Bridging Finance Solutions has once again provided short term development funding in rapid time, securing a property deal for clients where time proved to be of the essence.
A husband and wife team required funds to build a four-bed dormer bungalow in Newport, Shropshire, having acquired a vacant building plot. A development loan of £220,000 was agreed and allowed the couple to begin work at the project immediately upon purchase of the land.
The husband, an experienced builder of 20 years plus, was keen to complete the build which upon completion, would become their family home and was situated near to elderly parents. As an experienced builder, timely completion of this scheme was key, enabling him to move onto his next commercial project as part of his own business.
From receipt of a valuation report to completion, the deal was settled in less than 8 weeks.
Rebecca Myers of Bridging Finance Solutions explained: “As with so many of our cases, this was particularly time-sensitive and huge efforts were made between all parties to meet the clients timescales. Continuous updates using our own valuers, solicitors and of course the client ensured everyone pulled together during each stage to get the deal completed.”
The build is now well underway and is expected to be finalised in the summer at which point the build value is anticipated to be in the region of £660,000.