UTB steps in to fund £3m Oxfordshire development
Having been let down by their clearing bank, this experienced London based property developer asked us to step in and provide a facility to build 15 new dwellings, comprising 9 houses and 6 flats, on the outskirts of a prosperous Oxfordshire town.
The client already owned the site and secured planning permission for the proposed development in 2010 and had chosen to progress the development now that the market has improved.
The client has negotiated a fixed price of £1.4m with a third party contractor to deliver the completed scheme within 12 months. The contractor will sit alongside the already experienced team of the client. Pre-commencement works on site include a flood alleviation scheme.
The finished properties are expected to achieve a GDV of £2.93m and will benefit from warranties from NHBC or similar.
Our facility is £1.47m for 15 months to include £1.4m for construction work and professional fees and £70k for interest.
Loan – £1.47m LTV – 50%