£3.576m – Development of 12 Houses in Lancashire (January 2021)
Our client, a small house builder/developer became a victim of COVID-19. He acquired the site in January 2020 using a lender’s acquisition product with the intention being to transfer it on to a development product by April 2020. COVID-19 hit the UK in March 2020 and caused the existing lender to reverse their position on providing the development finance. We spent many months searching for the right lender only to be let down on numerous occasions. Finally, we came across a Kent-based lender in November who liked and understood the project and took our client across the finishing line in January 2021.