Development Finance

Johnson Reed
1m read

When we were approached by a client to develop 4 houses in the glorious seaside village of Nefyn in North Wales we knew we had a challenge on our hands.

Why you may ask?

Well we had an excellent client, a great location and a well funded and structured deal but the site was in an area where the lenders are cautious due to the recession. We carried out a site visit and spent half a day with the client getting to understand him, his project and his aspirations for the future. Once we fully understood the client, we collated all the information required to go the market place on their behalf and arrange the £320,000 required for the build costs of the project.

We worked with over 11 lenders to secure our client the best funding package and after much negotiations a deal was approved to the delight of the client.

Our client is now busily working on the site to make the most of the summer weather and the site which consists of 2 large detached premises with glorious countryside views and 2 smaller semi detached houses is well under way.

As a firm we will continue to visit the client to monitor progress, make sure all is well and be on hand should the need arise.

Once the project is complete we will then look at refinancing some of the properties which our client plans to keep as a long term investment.