A local developer and a long-term customer approached us with a project to build three, 4-bedroom detached houses in the seaside town of Hastings, Sussex. This would be the 6th project we have worked on with this particular developer.
A total loan of £680,000 was agreed to fund the build costs of the three detached properties. Hunter Finance sent funds in drawdown stages at the developer’s request, matching up with the project’s build schedule and cash flow.
Once the development was finished, the developed refinanced our development loan to retain the properties for his buy to let portfolio.
The final GDV of the development was £1,500,000.
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