Development Funding to Pay Off Existing Lender and Progress Works
Our clients, experienced property developers, were in the middle of a large property project just outside Glasgow. They already had development funding in place with another lender, who suddenly put all new lending on hold, meaning the client couldn’t draw further funds to keep the development moving forward.
With lots of work still to be done, the client was left in a difficult, stressful and financially precarious position.
Despite the challenges presented by the COVID-19 lockdown, Lowry Capital stepped in and quickly provided finance of £1.47million, which was used pay off the current development lender and provide a funding balance to keep the development moving forward.
Our development finance product is fast and flexible, so our clients will be able to draw multiple further advances in line with their schedule of works. With no need for QS monitoring, architects or monitoring fees – all we require is a further inspection from the original surveyor for further funding to be made available.
The development has a high GDV, and the client is reliable and experienced, so a flexible funding facility will ensure that profitability is maximised for our clients.
“I was more than happy as all concerned were contactable and helpful in moving matters forward throughout the application process. The decision makers at Lowry Capital use common sense to make lending decisions, and always take a practical view, whereas some other lenders fail to do so.”
External Development Progress
Internal Development Progress
Our Development Funding:
- Lowry Capital is a lender of development funding. We provide loans of up to £2million 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.