Residential Development Loan – Devon
The client owned outright a development site which held detailed planning for a substantial detached dwelling. The client had commenced site clearance and applied to Peninsula for funds to carry out the development. A first charge was offered over the development site (which included 30 acres of pasture land) and a Loan of £525,000 was offered. Funds were available in staged drawdowns as the works on site progressed and the value of the property increased. The property was successfully completed and refinanced onto a Buy to Let mortgage with a high street lender.