Background
The client was a developer that resides overseas but continues to purchase and build out sites in the UK. He had secured a large site in the midlands, which was a 119-acre plot which had previously been used to house a conference, training and meeting centre. The main complex itself provided two conference rooms, 48 training rooms and 138 bedrooms for the delegates. Within the wider grounds, there were four tenancies on residential cottages, along with separate plots of land used as fields and pasture land.
As it stood the site was valued at £2.5m. The client bought it on the basis that planning would be obtained to then see the site significantly developed, creating 63 new units and also refurbishing some of the current properties to create 80 units in total.
Solution
We obtained funding for a net advance of £1.2m within less than 5 weeks that enabled the client to protect the potential purchase of the site whilst formal planning was obtained, securing a very profitable return.
Development Facility: £1.2m
Term: 12 months
GDV: £4.5m
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