A father and daughter building team has secured a development loan of £629,000 from Bridging Finance Solutions for a four-unit housing scheme in Cumbria.
The building duo had acquired the undeveloped, cleared site and secured planning for four detached homes. Funding was needed for the continued construction and development.
Angela Jones of BFS explained: “The clients were both incredibly experienced having worked together in the housebuilding industry for over 20 years. They wanted to build a number of houses on this prime site and whilst having capital in place to acquire the site, acquired additional funding to complete the build.
“Having visited the site and met with the client we completely understood their objectives and ambition for the scheme and with a strong history in the sector and with a good financial history, we’re happy to support them with their project. Work at the project is now gathering great pace and is expected to be completed next year.”
Once all work is finalised, the scheme is expected to be valued in the region of £2million with each property for sale at around £500,000 each.
Angela added: “Once again, we were able to support clients who would typically be unable to secure mainstream funding for this type of development. We look forward to working with the client as the build progresses, releasing finds on a phased basis as the build takes shape.”