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Eight Unit Development, Lydd, Kent | Finance covered the demolition costs

Finance covered the demolition costs of the existing property and the construction of eight new units

Clients in Kent had purchased a former commercial property within the rural town of Lydd. Before the developers made contact with us about finance, they had secured planning permission for construction on the current site. Planning allowed for the development of 8 properties, and the demolition of an existing commercial building.

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For cheaper property development finance call 01825 749721. Property development funding is available to developers and builders in Kent and across the South East.

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Lydd property development
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Property Details

 

Developers reached out to us to provide them with a fast finance solution that would allow for construction of the development to begin. Funds were required to cover the demolition of the existing commercial property and the construction of the eight new housing units. The units consisted of;

  • Terrace of three 3 bedroom properties
  • 2 pairs of 3 bedroom semi-detached properties
  • One 4 bedroom detached property

Build costs required a £1m+ loan

With the site purchased and planning permission in place, we were able to provide finance to cover the construction of the project. A loan of £1,189,000 was provided, with the multiple drawdowns staggered throughout the development at the developer’s request.

The development has a proposed GDV of £1,967,000, giving a loan to value of 56%.

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