Funding for the Development of 5 Detached Houses
A property developer had purchased a parcel of land in December 2019 and gained planning permission for 5 detached houses. Shortly after the project started, the developer approached Lowry Capital for funding in order to keep the development progressing.
Lowry Capital agreed to provide funding in stages, initially lending against the building plots. The client was able to tailor the funding and only draw down what was needed in line with their schedule of works, keeping their finance costs to a minimum.
To date, Lowry Capital has funded £967,750 in stages and the development is progressing on time and on budget.
So far the development has been a great success, with three of the houses sold off-plan. It is anticipated that the client will draw down further funding to complete the development.
“We have used Lowry Capital on our housing development in this, the most difficult of times. Safe to say without their help and guidance we wouldn’t have been able to complete our scheme. Richard, Steve and James are always at the end of the phone to offer a helping hand and I would recommend Lowry Capital to any business that’s needs funding. We know we can leave the finance to them while we concentrate on the building.”
Mr T. Connelly, Property Developer
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.