01825 749721

Seven Unit Development, Wickham, Hampshire

Developers required fast finance to cover site purchase and construction of 7 properties

Hampshire developers contacted us about a potential loan to secure development land in the town of Wickham near Southampton. The site consisted of a former housing estate car park and a large disused field.

Potential development land within the South East of England sells quickly. Despite only being on the market for a few days, there was a lot of interest in the site. Hunter Finance worked quickly with the developer to offer a loan package that allowed our client to secure the land within a day of initial contact. A loan of £345,000 was agreed for the site purchase.

Second development loan covered build costs

Once the land had been secured by an initial loan, the developer required further finance to cover the build costs of the development.

Our clients had achieved planning permission for the construction of 7 properties. These consisted of;

  • 4, No 2 bedroom apartments
  • 1, No 3 bedroom inner terrace property
  • 1, No 3 bedroom semi-detached property
  • 1, No 2 bedroom chalet bungalow

After already providing £345,000 towards the initial land purchase, Hunter Finance were able to offer a second loan to cover the build costs. The developer required £505,000 to cover 100% of the cost of construction. Finance provided for the project totaled £850,000.

All properties sold within one year

The developer had made initial contact with us in December. By the following December all 7 properties had sold for a total of £1,840,000.
If you would like to enquire about a property loan for your project in Sussex please call 01825 749721.

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Property Details

Development

Four 2 bedroom apartments
One 3 bedroom inner terrace house
One 3 bedroom semi-detached house
One 2 bedroom chalet bungalow

Gross Development Value

£1,845,000

Loan Amount

£850,000

Loan to GDV

46%

Term

12 months

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