Bridging Finance Solutions has completed a largescale development finance deal, supporting a private luxury house build in Surrey.
The firm has lent £1.65million to the private developer to carry out construction works. The client had already acquired the site, which included a bungalow set on 8.22 acres, in a desirable semi-rural location with planning secured to build a large detached executive home.
The client has agreed to repay the loan over 18 months with £1.2m allocated for the build and balance for costs and retained interest. Once completed, the value of the property is expected to be in the region of £2.75million.
Keith Litherland of Bridging Finance Solutions explained: “This was a fairly straight forward development finance loan in terms of how the deal was structured. We were able to secure the funds against the value of the pre-owned land, which due to the location of the site, was of particularly high value.
“As is the case with all of our deals, we were able to move in rapid time, agreeing to terms and conditions promptly, providing funds in line with the clients pressing timescales.”
Keith added: “We look forward to working with the client as the project progresses, releasing funds at keys stages to support this exciting scheme.”