Funding for the Development of 7 Detached Houses
These clients are experienced property developers that had an option to purchase a development site of 7 building plots.
To keep their development costs to a minimum, they agreed with the seller to buy one plot at a time, and develop them one by one.
Lowry Capital agreed to provide funding in stages, initially providing £100,000 for plot one.
Subsequently, the clients have purchased an additional 2 plots of the 7 plot scheme and Lowry Capital has provided three advances totalling £690,000 against a site value of £1,150,000.
Lowry Capital will be providing further funding in stages in line with the build costs.
Lowry Capital has a minimum drawdown of only £25,001, enabling the clients to only draw the funding they need, when they need it.