£1.1M Saltburn Property Development Deal
Brokerplan Network Partner Chris Cullen of Lunaria Finance has recently completed on a £1.1 million development loan for an experienced property developer – An amazing achievement!
The client in this case had previously attempted to obtain a loan via their usual broker who, unfortunately, was unable to place the deal for them. After receiving a direct marketing communication from Chris, the client decided to give it another try, to see if Chris could secure them the funding needed to get the project off the ground.
For this development, the client had carved off a piece of land – which was previously held on the same title as his private residence – And had secured planning permission to build 6 detached residential properties. They had experience developing properties but this project was the first that they were to be attempting themselves. This combined with the requirement of a charge against the client’s residential property meant that a specialist broker with knowledge of the market and lenders who were likely to consider this type of deal was needed to get the case funded.
Chris presented the client’s requirements to 4 lenders and, after some discussion and consideration, eventually settled with Affirmative Finance who were comfortable with the client and their project. Affirmative Finance is a UK-based lender that specialises in short-term ‘bridging’ and property development finance and our contact Ian Harrison was invaluable in assessing and eventually getting this deal over the line for the client.
Having previously attempted to obtain funding, the client had most of the information and documentation at hand to supply Chris and Affirmative with and so the application and processing was a relatively painless and smooth one.
The client is currently looking at more development projects which may generate additional opportunities and revenue for all parties in the future!