A mother and son team up to obtain bridging finance for a housing development project
Finbri has successfully arranged a £356,000 development loan to a mother and son construction team in Kent for a three-unit housing proposal.
The duo had purchased the undeveloped, cleared land and obtained approval for three detached properties. Funding was required to keep the building and development going.
"The clients were both highly experienced having worked together in the housebuilding industry for over 15 years," Finbri's Stephen Clark noted. “They planned to build a number of residences on this prime location and, while they had the money to buy the land, they required funding for construction. They were very easy to lend to as the client's objectives and ambitions were easy to understand, they've a good history in the sector and an excellent financial history. We were very pleased to be able to help the client with financing this project, and the client's already moving at a rapid speed, forecasting the project's completion early 2023."
The development is expected to be valued in the region of £1.2 million once all work is completed, with each unit for sale costing roughly £410,000.