First time developer gets green light from BFS
Bridging Finance Solutions has agreed to fund a first time development scheme for a builder client developing three luxury homes in Lancaster.
A development loan of £1,267,500 was agreed covering construction costs. The homes are being built in a leafy area of Lancaster using a timber frame system with each expected to be valued at around £650,000 upon completion.
The BFS team worked closely alongside the client to determine a staged drawdown programme as well as an exit strategy upon completion.
Debbie Range of BFS explained: “Whilst this client did have a lot of experience in construction, he hadn’t been involved in developing ground up residential. He had identified a great site and development proposition with planning, and together we made sure that the figures worked for all parties.”
Debbie added: “Development funding is a core area for BFS and we are one of the leading providers of this type of lending. We are happy to work with first time developers and support them through