Funds to Build a Detached House for Holiday Letting
Our client, a first time developer, approached Lowry Capital seeking funding to build a detached house specifically for holiday letting on the remote Isle of Harris, Scotland.
As the borrower had no previous experience we initially agreed to lend £50,000 based on the land’s value of £100,000. Following a successful first stage development, we felt confident to allocate further advances which were made to the total of £237,500 via two separate tranches (of £100,000 and £87,500) to bring the development to completion.
Lowry Capital worked with the developer to structure the funding in line with their schedule of works and the client is delighted after completing the project with an impressive GDV of £450,000.
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.