Following a site visit by our independent surveyor, we’re ready to release the 3rd tranche of this loan, a further £99,991.12.
At the time of inspection by our surveyor, site clearance had been undertaken. The foundations had been installed along with the brickwork up to damp course. Some drainage has been installed, structural elevations are underway and scaffolding is being erected.
Our borrower has worked in construction for the last 23 years and has previously undertaken several similar ground-up projects.
Our loan will total £552,500.00 against a gross development value of £1,000,000.00, giving a LTGDV of 55.25%.
This is a 15 month term and exit will emanate from refinance.