BFS has provided vital funding to developers at a part-completed housing scheme in Mold, North Wales
The site, set in a popular residential neighbourhood, includes five new-build detached houses, each at various stages in terms of construction. The clients’ had approached their own lender and were declined a loan based on criteria, despite having banked with them for over 20 years and with an excellent financial history and credit rating.
The funds were required for a short term only, as there was already strong interest in the site with buyers eager to snap up properties off-plan. The clients are seasoned developers who had purchased and built out the site using the majority of their own funds.
Rebecca Myers of Bridging Finance Solutions explained: “The client approached us via the brokers as a quick injection of funding was needed to essentially allow the development to once again continue.
“As a specialist and independent short term funder, we are able to take a balanced view of the lending proposal and consider the clients track record, the value of the site, progress to date and much more. We felt confident in providing the £700,000 loan within a speedy 12-day turnaround, giving the client the vital cash injection that they needed.”
Rebecca of BFS added: “The property market continues to experience exponential growth with supply outweighing demand. We’re confident that this quality scheme will sell out in rapid time allowing our clients to see a healthy return, repay their bridging loan and essentially move onto their next development.”