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.
Broker Testimonial
“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
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Internal Development Progress
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