Clients in Hampshire contacted us regarding a detached property they had just purchased within the town of Tadley, roughly 10 miles south of Reading.
Built on a large plot of land, and in a great location, our client wanted to develop the property into two detached properties. The original house was old, and the years had caused some damage to the overall structure. With this in mind, the development would account for the destruction of the existing property and the construction of two detached houses in its place.
Planning permission secured, developers contacted us about financing the demolition of the existing structure and the construction of the two detached properties to take its place. With planning and construction arrangements in place, Hunter Finance were able to offer a development loan quickly.
For the construction of the two 4 bedroom detached properties, our client required a £300,000 loan. This covered the ongoing work to demolish the existing property, and the finance required to construct the replacements.
Both houses are now on the market with a proposed GDV of £950,000. This gives the project a proposed final GDV of 32%.
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