Our client was looking to purchase a site in a limited company name to Demolish the existing house and develop a three storey detached double fronted block of 9 flats (5 x 1 bed and 4 x 2 bed)

Purchase Price; £1,000,000
Development loan; £1,027,000
Total facility including interest £1,779,750
Gross loan day 1 £640,872
Term; 18mth term
GDV; £2,825,000
LTGDV 63%
Exit; sale