Returning clients from West Sussex enquired about finance for a potential property development within the coastal town of Wittering, near Chichester.
The developer had purchased an old chalet bungalow close to the beach with the intention of replacing it with a terrace of houses.
Once planning permission for the development had been approved, our client came straight to us for a fast development finance solution. Click here to find out more about our loans.
The developer had a number of other projects at the time and needed to secure a loan with minimum hassle and delays, which made our 5 step lending process a suitable option.
To yield the highest return from the investment, the experienced land developer had received permission for the construction of four terrace properties.
Three of the properties were to be 4-bedrooms, with the remaining unit being limited to a 3-bedroom property.
The requirements of the build were for the properties to reflect the subtle unique nature of the nearby houses.
We were able to send a surveyor to the site quickly, with a loan of £877,500 being agreed.
Initial funds were drawn down quickly to ensure the development progressed. See how much you could borrow here.
Once the old chalet bungalow had been demolished, development of the four new properties could start.
A second drawdown enabled no delay between the demolition and the construction process.
Further, drawdowns throughout the project allowed for a quick and seamless development to take place.
The final GDV of the development was £1,500,000.
