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BFS provides first-time developer with £350k funding

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  • 16/07/2020
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BFS provides first-time developer with £350k funding
Bridging Finance Solutions (BFS) has provided a £350,000 loan to a client carrying out their first development project.

 

Already a successful business owner, the aspiring developer had acquired two adjoining farmhouses in the picturesque village of Bacup, Lancashire.

Her plan was to reinstate the building, creating one large single family home.

She was able to purchase the property outright but needed funding to complete the development.

The intention is to sell on the property after development, providing the potential to look at the next project.

The loan application began just as Covid lockdown was enforced, however, she worked closely with the BFS team to secure the deal.

The client said: “I was able to guarantee the loan against the value of the land, with the loan to be allocated in phased drawdowns throughout the construction period.

“The impact of Covid inevitably slowed things down – professional legal services where under resourced and were slow to deliver which was challenging and frustrating.

“We did, however, complete the deal during this period and I’m about to take the next drawdown. The project is set for completion in September and I expect to be able to put the property on the market for around £750,000, realising a fairly healthy profit.

“My contacts at BFS have been brilliant throughout the application phase, supporting me in very uncharted territory.

“I would definitely use development finance again and would choose to work with the team at BFS. It’s been quite an experience in which I’ve learned a lot, not just about the build but the all important financial aspect – this has undoubtedly whet my appetite for property development and I’m already considering my next project.”

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