Development Finance for a Home Renovation

A professional developer client based in York, was seeking development finance for a heavy renovation project. The client needed a loan of £325,000 to purchase the property, with a budget of £90-£110k for refurbishments.

The plan was to convert an old Victorian semi-detached property, into a modern open plan family home, with five bedrooms. The development exit plan was the sale of the property, which had a Gross Development Value of £550,000 – £585,000.

Our knowledgeable team set to work on finding a solution, tailored to the clients needs. Upon scanning our extensive lender panel, we sourced a lender offering 75% LTV and the full loan amount. We assisted the client from application, through to completion ensuring all relevant documentation was completed in a timely manner. Using the development loan, the client was able to complete the purchase of the property and complete the renovation works planned. The home, which was once an old Victorian property, is now a beautifully presented 5 bedroom property.