Returning clients contacted us about a quick development loan for a new site they had acquired within the town of Midhurst, West Sussex. The Developer was looking for a quick turn-around with finance due to a desire to get the development started sooner rather than later.
Midhurst is a quaint town within the South Downs. Despite a lack of transport routes to London, the town demands high house prices accounting for location. Estates on the South Downs are usually eclectic with every house offering a unique appeal.
With an understanding of the local market, our client had obtained planning permission for two luxury detached properties. Both were to have unique features and appeal to families.
With planning in place and the land already secured by the developer, Hunter Finance were able to provide finance to cover the construction costs. Due to the location of the development, a loan of £777,000 was needed for the build costs.
Construction of the two 4 bedroom detached properties began quickly. Less then a year after the first drawdown had been made, the developer had completed the project. Both houses had been placed on the market and sold before the developments had been completed.
Luxury designs, with respect to the local character of the town, enabled both properties to sell for £1,490,000. A very good return on investment.
Interested in property finance for your next project? Call 01825 749721.
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