Second deal completed for one of our clients who was able to obtain 100% funding on a 14 month term for 3×4 bedroom detached houses on a large corner plot in Bristol. Our client acquired a 5 bed room detached property on the land in August 2016 with a view to obtaining planning permission to demolish the main house and replace with the 3 houses.
Having obtained planning permission in December 2016, the site then increased its value by over 37%. Our client didn’t even need to put in any capital, as the lender funded the land acquisition at 60% LTV from the increased value of the site after planning gain.
He will begin marketing the properties asap in order to achieve pre-build sales.