A ground up development of two 3 bedroom eco bungalows with swimming pool on the North coast of Cornwall close to St Ives Bay.
Loan Amount: £647,500 (100% of the construction costs)
Rate: 4.3% above 3 month LIBOR
LTV: 55% Loan to GDV
Terms: 15 months
The client who is an experienced builder of 35 years with a great portfolio of private projects in the area, had never needed development financing before. He had been quoted an unrealistic facility with high interest that wasn’t suitable for the development by a local broker for a bridge product. After going to a few challenger banks for a small development facility, Julian King secured a solution by choosing to work with Principality Building Society as they are based in Cardiff, which kept the MQS fees to a minimum as well as providing an incredibly competitive interest rate.
David Burrows, Owner of Burrows Construction Ltd, said, “I was introduced to Julian who has successfully helped in sourcing development finance for my project “The Firs”. He was incredibly professional and diligent always keeping me updated with progress as well as guiding me through the application stage and driving the facility through to completion. Julian’s knowledge of the market helped me to raise suitable debt at very competitive prices, his development knowledge also ensured that we streamlined our monitoring processes keeping costs to a minimum. He has become a trusted adviser that I look forward to working with again on my next project.”