FUNDED: Two Stunning Detached Homes

A client was introduced to us mid-2019 looking for funding to buildout 2 high-value detached family homes in Arbroath.

The client is an experienced contractor looking to progress in to doing his own developments to alongside his contracting business. He has built up a land bank over the previous 2 years and waited for the correct time where he had capacity in his contracting business and the site planning approval before commencing works. 

Given the client's strong financial position, experience and reasonable lead time on the site we arranged Retail Bank funding for him. This was the cheapest option, by a margin of 3.00% per annum across the interest rate and fees, when taken in comparison with the rest of the market. 

With a delayed pre-credit due diligence process due to a slow turnaround from a third party Monitoring Surveyor, we had to recover time with a focused and tightly managed legal process. Thanks to a great working partnership with both the Bank's and client's Solicitors we completed in Q3 2019. The client's experience and his close-nit team were able to deliver the two houses before Christmas and both were sold off plan repaying the debt in full 3 months early. 

We have since been instructed by the client on another two development sites, for these he is looking for slightly higher gearing and we are now working with Challenger Bank’s on both requirements. The money is marginally more expensive but delivers a significant amount of additional working capital to enable both sites to progress in parallel. Since completion the client has also recommended us to two further developers for funding.

Retaining our customers to support multiple deals is a showcase of our commitment to building and maintaining strong client relationships. We are now on our 5th and 6th deals with a number of borrowers. Service quality has always been at the core of our proposition and our focus is delivering long-term, mutually fruitful working partnerships.  

Concept Financial Group are financiers providing equity and commercial debt for property professionals across the UK. 

If we can help you or your clients, please get in touch;

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