Commercial Finance
BFS completes £1.65m development loan for luxury Surrey pad
Bridging Finance Solutions has completed a £1.65m development finance deal to cover construction of a luxury home in Surrey.
The developer had already acquired the eight-acre site including a bungalow with planning permission to build a large detached house.
The desirable, semi-rural location has helped to set the estimated sale value of the new property when complete at £2.75m.
The loan comprised £1.2m for the build and £450,000 for costs and retained interest and will be repaid over 18 months.
“This was a straightforward development finance loan in terms of how the deal was structured. We secured funds against the value of the pre-owned land which, due to the location of the site, was of particularly high value,” said John Harman, head of sales at Bridging Finance Solutions.
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“We moved in rapid time agreeing terms and conditions and providing funds in line with the client’s pressing timescales,” Harman said.
“We look forward to working with the client as the project progresses and to releasing funds at key stages to support this exciting scheme,” he added.