Harrogate - £830,000 - Development Loan - 20 days - Project Set To Complete in January
2020
It’s easy to see why this
stunning development in the village of Pannal, Harrogate, was chosen as our
Property of the Week. It’s to complete in the coming weeks.
Mint Bridging successfully worked
with this experienced developer on multiple projects in and around beautiful
Harrogate. Together, we’ve overcome a number of challenges. This latest project
involved a considerable schedule of works, including the demolition of an
existing bungalow followed by the ground-up development of an ambitious
high-spec six-bedroom property.
Mint was brought in at a pivotal
point. With funds in place from another lender plus cash from previous
projects, the bungalow had been purchased. Following planning approval, it was
then demolished. Refinance was needed to push on with the plans though.
The developer was looking for a
competitive rate, flexibility of terms and the support and experience of an
outstanding portfolio management team. Mint provided this all.
A loan of £830,000, on a first
charge over a 12-month term was completed within 20 working days – from underwriting
to offer. With an initial release of £127,000 on day 1 (to refinance the
initial loan) and to provide day 1 working capital, the remaining development
finance was released in tranches linked to the schedule of work. Later, when
the build schedule experienced setbacks, caused by the heavy summer rain, our portfolio
management team stepped. We released contingency finance at no additional cost
and keeping the project on-track.
The exit plan for the development
is the sale of this stunning property. We’re delighted to confirm it has just
gone on to the market at an asking price of £1.5M.
Left images (before) and right images (after):
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