Featured, Mortgage Guide
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 – firstname.lastname@example.org
At Coreco Commercial, we are experts at sourcing the most suitable solution for your needs, be it a bridging loan, development finance, or even offshore mortgages if you’re looking to purchase property aboard. Talk to us today or call 0207 220 5100.
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