Development deal in real time: Part 4

Development deal in real time: Part 4

A series of updated monthly instalments looking at a real life development case study, which will include pictures of the sites and details and hurdles the development faces.

Over the last few months, we have brought you a series of monthly instalments looking at a real life development case study, which has included pictures of the site. In the last update the borrower was making good progress working on wall plates. We now hear the final update about the development’s progress…

Since August various trades have been working diligently and the house has now reached a position where it is watertight.

The borrower said: “The hard work has been completed as we are now in a position where we can concentrate our efforts on the internals. This is where we can demonstrate our attention to detail and our quality of finish will become evident. Developers sometimes fail to realise the importance of how a house is completed and we are extremely acute to this, which makes our properties stand out (in a good way, naturally!).”

The development is on time for being completed in the early parts of December when marketing will commence. Nick Warren, Head of Regentsmead’s lending division, said: “This is the first project we have worked on together and so far we have been more than impressed with what has been built. From seeing photos of previous projects we eagerly await seeing the end product, as quality is the primary focus with this developer.”

The borrower is already keeping his eyes out for his next venture, which he will be looking to finance with Regentsmead. The borrower added: “When I met with Regentsmead they talked a good game. My wife and I walked away from the meeting feeling a sigh of relief as there was actually a lender who was willing to support us on this scheme. Naturally, talk is cheap and we were more interested to see how the funding worked in reality. We are pleased to report that their financial assistance has been as quick as they explained at the initial meeting. With their support we have been able to complete the project stress-free and we are looking forward to continuing a mutually successful relationship for many years to come.”

Development details:

Total loan: £220,000.

Total build costs: £220,000.

Advanced: £85,000.

Completed Value: £550,000, which is 40 per cent of the end value.

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