Development finance for a local developer
In August 2022, a local developer approached MSP to fund their Dorset-based project. Following the demolition of a detached bungalow, our client plans to build a pair of four-bed, modern detached homes in Southbourne.
The client used our Ground-up Development product to fund the project, with an LTGDV of 69.84%. The initial funds helped them refinance their existing lender, with further funding then provided to cover 100% of the build costs.
A swift turnaround
Thanks to our streamlined service, we were able to offer the borrower a swift and decisive response. In the end, we took this loan from application to drawdown in under a week.
More about the project
This will be our client’s second development, so they are still establishing themselves. However, it was clear from the start that they shared MSP’s ambitious spirit and had big plans for the future.
The client is working with an established contractor, who is well-known in the area, to ensure a top-quality finish.
The new properties will feature an open-plan living space to make family living a breeze. A utility room and two off-road parking spaces with electric vehicle charging points are the final touches to these modern homes.
We often work with new developers, as well as those who are more experienced in the market. So, we understand what they need from a lender.
Whether it’s advice, some added flexibility of funds or just the confidence to know we won’t change the funding goal posts. We’re there.
Chris Wright and the MSP team have gone above and beyond at every step of the way on both projects. The support given to learn the industry and the people in it, along with a ‘make it happen’ attitude has been second to none. The most recent example is helping us fund our second project in record time, helping with a cashflow crisis. This type of speed/flexibility, and support they show every day is the difference between success and failure. I cannot recommend them enough for making the daunting prospect of building houses from scratch into something we are enjoying.
Sam – Our Client