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Our borrower required a development loan, in order to demolish a bungalow on a large plot of land outside Ashford, and then to rebuild a high-end property and annexe on the site. Given that the borrower already had 2 outstanding projects with us, we planned this one in advance to give plenty of time for completion.
Like many other experienced developers, the borrower applied for extended planning permission after purchasing the property. We were happy for the borrower to do this with an experienced developer like this one, because although it may mean needing to amend the loan, our risk would be brought down following the planning uplift. Sure enough, new planning came through 3 months into the loan term. We restructured the loan to give the borrower extra funding, enabling them to complete the project on time.
We provide Senior Development Loans for up to 18 months on almost any residential project with development costs under £1.5m. As we lend on small- to medium-sized projects, we’re still able to complete in market-beating times where required.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
One such Senior Development Loan was against a block of new-build apartments in Poole. The development proposal changed during the loan, and our flexibility enabled us to meet the borrower’s changing needs during the term.
If you have a project – involving a major refurb, conversion or extension – and require funds for both the purchase (i.e. on day 1) and the development work (i.e. loan drawdowns), then our Light Development Loan is for you. Even with drawdowns, we make the process as simple as possible. And for these projects, we typically don’t even require monitoring surveys, either.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
On this loan, we had a borrower who required a Light Development Loan to purchase an ex-semi commercial unit to convert into flats. They needed funds very quickly, and we were able to structure a deal to provide the loan needed.
If you have your eyes set on a property soon to go under-the-hammer, then our Auction Bridging Loan enables you to go into the auction with confidence. We’ll arrange terms with you up front, so that you know exactly what you can afford to pay. And given the speed with which we complete on loans, delivering on the finance after you’ve secured the property won’t be a problem.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
Here we had a borrower looking to purchase an HMO at auction. We agreed terms upfront, and after the borrower was successful at auction, we completed just a few days later.
If you’re looking for a straightforward, short-term loan against a UK property that you own – or are about to purchase – then our Residential Bridge is for you. We provide terms up to 15 months to help you bridge your funding gap, whether it’s a house sale, refinance, or an other source of funding that’s just a few months down the road.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
Here’s an example of one of our Residential Bridging Loans, on a house in Croydon. Our borrower needed a 6 month loan to purchase a property before selling it on to other developers.
Our Refurb Bridging Loan is for projects where the borrower is looking to refurbish, convert or extend a property. We provide up to 70% of the purchase price on day 1, and the borrower then provides the funding themselves for any work required. Because of this, developers typically love this product when the refurb or conversion costs are small, as it enables them to maximise their day 1 funding.
Apply for a loan in a matter of minutes
We’ll work with you to provide the loan you need
Receive funding from within two weeks if required
We recently lent to a developer who was looking to convert a house in Oxfordshire into an HMO. They had the funds for the conversion, so just needed as much on day 1 to help with the purchase costs. We provided 70% LTV even though another lender had down-valued the property.
