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£2.3M Development Loan for Luxury Homes
Property Case Studies
Bespoke Development Finance and Finish Product for Five Luxury Properties in St Albans
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The Client
Our client is the owner of a property development company who specialise in delivering top end, high specification, affordable homes.
This is a new development of 3 homes and 2 residential barns on the outskirts of Harpenden. The project was part completed when the developers encountered delays owing to COVID.
The Case
This development rests on a site that previously operated as a farm. The dwellings consist of five units made up of a four-bed detached barn, two bed detached barn and three four-bed semi-detached new homes. The properties deliver luxury living with high specification design and top-quality interiors.
At the time of refinance, our client had part-completed, part-sold and taken a part-exchange on one of the properties. Additional time and finance was required to pay off the original lender and allow for the completion of the fourth and fifth build.
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The Solution
Financing a part completed build can be a challenge. We were able to work closely with a lender who took a creative approach and delivered a bespoke development finance product for our client. The product was sourced at a quick pace, despite the complex legal structures involved and a high loan to value was achieved. We were delighted to support our client in the completion of this fantastic development.
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Speak to the development finance team about your enquiry here.