BFS has agreed to fund a development scheme in idyllic West Sussex where a husband and wife team are now set to transform a disused barn into their dream home.
The long abandoned barn will be rebuilt and converted into a stunning four-bed property which the couple will move into upon completion.
With 25 years in the construction industry, the clients are equipped with extensive knowledge and experience in building and will manage the project themselves.
Having bought the barn for £420,000, the aspiring developers needed to secure additional build costs but were faced with unwilling high street lenders due to the development nature of the scheme, coupled with the fact that initial foundation works had begun, which many lenders will simply not consider.
Build costs of £325,000 were needed to complete the works, and a development loan was secured through BFS, with an estimated £1 million GDV.
Becky Myers of BFS commented: “For us, this was a typical development project that we were happy to support. The client’s figures are stacked up, ad they have the knowledge and commitment to make this work.
“Many lenders are unwilling to provide funding for a development loan but also, with foundations in place, this can often put another barrier in place. We’ve worked closely with the client and have already begun the drawdown of funds allowing them to press ahead with their fabulous project, take a look at the photos, and you can see how the original drawings are now becoming a reality.”
