Today we completed the second phase of the development of this stunning Grade II Listed property set in several acres of rural Cornwall, which benefitted planning consent to refurbish, convert and develop additional new units.
Our clients acquired the property back in 2021, assisted by a development loan, with an added mezzanine, plus fully funded build costs. Construction ran over a little and the development lender worked alongside the client until we were able to move the facility eventually.
With around £150,000 left to finish the development and the facility fully drawn, due to the increase in value, we gained appetite from a lender, who made an offer to take over, covering the costs to repay the development loan, leaving enough to cover the remaining works, plus adding more time.
The benefit of the chosen lender, is that they have pre-agreed to move the facility, once complete, onto a long term loan, as our client is retaining all the units and creating a beautiful holiday let village. In addition, the term loan will allow our client to withdraw some welcome equity, which will go towards repaying their initial investment and assist with the purchase of other investment properties and developments.