Bridging Finance Solutions has provided a development loan to a father and son team building three single storey homes in Preston.
The seasoned property developers acquired the derelict site with full planning permission to build the three bungalows already in place.
As with the vast majority of development schemes, high street lenders are typically unwilling to support planned projects, and so the team looked to source alternative funding.
A development loan of £505,000 was secured to ensure contractors were paid and materials could be purchased in order to lay the foundations, before the cool winter weather sets in.
Becky Myers of Bridging Finance Solutions explained: “This is a great small housing scheme that will realise good profit margins once complete. The father and son team have a clear vision and solid plans in place, with equity in the scheme through the purchase of the plot.
“There was some sense of urgency in terms of cash flow due to the build stage and the changing adverse weather conditions, and so we worked closely with the client and our professional partners to ensure the funds were ready and in place to meet the clients immediate and long term needs.”
