One of our regular borrowers required a £1.1m facility to purchase and develop land-with-planning. The land had 3 small bungalows on site with plans for these to be demolished and build 4 new 4-bedrom detached houses.
They required £250k towards the purchase of the land-with-planning, and a further drawdown facility of £755k for the build. Being our 8th loan with this borrower, it was important to us that we continued our strong business relationship. However, this was their biggest project to date and with concurrent projects, we needed to ensure he wasn’t going to be too stretched.
Their significant experience, and our significant relationship with the borrower, meant that we were reassured and were happy to provide the full £1.1m 9 month facility sought at over 70% LTV on the land-with-planning.
Creating long-term relationships with our borrowers is integral to Think’s ethos, and it is no secret that this is what leads to successful completions. With more projects lined up for the future, we have no doubt in our borrower’s abilities and can’t wait to see what he does!
If you have any development opportunities or possible projects you require finance for, get in touch with us by clicking the above ‘Apply Now’ link.