Variation of Planning Permission Allows 100% Development Finance
Experienced Developer
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The LOT was bought in cash at Auction with Planning Permission for 3 x Residential Detached Houses.
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The Borrower varied the planning Permission from 3 Detached Houses to 2 Detached Houses and 2 Semi-Detached Houses to increase the GDV.
Borrowers Requirements
- 100% Development Finance to Roll-up onto the Loan
- Cash on Day 1 to cover Professional Fees and Lender Fees
- An extended term to cover the build out and sale of all 4 units
- Best Rates of Interest
- Minimal or NO Personal Guarantees
SOLUTION!
DEVELOPMENT MONEY secured the following:
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100% of Development Finance + additional funds to cover Professional/Lender fees
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15 month term
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6.75% per annum (0.56% per month)
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Capped PGs at 20% of loan amount
