Regentsmead triumphs with island completion

Regentsmead triumphs with island completion



Regentsmead recently completed funding on a new build on Rod Eyot Island, where the property could only be accessed by boat….


Development finance lender Regentsmead recently completed funding on a new build on Rod Eyot Island, where the property could only be accessed by boat.
 
Fact file:
•    Site cost: £230,000
•    Build Cost: £100,000
•    Facility: £180,000 to assist with site acquisition and cover the full costs of works.
•    Sale price achieved: £575,000

The island, which consists of a ten residential properties sitting in the middle of the River Thames in Henley, could only be accessed by the lender by boat, where the property in question was engineered in a way to account for the ground and heavy risk of flooding.

The two bedroom property in question, which had a sale agreed after just three viewings, was built on stilts in order to account for a rising tide.
 


However, the borrower faced an endless stream of challenges, including problems with loading materials and building apparatus onto a pontoon, where the strong current left his boat without a motor and his pontoon of much needed supplies floating helplessly down the river.
 


Other issues included an “aggressive goose” nesting in the front garden, and trying to get a digger onto the pontoon and over onto the site by way of a pulley system.
 
 


Regentsmead Chief Executive James Bloom commented: “We have been working with Paul for several years but this really required an extra level of expertise and knowledge of property to assist with his build.

“It really was a unique building programme which required flexibility and above all common sense from a lender, so what better place to come than Regentsmead.

“The end product is excellent and a sale was unsurprisingly agreed in no time. I was also impressed with Paul’s boat driving skills. I’m eagerly awaiting what he has up his sleeve next - hopefully something a bit dryer.”

The client, Paul, concluded: “As usual is it was very quick to get the money, very easy after just one phone call”.

 

To find out more about how the deal was completed watch the video here.



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