The development finance lender assisted with a loan to cover the full build costs of £250,000 to connect the new flats to an existing block of over 20.
Adam Bubb, senior loans executive at Regentsmead, said that many lenders would not have been keen to fund this project due to the potential implications of developing on an existing building.
“At Regentsmead, we are keen to find solutions for our clients, and after having several meetings with Nigel [the developer] we were confident in him and his team and were delighted to fund the project.”
Nigel added: “We have been very impressed by the quick decision making of Regentsmead and [were] greatly assisted by their advice and expertise in the field of property development.
“For a company proposing a development larger than before, the modest fees and interest charged have been worth every penny to us, and would have been worth the cost even if we did not need to borrow the money.
“Their level of service and support has been extraordinarily good.”
Purpose of Loan - Construct 2 x 2 bedroom flats to right hand side of existing block
Purchase Price - £50,000
Build Costs - £250,000
GDV - £600,000