Development Finance for the Conversion of a Scottish Steading into 3 Houses
Our clients, experienced property developers, needed funding to build and convert a former steading building into three 3 bedroom houses. Lowry Capital initially provided funding of £114,000 when the development was in its early stages, consisting of stone walls only.
The clients did a great job progressing the development and came back for a further advance of £250,000 once the property was wind and watertight. It is expected the client will come back for further funding to complete the development. The GDV is £1million, generating a very healthy profit for the developer, with 2 of the houses already sold pre-completion.
“Lowry Capital has a strong track record of lending throughout Scotland and is not put off by rural or Scottish Highland properties. We offer the flexibility to provide funding in stages, in tandem with the client’s schedule of works. This ensures that funds are only drawn down when needed, keeping finance costs to a minimum and maximising the profit for the client. Lowry Capital only charges for the funds actually drawn down with no overall facility charge. Once the loan is in place, further funds can be drawn down with 48 hours with no need for further QS or architect reports. Additional advances can be drawn down many times throughout the process, with our minimum drawdown being only £25,001.”
Scroll down to see the before and after pictures…
First Stage Funding…
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Second Stage Funding...
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Expected Look of Finished Properties…
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