October 18th, 2019. Ben Lloyd
Deal of the Month October 2019: Development Finance for Semi-Detached Dwellings
Turning an existing dwelling into multiple homes can be daunting, especially at short notice, but a larger dwelling can easily be demolished and turned into several, which is exactly what a repeat client of ours recently did.
Requiring development finance in a short turnaround time, we got this difficult deal over the line.
About The Deal
A client came to us needing finance to demolish and turn one dwelling into a semi-detached property and a second detached property with new vehicular access. The development was tied up in an array of pre-planning enquiries which our client needed sorting out.
With a gross debt of £1.3m, we helped identify development finance that could solve our client’s needs. We managed to match our client with a finance deal over 18 months at 65% LTGDV.
As a result, our client was able to convert their large dwelling into multiple properties.
Pure Commercial Finance Is There For All Your Development Finance Needs
If you need development finance, we can help. Whether you need to source funds for demolition or construction, or need help with negotiation, we can connect you with finance that works for you and the characteristics of your project.
Article By Ben Lloyd
October 18th, 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