BFS completes refinance facility for self-build
Bridging Finance Solutions (BFS) has completed a £114,000 loan to help a client finalise a self-built development project in Swansea.
The first-time developer was midway through a private new build development of a bungalow in Swansea when refinancing was needed to complete the project.
Keith Litherland, regional sales manager at BFS, said: “This is the type of deal that we are keen to work with.
“We see many small developers left in this situation where high street lenders simply won’t support them mid or part way through a development project.
“Larger lenders don’t have the appetite for smaller loans, which is very much our target market and an area in which we are being increasingly recognised.
“We were pleased to be able to support this client and it’s great to work with another female developer, of which I’m pleased to say we continue to see more and more of.”
The three-bedroom property was completed to ground floor window level, however, having underestimated the cost of the build, the client was struggling to source funding and achieve completion.
BFS secured and released the £114,000 loan within eight weeks of the original application, allowing the client to achieve their completion some six months later.