Residential Developments
These schemes are by their nature largely speculative and this is understood by the lending market. Location is of above average importance when assessing residential development schemes. Houses are mostly preferable to flats. Borrower's track record and existing exposure are both scrutinised closely.
Case Study #1
| Details | ||||
| Asset | Flats in Zone 1, London | |||
| GDV | £3.2m | |||
| Total costs | £2.4m | |||
| Loan | £2.2m | |||
| Loan to cost | 92% | |||
| Arrangement fee | 1.00% | |||
| Rate | 9.50% per annum | |||
| Term | 2 years | |||
Case Study #2
| Details | ||||
| Asset | Prime single unit, Surrey | |||
| GDV | £5.95m | |||
| Total costs | £4.5m | |||
| Loan | £3.45m | |||
| Loan to cost | 77% | |||
| Arrangement fee | 1.00% | |||
| Rate | 8.00% per annum | |||
| Term | 2 years | |||
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