April 1st, 2019. Ben Lloyd
Deal of the Month April 2019: Development Refinance for 10 Executive Homes
We’ve recently completed a development loan worth £2.65m with a £5.5m GDV.
The client was recommended to us as he had a development in mid-construction of phase one and wanted to refinance the current facility to raise further funds in order to finance phase two.
About the Development
The plan was to build ten executive properties worth between £500,000 and £600,000 each in a private estate in South Wales.
The estate is not overlooked, and surrounding land is protected, ensuring future homeowners will experience beautiful, uninterrupted countryside views.
About the Borrower
The client is experienced in development and construction, completing similar projects in the past, therefore, they were an attractive borrower to lenders. His skills and in-depth knowledge of the local area meant the project was appealing.
We worked closely with the client to advise him on available options for his scheme. We also provided support with other involved professionals to tackle any challenges that occurred due to the mid-build status. We are pleased to say the finance was secured at a competitive rate.
Are You Seeking Development Finance?
If you have a similar project and require funding or would like to refinance an existing loan to free up cash, get in touch with our brokers today about our development finance services. There are no upfront fees, so you’ve got nothing to lose!
Article By Ben Lloyd
April 1st, 2019
Ben is the Director and Co-Founder of the Pure Group and Managing Director of Pure Property Finance.
Following a career in Barclays, where Ben was in the real estate finance team for 8 years, he decided that the market needed a more forward-thinking type of commercial brokerage so founded Pure Commercial Finance (now Pure Property Finance), the first company within the Pure Group.
Ben has extensive experience across the real estate sector and has participated in over £2bn of real estate transactions during the course of his career.
Ben oversees the general strategy at Pure Group and works with the senior leadership team to drive the Group forward. Ben is also on the Executive Committee of FIBA.See more articles by Ben