Client details: First-Time Developer
Property details: Three outbuildings/barns
Reason for finance: The client exchanged contracts on a new primary residence purchase with a plan to simultaneously split land/tile and acquire additional land
Challenges: The planning conditions had to be amended as they only allowed for Holiday Letting . The development lender wanted ordinary BTL usage to be approved. The client put forth a GDV that was too low on the site for which the initial lender refused lending POST valuation as not enough profit
Solution: We worked with a new lender to quickly transact, accept a retype and previously instructed reports with a site revisit to revalue upon a change in development scheme and costs. The client completed on the purchase of the outbuildings in December 2022 with amended planning passed. We then negotiated a higher day 1 net advance from the lender, purely on strength of relationship with the lender – as this was outside of their initial agreed/max lending to assist with clients cashflow. Development funds will be in hand before end of Jan 2023