in construction knowledge, as well as an in-house surveying team, giving them the ability to provide a swift drawdown process.
The Result: By choosing us, our client was able to receive development finance in only 18 days. We strive to stay with developers for the long-term, and this was a developer who had returned to us because of our service.
Our team moved fast and was able to get the funds this client needed in record time allowing them to get their project swiftly off the ground.
Get your complex cases moving today. For a personalised, speedy approach to lending, look no further. For a quick chat or to find out more about our products, get in touch. Give us a call on 01403 259500 or drop us a message.
