BFS completes deal for first-time developer

Bridging Finance Solutions (BFS) has completed a development deal for a first-time developer.

The client was looking to secure part of the acquisition cost of a building plot in Wirral and 100% of the construction cost of a four-bedroom property.

The building will take some six months to complete, with construction beginning imminently. 

Upon completion, the house is expected to be valued in the region of £500,000.

BFS managed to respond quickly to the enquiry and navigated the Merseyside-based client through the administration and application process.

A total of £330,000 was required, with £215,000 of that accounting for build costs and the remainder used to part-fund the cost of purchasing the land.

The loan was approved and completed within the timescale set by the vendor and a plan was also agreed, including building schedule and drawdown.

John Hardman, head of sales at BFS, said: “This was yet another small development deal where the operators had little experience.

“This continues to be a sector that has very few lenders capable of or indeed wanting to understand the needs and requirements of the applicant.

“BFS remains wholly committed to this end of the market — our belief is that every single developer has to start somewhere and invariably they require a finance partner.”

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