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Our borrower required a development loan in order to acquire a plot of land-with-planning in Devon, as well as funding for the new build of a 4-bed high-spec detached house.
This was our borrower’s first development, but they partnered with a very experienced construction firm. In turn, they completed and sold the property 3 months ahead of schedule, paying off the loan early with no early-exit fees from ourselves. Given the LTV, we were more than happy to lend and help out our borrower with their first development despite their experience.
