Case study: Morden, Surrey
Project completed: January 2020
With planning permission granted, our client – an experienced developer – was looking to demolish four flats over two plots of land and build another four in their place. The self financed ground level had been completed and our client needed to press on with the works to avoid any delays. Their overall plan was to refinance the new flats with a buy-to-let mortgage and the client already had a provider in place to undertake the transfer.
We instructed valuers and asset managers to perform due diligence on the project. The planned development was in an area with the potential for good capital growth. With this, and our client’s previous experience taken into account, we were able to offer a loan of £680,000 to complete the project, which was to be over an 18-month term with a first charge as security.
Our client completed their ambitious project ahead of schedule and successfully refinanced the new properties with a buy-to-let mortgage. The properties let almost immediately and achieved their expected rentals.
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