Bridging Finance Solutions has supported another self-builder with their ambitious development plans, providing funding for a modern five-bedroom home on Llangefni, Anglesey.
The client, an Electrical Engineer and Chief Legal and Compliance Officer had acquired the land and begun the build-up to plate level. A traditional mortgage was not an option due to the development aspect of the build/conversion. Most lenders are unwilling to provide mortgages for projects that have already progressed.
BFS provided a loan of £160,000; the build costs were set at £406,000 to finish, and the GDV £725,000.
Becky Myers of Bridging Finance Solutions commented: “This was a reasonably straightforward development loan that allowed the client to complete work on this brilliant self-build.
“As an independent lender, we can take our view on each case, and where others are less willing to fund a part-built property, we saw that the planning and figures did stack up.
“We’ll continue to work closely with the client as the build progresses, offering advice and guidance and providing the loan through a phased draw-down approach.”
