BFS is once again throwing its weight behind a first time developer, providing development finance funding for £1.9m.
The site, a former farm in Hertfordshire, was already under existing ownership of the client with planning approval for two four-bed homes. Funding was required to settle an existing charge and the remainder of the loan used to support building, material and labour costs.
Adam Wolstenholme, BDM at BFS explained: “It’s great to work with ambitious first time developers. There is inevitably a lot more support needed in terms of understanding how the process works and the measures that must be taken to seal the deal.
“The beautiful location of the site and the demand for large family homes of good quality with plenty of external space will make these properties incredibly desirable. The client had made the proactive decision to use an experienced main contractor, a factor which was important during our decision making process.
“The deal is now complete and the first draw down has been made. As with all of our schemes, we will provide the money in agreed stages following site visits from our experts to ensure all targets are met in terms of the build.
“Its fantastic to see more and more first time developers choose BFS to work with and it’s an area of the market we are becoming increasingly aligned with.”
Upon completion the homes are expected to have a combined value of £3million.
