This developer was mid-way through a private new build development in South Wales when refinancing was needed in order to complete the project.
Client – Private client
Project – Finalising development project
Value – £114,000
The first time developer was project managing her own self-build, a detached dormer bungalow in Swansea, South Wales
The three-bedroom property was completed to ground floor window level. However, having underestimated the cost of the build, the client was struggling to source funding and achieve completion. Securing development finance for smaller loans can be challenging as many lenders enforce a minimum loan value of £250k, whilst also steering away from mid-stage construction projects where funds have depleted.
With the client keen to move things on as quickly as possible, BFS secured and released the £114,000 loan within 8 weeks of the original application, allowing the client to achieve their completion some six months later.
Keith Litherland, Regional Sales Manager at BFS commented: “This is the type of deal that we are keen to work with. We see many small developers left in this situation where high street lenders simply won’t support them mid or part way through a development project. Larger lenders don’t have the appetite for smaller loans, which is very much our target market and an area in which we are being increasingly recognised.
“We were pleased to be able to support this client and it’s great to work with another female developer, of which IM pleased to say we continue to see more and more of.”