New-Build Development in Thetford
This developer needed £401.7k to purchase and develop land-with-planning for 2×3-bed detached dwellings.
This was our first loan with these developers, who weren’t new to property development. The development itself was straight forward, however a few months into the loan and everyone was starting to feel the impacts of material costs rising. These borrowers, who were also quantity surveyors, had to go back to the drawing board and realised they were short of funds to complete the development. We will always try to help our borrowers, but further due diligence was needed to ensure we did not go over our criteria. These additional funds would in fact also uplift the GDV, which meant we were OK to proceed. Now, both properties have been fully built and sold off!