Short-term loan to a UK property developer to allow time to sell a finished project.
At the time of writing, we do not offer “development finance” for residential property in the UK.
However, we are happy to support property developers with finance once properties are complete. We can offer finance while properties sell, or release equity from finished projects to go into other properties.
This loan, introduced by a UK mortgage broker, was to an experienced and well-regarded developer. He had recently finished the development of a high-value single residential property in the Midlands which was on the market to sell. His development finance loan was also coming to an end.
The property was owned by a UK limited company – we took security over the property (first charge) and a personal guarantee.
We do offer development finance in the Channel Islands and we are happy with a limited amount of refurbishment or residential properties – in the UK, if you can see the foundations or if there is no roof we are less interested.