Grandparents developing and building a new home for their three grandchildren have welcomed the support of a BFS development loan to enable them to complete the build.
The clients are redeveloping a former barn in Wrexham, North Wales and had begun work when they approached the short- term finance specialist in order to complete the project.
Becky of Bridging Finance Solutions explained: “A traditional mortgage wouldn’t be achievable due to the development aspect of the build/conversion and they were part way through the build. Funds where needed to pay contractors and purchase materials and to ensure the property was watertight before the cold weather set in.
“We agreed a loan of £118,000 which was to be used towards build costs. Upon completion, the property is expected to be valued in the region on £830,000 so this is definitely considered a sound proposition in terms of finance. As always, time was of the essence and once again we worked closely with our professional partners to ensure all timescales where met.
“The clients unfortunately lost their daughter recently and have been left with the custody of her three children (their grandchildren) so the barn is being built to future proof their family plans. We’re really pleased to be able to support this particular project and allow our clients help to build a solid foundation for their wider family.”
