South east developers had set up the purchase of a bungalow in Danbury, Essex. Our client had also acquired planning permission to destroy the current bungalow property and replace it with a larger detached property.
The developers needed to act quickly to secure purchase of the existing bungalow property. They required an initial £160,000 loan to purchase the site before other developers could bid for the property. Hunter Finance provided a fast development finance loan to allow for the purchase to take place without complication.
Once the developer had secured the site, they required a further £230,000 for the construction costs of a 4 bedroom detached property. This brought the overall loan provided by Hunter Finance to £390,000.
Demolition of the existing bungalow progressed quickly, with construction of the replacement property completed in under 12 months from initial site purchase.
Due to its appealing location, the property sold quickly after going on the market. The final GDV was £665,000.
With loans of between £100K – £2.5m Hunter Finance can have funding in place in under 48 hours. Call 01825 749721.
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