Development Funding to Complete 6 New Build Bungalows
Location: Morpeth, England
Funds made available within 3 Stages
Our client had started a development project of 6 new build bungalows – all of which were partially built and already reserved.
The client needed immediate funding of £820,000, in order to pay off another lender and to complete the work on the properties, therefore allowing the sales to complete. Some of the funds were also needed for the client to purchase another development site which was a lucrative opportunity they didn’t want to miss.
The funding was completed during the COVID-19 lockdown so the team at Lowry Capital worked closely with the client and solicitors to quickly overcome logistical issues.
The client is now able to finish all six properties and complete the sales – making a healthy profit on the development, and is delighted that he was also able to purchase the land for his next project!