First time developers in Dulwich had acquired a family run garage over 10 years ago. The establishment had fallen into disrepair after years of neglect. With no desire to re-open the garage, the owners wanted to develop the commercial site into a new terrace of 3 bedroom properties.
Planning permission had been granted for the development of three terraced properties within the London borough of Southwark. This included the destruction of the existing garage to make way for the new development.
Banks and other lenders turned the project away, due to the inexperience of the developers. Hunter Finance assessed the project with the help of our experienced team and were able to help make the construction a reality, providing an initial loan to pay off the charge over the existing property.
Developers agreed a development loan of £680,000 for the entirety of the project. This covered the finances for the demolition and construction costs, allowing the development to progress quickly.
Within a year of the loan being agreed, the 3 bedroom terrace properties were completed and sold. The final GDV of the project was £2,235,000 with the LTV never exceeding 33%. This offered the developers a substantial return on the initial property.
The first-time developers were very pleased with the results of their first property development.
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