Development Funding for First-Time Developer
The client had been let down by her funder, and came to us through a recommendation from a subcontractor, who had worked with us before.
Whilst the client had some experience renovating properties, this was the client’s first new build development.
The client owned the land outright which had a current value of £125,000 - with an end value/GDV of £600,000. The total build cost of the development is £320,000.
We have provided a drawdown facility for the full build costs. The client has the flexibility to draw funds based on her schedule of works - only drawing what’s needed.
To date we have provided funding of £136,000 in 3 tranches, and it’s expected the client will draw down further funds as the build progresses.
The development is going smoothly and it’s expected that the client will make a healthy profit of over £100,000 on her first development.
Lowry Capital’s development funding is flexible, easy to draw and without the need for a quantity surveyor.
Lowry Capital is happy to fund first time developers who have a credible plan.
Our Development Funding:
- Lowry Capital is a lender of development funding. We provide loans of up to £4million within a few days.
- As a principal lender, we lend our own money and make our own common-sense lending decisions.
- We provide an award-winning service and you will always deal directly with a decision maker.
- No upfront arrangement fees, no solicitors cost undertaking, we share a genuine desire to get a deal done.
- Hands off lending approach: You choose and manage the professionals and contractors for your development.
- Previous development experience not essential.
- Our streamlined and highly efficient lending process guarantees ease of funds and speedy delivery.
- We provide developers with flexible, bespoke funding, tailored to fit your schedule of works.
- Funds can be drawn down in multiple tranches and you will only pay for the money actually drawn, keeping finance costs to a minimum.
- Our funding helps with your cash-flow and allows you to keep significant funds from the sale of units.
- Development funds can typically be drawn-down within 10 days.
- No proof of income required.
You can learn more about our Development Funding Here.