Security: Development of a site with planning for four houses in Paisley, Scotland.
Property Value: GDV of £820,000
Funding Requirement: The client, a small developer, was provided with a facility of £400,000 representing 100% of the Build Costs giving the borrower 49% of GDV.
Synopsis: The client approached us via his broker as he was looking to do his second development deal with us. He had some land with planning for four, four bed terraced villas. Most other alternative lenders don’t like to consider smaller, ground up developments, especially deals in Scotland. However at FBSE we feel we can fill the void for smaller developers, be it refurbs, heavy refurbs or ground up builds.