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FIRST TIME DEVELOPER CONSTRUCTS 7000 SQ FT DETACHED HOUSE

by Peter Davies on 3rd March 2022

development finance

Client details: The client, a solo developer with some previous construction experience, wanted to undertake their first ground up development of a large executive home to include a basement with a heated indoor pool, gym, games room, and cinema room.

Property details: Construction of an extensive 7000sq ft detached house comprised of five en-suite bedrooms, an office space, and three reception rooms in addition to the basement spa and entertainment areas.

Reason for finance: Following the initial purchase of a smaller property on the site and the successful gaining of planning permission, funds were required to repay the existing lender and to provide funds for the development of the property following the demolition of the existing property.

Challenges faced: The new property would be one of the largest and highest spec properties in the area with limited comparable evidence of similar properties. The property also had a basement over 2200 sq ft, with many lenders not considering developments with any basement element.

The Large 7000 sq ft single unit development with a GDV in excess of £2m is not at all straightforward, as many lenders do not like it when the sale price of a unit exceeds £1m or the development is likely to set a new highest price in an area.

Solution: Whilst the client was a first-time developer, we worked closely with the client and the underwriter to give the lender the confidence that the project would be deliverable despite the complexities and size of the development.

Broker:  Peter Davies – peter.davies@coreco.co.uk  

At Coreco Commercial, we are experts at sourcing the most suitable solution for your needs, be it a bridging loandevelopment finance, or even offshore mortgages if you’re looking to purchase property aboard. Talk to us today or call 0207 220 5100.

peter

Written by Peter Davies

Partner

Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

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