BFS has provided development funding for two high spec homes in Thingwall, Wirral, under a £400,000 loan agreement.
The client had acquired the empty site using their own monies and required further funding to support the build costs. An affluent area within Wirral, demand for detached properties is high and these two high spec four-bed homes will be completed within the next few months at which point they will be available for purchase.
The sale price of the homes upon completion is expected to be £479,500 for property one and £459,500 for property two, and with a land value of £200,000, the client will make a healthy return on their investment.
Angela Jones, BDM at BFS, who managed the deal commented: “This loan really does typify our ideal customer profile. It is that small to medium size builder who is not a particularly attractive prospect to a large lender and is unable to secure high street lending due to the nature of the deal. The site is also in the north of England, again a key characteristic of the majority of our clients, and the value of the loan is below £3million.
“This is a lovely scheme and the houses are a fantastic spec and in a great location. All parties continue to work incredibly well together, including professional partners and site teams. We’re seeing great progress and look forward to reaching completion of these lovely properties, which I’m sure will be quickly snapped up.”
