MSP Capital provided a Ground-up Development Loan to help finance this contemporary new build, situated right in the heart of the Cotswolds.
Our client, introduced to us by Dan Townsend of ACG Commercial, wanted an initial development loan to refinance a previous loan from another lender. This loan needed to provide 100% of the build and associated costs moving forward.
With its high-end specification, MSP were able to provide Development Loan with a 67.5% LTV in order for the developer to complete the project. However, the pandemic meant that the sale of the property took longer than originally anticipated.
We gave our client the time they needed
Because of our in-house flexibility, the developer was able to smoothly convert his Ground-up Development Loan into a longer-term bridging loan which allowed time for the property to be sold at a higher price.
Since then, MSP Capital have launched a new Development Exit product. Clients will be able to unlock equity in a recently completed project or refinance a development loan onto a lower cost funding option whilst providing time for the borrower to secure a sale.
“We supported this client over a period of three years and provided funding to enable them to deliver a luxury new dwelling in beautiful surroundings. We then supported them through the sales process transferring the development debt to a more cost-effective bridging facility.”
Chris Sheppard, MSP Capital
Product Summary
Ground-up Development Loan
- Loans from £75k to £20m
- Up to 65% LTV on Day 1 and 70% LTGDV
- Funding for 100% of build costs
- Dedicated Account Manager
- Flexible terms available to suit your needs
- Southern England with other geographical areas considered
With over 15 years’ experience in property finance Chris Sheppard, Business Relationship Manager, is here to help.
or call Chris on 01202 743400
