Development Funding for a Luxury 5 Bed Detached House
Funds made available within 5 Stages
Our client, an experienced property developer, required funding to build a detached 5 bed, high-specification house in Cheshire.
The client was keen to drawdown the funds in stages, in line with their schedule, to ensure finance costs were kept to a minimum.
Lowry Capital provided a loan of £100,000 when the property was at foundations stage and worth £250,000. The client used these funds to erect the structure.
At this point the property was re-inspected by the original surveyor, who confirmed good progress had been made achieving an uplift in value to £350,000.
In line with the client’s needs, we provided a further £70,000 (just 5 weeks after the original loan) and then provided further funding of £84,000 2 months later, when once again the surveyor confirmed further progress and another uplift in valuation.
The property was completed following two further advances over a 3 month period.
As soon as the property went on the open market it immediately achieved a sale price of £745,000, far exceeding the expectations of the surveyor, set at just over half a million, following the final works from the final advance. Our funding had successfully done its job and maximised the final sale value and profit level achieved for our client.
“Our development funding is quick and easy to access. The client kept finance costs to a minimum by only drawing down further funds when required. An excellent profit has been generated for our client whereby they more than doubled their money. At Lowry Capital we strive to apply our award winning service to the development finance sector. With minimum drawdowns of only £25,001 we can provide fast, flexible funding to ensure developments progress smoothly.“
Funding Stage 1
Funding Stage 2
Funding Stage 3
Funding Stages 4 and 5
Works completed and ready for sale