Case Study: Pannal, Harrogate
Project Set To Complete: January 2020
It’s easy to see why this stunning development in the village of Pannal, Harrogate, due to complete in the coming weeks, was chosen as our Property of the Week.
We’ve successfully worked with this experienced Developer on multiple projects in and around beautiful Harrogate and together we’ve overcome a number of challenges. This latest project involved a considerable schedule of works including the demolition of an existing bungalow followed by the ground-up development of an ambitious high-spec six-bedroom property.
Mint was brought in at a pivotal point. With funds in place from another lender plus cash from previous projects, the bungalow had been purchased and, following planning approval, demolished. Refinance was needed to push on with the plans.
The Developer was looking for a competitive rate, flexibility of terms and the support and experience of an outstanding Portfolio Manager team and Mint provided it all.
A loan of £830,000 on a first charge over a 12-month term was completed within 20 working days, Underwriting to Offer. With an initial release of £127,000 on Day 1 to refinance the initial loan and to provide Day 1 working capital, the remaining development finance was released in tranches linked to the schedule of work. Later, when the build schedule experienced setbacks caused by the heavy summer rain, our Portfolio Management team stepped in releasing Contingency Finance at no additional cost and keeping the project on-track.
The exit plan for the development is the sale of this stunning property and we’re delighted to confirm it has just gone on to the market at an asking price of £1.5M.
Does your next project require Auction or Development Finance? Talk to the Mint Bridging team today. Alternatively, submit an Eligibility Check and find out what you could borrow.
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