When this experienced property developer was looking for funding to complete the development of a new build residential site, their broker Daniel Dawson at Cator Wells introduced them to Ultimate Finance’s Senior Regional Director Samuel Cousins.
The developer required funding to support the completion of seven new builds made up of detached houses with double garages and semi-detached houses with driveways. Samuel explains, “The borrower has an impressive amount of experience in the property development and building industry and has already completed several projects similar to this one. However, the development was only part-built, which can make it challenging to find a lender willing and able to provide funding at this stage. At Ultimate Finance we do things differently as we don’t rely on algorithms to decide whether we are able to provide funding or not, instead preferring to take the time and effort needed to get to know a prospective client, their ambitions and challenges to understand if we are able to provide the right solution that will help them get to their end-goal”.
With Ultimate Finance committed to helping the developer see the completion of the site and its future successful sale, Samuel worked with our underwriting team to tailor a £505k Bridging Loan which will provide the necessary funding to complete the development alongside an £83k repayment of an existing banking facility to consolidate existing debt.
Daniel adds, “Finish and exit bridges can be a complicated and complex form or finance to arrange, whilst also being extremely frustrating and expensive for the developer. This case was no different, with the developer looking to repay his existing lender and release funds to complete the build in the most cost-effective way. With the development understanding and experience of Samuel and the Ultimate Finance team, we were able to complete in a timely manner furthermore benefiting the developer financially with the repayment of an expensive facility. Without the flexibility and understanding of the Ultimate Finance team this developer could have found themselves stuck in the mud – quite literally”.
Samuel concludes, “Bridging Finance provides the quick and short-term injection of cash many developers rely on to see their projects to completion, and it has been an immense pleasure to work with Daniel and the team at Cator Wells to ensure the developer can finish off the site, sell all the properties and move on to another project”.
“Ultimate Finance has over 20 years’ experience in providing tailored and flexible funding solutions that ensure businesses and property developers can keep moving and meet their ambitions, whatever they may be, and it is always a privilege to get to work with new clients, so I’m delighted that Daniel and I have a great working relationship and that that made him think of us to help his new client”.
Find out more about our range of residential Bridging Finance solutions and how they help keep businesses moving.