North West Development Loan - Case Study: £900,000 (10 months)

CHALLENGE

The borrower required a development loan to fund the new build of five x 3 bedroom, contemporary townhouses. The developers were well regarded, having built and designed many properties in the area but didn’t have the funds to develop these properties, and didn’t want to miss out on the opportunity

APPROACH

We worked closely with the client to make sure we all understood the timescales involved, ensuring the project would be completed on time and within budget.  We did not want the borrower to go over the timescales provided to us and incur unnecessary costs. Mint Bridging initially provided an advance of £160,000 and a retention facility for the balance

RESULT

Our quantity surveying team monitored the work weekly, working closely with the broker and developer throughout. Mint’s rigorous process resulted in a quick sale for each property following completion