Developers required fast finance
Real-estate developers needed a finance loan to cover site purchase and construction of 7 properties.
Hampshire local developers contacted us about a potential loan to secure prime land to develop in the town of Wickham near Southampton.
The site consisted of a former housing estate car park and a large disused field.
Potential development land within the South East of England sells quickly.
Despite only being on the market for a few days, there was a lot of interest in the site.
Hunter Finance worked quickly with the developer to offer a loan package that allowed our client to secure the land within a day of initial contact. This was because we send our experienced surveyors to the site quickly, who can make same-day decisions.
A loan of £345,000 was agreed for the site purchase.
Second development loan covered build costs
Once the land had been secured by an initial loan, the developer required further finance to cover the build costs of the new build development.
Our clients had achieved planning permission for the construction of 7 properties. These consisted of:
- 4, No 2 bedroom apartments
- 1, No 3 bedroom inner terrace property
- 1, No 3 bedroom semi-detached property
- 1, No 2 bedroom chalet bungalow
After already providing £345,000 towards the initial land purchase, Hunter Finance was able to offer a second loan to cover the build costs.
The developer required £505,000 to cover 100% of the cost of construction. Here’s what a loan of £700,000 will get you.
Finance provided for the project totalled £850,000.
All the properties were built and sold within a year
The developer had made initial contact with us in December. By the following December, all 7 properties had sold for a total of £1,840,000.
