Developer clients from Hampshire wanted to secure a plot of land for development outside the south coast city of Southampton. There was no existing property that came with the land, but there was potential for the construction of two semi-detached houses. Our clients required finance quickly to ensure the purchase of the prime development site. Hunter Finance agreed to an initial loan of £95,000 for purchase of the site, securing the land for further development.
Once the land had been secured, planning was submitted, and approved, for two 3 bedroom semi-detached houses to be constructed at the site. With planning permission in place, the developers required a further £170,000 to cover the build costs of the project. This took the total loan amount to £265,000.
Hunter Finance provided funds for the project quickly, which allowed the development to begin construction as soon as planning permission was approved. The project has progressed well over the past 10 months.
The development has a proposed final GDV of £480,000, which equates to a loan to value of 55%.
Interested in property finance for your next project in Hampshire? Call 01825 749721
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