£4.2M Development Loan for 4 luxury houses in Richmond

Andy Stanbury, Director of Alburys Property Finance is delighted to announce the completion of a £4.2M Stretched Development Loan.

Our Developer Client required a Stretched Development Loan to repay a Bridging facility, to fund 100% of the development costs and allow for interest roll up for the duration of the loan.

The scheme is for 4 beautifully designed luxury houses in Richmond.

We have structured a 70% LTGDV, 20-month Development facility at 8% per annum, giving our Client 12-14 months for construction and a 6-8 month sales period.

The exit route to be - Sales.

Andy commented “Gearing was a key factor to helping our Client on this particular facility. Our Client is now ready and keen to get on site after 6 months of planning and its successful outcome….”

If you need any assistance with your requirements, please feel free to get in touch.

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