Bridging Finance Solutions has agreed to fund a regulated self-build development, providing an £800,000 facility for a husband and wife partnership in Kent.
The clients had purchased a former farm site in Tonbridge, Kent, securing planning permission for the demolition of the existing dwelling and replacing it with a larger two-storey dwelling of modern high spec design plus a large double garage. The original dwelling has since been removed and building works are ready to begin.
The title had to be split as the clients’ bank retained the first charge, there were also access issues to be overcome. Fortunately, a great relationship with the client, BFS and valuers, enabled these issues to be overcome without too much stress.
Rebecca Myers from Bridging Finance advised a huge effort was required by the former lender, solicitors, valuers and BFS to make sure we got this over the line. Regulated ground up self-build developments are often complex and a good relationship with the client is essential to keep all lines of communication open and as a result, the clients get what they need.