BFS secure development finance deal
Bridging Finance Solutions (BFS) has completed a large scale development finance deal.
The £1.65m deal supports a private luxury house build in Surrey and allows the developer to carry out construction works.
The client had already acquired the site, which included a bungalow set on 8.22 acres in a desirable semi-rural location with planning secured to build a large detached executive home.
The loan will be repayed over 18 months with £1.2m allocated for the build and balance for costs and retained interest.
John Hardman, head of sales at BFS, said: “This was a fairly straight forward development finance loan in terms of how the deal was structured.
“We were able to secure the funds against the value of the pre-owned land, which due to the location of the site, was of a particularly high value.
“As is the case with all of our deals, we were able to move in rapid time, agreeing terms and conditions promptly, providing funds in line with the clients pressing timescales.”
“We look forward to working with the client as the project progresses, releasing funds at keys stages to support this exciting scheme.”