100% PURCHASE & DEVELOPMENT FINANCE (Without the use of a JV Lender)
Development Money went outside the box to arrange finance for their clients to purchase and develop an Office to Residential Conversion in East Anglia. The property initially exchanged contracts subject to Planning Permission for a scheme of 9 apartments.
Once the clients had successfully achieved their Planning Permission, Development Money were able to secure and release them 100% Bridging Finance to purchase on the enhanced Market Value (not exceeding 100% of the purchase price) whilst our clients were discharging their planning conditions. A further 100% Development Finance was arranged shortly thereafter to be released in stages within a Gross Development Value of 70%. The borrowers overall financial input were their planning and professional fees.
An extension of the current Planning Permission has recently been agreed to allow our clients to go into the airspace and on top of the existing superstructure to allow 2 Penthouses to be built. Most lenders are usually happy to lend against these types of sites where the client owns the freehold. We look forward to advancing 100% of the Development Finance for their new Penthouses shortly.