
Finish and exit for £1.95M barn development
The Scenario
Our clients are an older couple, with development experience, but not professional developers: they use their own finance, working in their own names, and enjoy doing bespoke builds to a high standard.
This project was a derelict barn they were rebuilding as a very desirable four-bed residence with a projected GDV of £1.95M.
But project overruns and complications to do with planning meant they’d run out of time on their original finance. The clients had approached another lender for finish and exit finance: a survey had been done and they were already involved in the legals when that lender pulled out.
So now time was tight. And we were running into Christmas.
The build was wind and watertight – our clients needed £350K to repay the original lender, and £180K for the second-fix, interior fit-out and landscaping (with an exit to sale).
The Solution
We took the deal to a specialist bridging lender we have a close working relationship with, who could be more flexible than a more process-orientated development finance lender.
The valuer used just a month previously was also on this lender’s panel of surveyors, so they were prepared to accept a "retype" of the survey report at a saving of £2,500 to our clients.
Nonetheless, this was a complicated deal to hold together. Getting it finalised in just under five working weeks was a triumph, and 0.99% per month over 10 months was a very manageable rate.
Louis Levine
Finance Executive CeMAP
Bristol
0117 457 7862
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George Abouzolof
Finance Broker
Bristol
0117 403 3444
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Bridging Team
Clifton Private Finance
Bristol
0117 959 5094
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Sam Baker
Finance Broker
Cardiff
0117 959 5094
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As a specialist bridging adviser at Clifton Private Finance, I can take a holistic view of your situation and find the right finance solution for you. Book a free telephone consultation with me at a time to suit you
Fergus Allen
Finance Broker
Cardiff
0117 959 5094
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Jacob Phipps
Finance Broker
Bristol
(+44) 0117 959 5094
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Jack Spillane
Finance Broker
Bristol
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Mathew Phillips
Senior Finance Broker
Bristol
0117 959 5094
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Alex Chambers
Senior Finance Broker
Bristol
0117 403 4324
Are you in a similar situation? I am a specialist in residential and investment property finance for UK and international clients at Clifton Private Finance. Please don't hesitate to get in touch for a no-cost discussion of the finance you need.
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Luther Yeates
Senior Finance Broker
Bristol
0117 244 5561
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Sam ONeill
Senior Finance Broker
Bristol
0117 959 5094
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I am a bridging finance specialist at Clifton Private Finance. I can find a quick, cost-effective solution for the funding you're looking for. Book a free telephone consultation with me at a time to suit you
Robert Gibb
Senior Finance Broker
Bristol
0117 959 5094
Are you looking for mortgage or short-term finance for residential or buy-to-let property (including HMOs)? I have extensive experience in finding property finance solutions for UK and international clients, both as individuals and limited companies. Please give me a call and let me see what I can do for you.
Book ConsultationAdam Arnott
Associate Director
Bristol
0117 205 0214