Funding a Residential Development to Completion
Our client, a highly experienced Property Developer, needed funds to complete the development of new apartments within a listed building and to construct 10 new houses on the same site. The project was extensive with a GDV of £5.6m
The client required flexible funding within a tight timeframe. Whilst the total amount of funding required was in excess of £2million, Lowry Capital provided an initial tranche of £920,000 and then made several further advances available as the project progressed.
By structuring the funding in this way, the client was able to keep finance costs to a minimum by only drawing down funds exactly when they were needed – only paying for funds actually used. (Lowry Capital do not charge fees based on total/committed facility or GDV.)
With the client able to keep a good portion of all sales revenue and further advances being made available within 48 hours, the project will be completed on time.
“Lowry Capital has a unique and flexible approach to development finance, ensuring a common-sense approach is taken on each individual development. Fast drawdowns, funding exactly when it’s needed and the ability for clients to retain sales revenues to fund the development going forward are just some of the reasons why Lowry Capital is the first choice for developers throughout the UK.”
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