BFS

BFS supports first-time developer with £350,000 loan



Bridging Finance Solutions has provided a £350,000 loan to a private client in Lancashire.

The aspiring developer had acquired two adjoining farmhouses with a plan to create one large single-family home in Bacup, Lancashire.

The borrower was able to purchase the property outright, but had to secure funding to complete the development.

Her intention following the development is to sell on, in turn providing her with the potential to look at another project.

The finance application began just as the Covid-19 lockdown was enforced, but she worked closely with the BFS team to secure the deal.

The borrower explained: “BFS offer a very bespoke financial product that is ideal for projects such as mine. 

“I was able to guarantee the loan against the value of the land, with the loan to be allocated in phased drawdowns throughout the construction period.

“The impact of Covid-19 inevitably slowed things down — professional legal services where under resourced and were slow to deliver, which was challenging and frustrating. 

“We did, however, complete the deal during this period and I’m about to take the next drawdown.” 

She said that the project is set for completion in September and expected to be able to put the property on the market for around £750,000.


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