A self-build couple have secured a significant development loan from BFS, enabling them to build their dream home named, ‘The Hideaway’.
The first time self-builders had already purchased the land, securing approval for a large four-bed detached property, with spacious gardens and extensive landscaping.
Upon completion, the couples parents will move in with them and the property used as a multi-generational home. The loan is being repaid from the sale of third party security as the couples parents are not part of the lending application.
A loan of £656,639 was secured with £75,000 released on day one to support cashflow. Upon completion, the property is expected to be valued at £1,350,000.
Adam Bluma, BDM at Bridging Finance Solutions said: “Supporting people in developing and building their dream home is always incredibly rewarding. Through the support we offer at BFS, we can often help guide our customers through the development process which can initially appear complex and sometimes overwhelming.
“In this case, the client had all of the elements needed to secure the loan and complete the project – they just needed support in planning a clear and cohesive exit strategy. Work is now underway and we look forward to seeing this fantastic build develop in the coming months.”
