Our client had secured an option on an excellent development opportunity on the outskirts of Edinburgh. The site had planning for 2 new Apartment building and 5 existing houses were to be refurbished. The finished development would have a GDV in excess of £3m.
The purchase price for the site was £700k with build costs of circa £1m.
The client had some adverse credit history relating back to the fallout from the 2008 credit crunch which meant he was unable to secure high street finance easily. We were able to take an open minded approach to his credit history which allowed us to progress the application.
After confirmation by the valuer and QS we were able to contribute £350k to the purchase and provide 100% of the build costs.