Case study: Morden, Surrey
Project completed: January 2020
They are an experienced local developer who has numerous properties within the area under their belt and they were looking to create their most ambitious development to date.
Planning application had been granted for the demolition and development of 4 x 2 bedroom flats over two plots of land. The developer had self-funded the project to the point that the ground level was already built. The developer then began looking for funding solutions in order to complete the development. The property is located in the leafy suburbs of the in-demand area of Morden, Surrey which represents long term potential for good capital growth.
With the development well underway and covering two residential plots the developer was looking to secure funding in order to sustain the schedule of works and keep any construction delays to an absolute minimum.
Mint Bridging had valuers and asset managers perform due-diligence on the project and taking into account the developers experience we were able to provide a development loan of £680,000 in order to complete the project which was to be over an 18 month term with a 1st charge as security. The developer was looking to refinance the development on completion to a buy-to-let mortgage and already had their finance provider in place to undertake the transfer post completion.
The developer completed this ambitious project ahead of schedule and has now refinanced to a BTL mortgage. The high standard of the project has seen the majority of the properties let immediately all achieving their expected rentals.
More and more developers are turning to Mint Bridging for our award-winning finance solutions. Speak to us today regarding your funding needs and to understand why our clients love working with us. With no restrictions on the level of experience required and extremely competitive rates, Mint Bridging is one of the most flexible lenders in the UK.
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