Month end became a bit of a scramble, with us rushing to get a couple of completions over the line prior to the Easter break.
The first across the line was a lovely detached bungalow in an enviable position within the Lake District National Park. Our client will renovate and retain as a holiday let.
The lender provided 100% of the purchase price, plus £100,000 for renovation. To enable such an amount to work, they also secured against a vacant office building already oin ownership and free from debt.
The final completion of the month was on a £2.5m development of six apartments in Tottenham. With construction finished and all properties on the market, a 70% release means the client can use funds to acquire his next development and not wait for sales. This type of product is known as a ‘developer exit’.
Onto another month…