Security: Ardgay, Scotland
Property Value: £175,000 As is and £300,000 GDV
Funding requirement: FBSE was asked to provide the remaining £100,000 to allow them to finish off requirement: the property. The Funds were drawn in 2 tranches.
Summary: The client was developing a residential property in Scotland but due to the economic climate they had to use their funds elsewhere, causing their development to come to a halt. The property is located in a fairly rural location north of Inverness. Properties in this condition are something that many lenders will likely not consider, especially when you take into account the smaller loan size.