Case Study: First time developer looking to release equity from completed development of multi-unit freehold property.
Requirements
To achieve 50% LTV to release equity for further development project, without splitting property into separate leasehold units.
The challenge
The client was a first time developer who had completed his first development converting an old pub and coach house into a multi-unit freehold property comprising of 3 house and 2 self-contained flats. There was an almost blanket refusal to lend given the customer: Had less than a year’s income evidence deriving solely from the development; was capital raising for a further development project; and lender’s surveyors could not find suitable comparable properties in the vicinity to base their lending levels against.
Terms achieved by Willow Private Finance
3.55 %
3.55% 5 year fixed secured loan
25
A 25 year interest only facility
1.5%
1.5% bank arrangement fee.
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