Loan Amount: £2,900,000
Finance Category: Development Finance
An experienced international property developer came to Fox Davidson for help in securing a development exit loan on a high-value single unit in Buckinghamshire.
Most lenders do not like lending on high-value single units as they are harder to sell due to a reduced market. This property was no different – many lenders simply don’t have the appetite.
The scheme was still a month away from practical completion and the deadline between the expected PC and the expiration of the original funding was only 2 weeks. The tight timescales meant we needed to have everything lined up for completion the moment we obtained the sign off from building control.
We worked with a funder that had no criteria restrictions on the value of a unit, a lender that made decisions to lend with minimal hierarchy in that process. This gave our client quick lending decisions and flexibility, and this would prove to be important.
The scheme reached PC on 17th December, but the building inspector was booked up until January. We asked the lender to consider using sign-offs for the individual elements such as electrics, an EPC, confirmation of a new build warranty, and building inspection updates to date. Thankfully, the lender agreed this was sufficient and the scheme completed on Christmas Eve 2020.
Fox Davidson is an award-winning team of property finance consultants. To discuss your property funding requirements, please email email@example.com or call us on 0117 989 7950.
Director & Property Finance Consultant
About: Wesley has been in the industry for 20 years and has a wealth of knowledge in all areas of property finance. His real passion is working with property developers on the funding of development sites. His work ethos is to constantly gain more knowledge in order to better himself and offer more to clients and to be contactable at all times, this sets him apart from his peers.
Favourite Film: Last of the Mohicans
Quote: “In complete darkness we are all the same, it is only our knowledge and wisdom that separates us. Don’t let your eyes deceive you.” – Fat Controller