Development Funding for 9 Houses in Aberdeen

Development Funding for 9 Houses in Aberdeen
Funded: £1,320,000
Location: Aberdeen, Scotland
Property Type: Residential
Funds For: Development Completion
Timeframe: 21 Working Days

Our client, an experienced property developer, required urgent funds to finish two separate residential developments in Aberdeen, Scotland.

The first development consisted of 6 houses at various stages of build (from plots to finished structures) with the second development consisting of 3 houses which were fully constructed and just needed finishing and landscaping to maximise the sale value.

Lowry Capital provided a loan of £1.32 million to pay off existing borrowings against the two developments and provided additional funds to progress the work, whilst also buying another property next to the development, which would provide the potential for another three houses – significantly adding further value.

It is expected the client will come back for further funding as the works progress and value is increased.

“At Lowry Capital we strive to apply our award winning service to the development finance sector. Our property development finance is easy to access with no need for quantity surveyors or architect reports. We simply have the development re-inspected by the original surveyor and if the project has made progress and value has been added, we are able to provide further funding. We are able to provide regular further advances with our minimum loan being only £25,000. Our clients only pay for the funds actually drawn with no fees based on total facility or GDV. Our development finance has proven to be very well received by property developers throughout the UK when speed and flexibility are key.

Development Sites 1 and 2

Development Interiors

Our Development Funding:

  • Lowry Capital is a lender of development funding. We provide loans of up to £4million within a few days.
  •  As a principal lender, we lend our own money and make our own common-sense lending decisions.
  •  We provide an award-winning service and you will always deal directly with a decision maker.
  •  No upfront arrangement fees, no solicitors cost undertaking, we share a genuine desire to get a deal done.
  •  Hands off lending approach: You choose and manage the professionals and contractors for your development.
  •  Previous development experience not essential.
  •  Our streamlined and highly efficient lending process guarantees ease of funds and speedy delivery.
  •  We provide developers with flexible, bespoke funding, tailored to fit your schedule of works.
  •  Funds can be drawn down in multiple tranches and you will only pay for the money actually drawn, keeping finance costs to a minimum.
  •  Our funding helps with your cash-flow and allows you to keep significant funds from the sale of units.
  •  Development funds can typically be drawn-down within 10 days.
  •  No proof of income required.
You can learn more about our Development Funding Here.