CA provided a total loan facility of £605,000 including interest provision for a period of 12 months to assist with the refinance and development of a site in Southall.
Planning permission had been granted for the demolition of an existing bungalow and outbuilding and the construction of a pair of two-storied 3 bedroom semi-detached houses with parking provision for 2 off street parking spaces. Total GIA 1,400 sq ft.
Our client, an NHBC registered builder/developer, completed the works himself at a cost of £288,000 utilising the development facility provided by CA.
Established DeveloperSouthallWe’d worked with CA in the past on a few projects, and they were very helpful in finding a slightly longer solution for this project. Their CA Trade product offer was exactly right for our project and allowed us enough time to see it through.
The properties were built of traditional solid brick, with timber upper floors, UPVC windows and tiled timber framed roofs to the main and flat roofs to the additions. Internally the properties benefited from fully fitted kitchens with granite worktops.
Our loan facility represented 55% of GDV. The projected market value of the properties upon completion was £1,100,000 (£550,000 per property).