We were recently approached by a trusted introducer to provide a development finance facility of £390,000 for a first-time development project.
The developer’s lack of experience combined with the value requested would traditionally make this a difficult facility to obtain. However, being an owner managed business provided us with the flexibility to provide a route to funding for our client.
Our client required development finance to build two residential properties with a Gross Development Value (GDP) of £605,000 on a parcel of land they already owned.
The building work required for the development project was to be completed by a building contractor hired by the client.
By working efficiently and closely with the client’s advisors, architects and the nominated contractor, we were able to efficiently provide a multiple drawdown facility that worked for all parties involved. Upon doing this, the client could commence work on the planned project by August 2022.
The personalised communication kept this project on track, as we ensured continuous and close contact with our client. This paired with our expertise in ensuring the fastest possible turnaround and working with key partners meant that our client received the funding they needed for their project.
At Acuity Finance, a well-structured plan that works to the client’s needs is paramount.