Construction firm gets million pound development for half price

Construction firm gets million pound development for half price



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The Manchester based short term lender, Bridging Finance Limited, has announced a recent success story in the development sector – providing construction firm, ROCC Construction, with the funds to acquire a £1.1 million residential development for a bargain £550,000.

The site is located in Mirfield, West Yorkshire, and comprises 5 unique 3 and 4 bedroom homes, each sitting within their own plots.

At the time of the transaction, the construction of the properties was 95% complete, and the entire development had been independently valued at £1.1m.

The directors of ROCC Construction were able to negotiate a much lower selling price due to the fact that the site was one of several with a charge in favour of a bank that needed to liquidate some UK assets before the close of business on Christmas Eve - provided that they could complete before the festive deadline.

Due to the “rapid and no-nonsense service” provided by Bridging Finance, ROCC’s loan was advanced on the morning of the 23rd December, just within this deadline.

According to Chris Baguley, Managing Director at Bridging Finance Limited: “This is a classic example of how short-term funding is the perfect tool for developers and other property professionals who need to raise capital quickly so that they can grasp a fleeting opportunity. We are pleased to have had a hand in getting ROCC Construction off to a flying start in 2010.”

Chris Thompson of ROCC Construction said: “We are over the moon to have acquired this fantastic development… We are now looking forward to a successful marketing campaign and to more great opportunities in the year ahead.”

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