Funding to complete a residential development
The stats
The deal
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. FBSE was asked to provide the remaining £100,000 to allow them to finish off the property. The funds were drawn via two tranches.
The challenge
The residential development was halted a few months prior to FBSE finance stepping in to support the client. 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.
The outcome
FBSE was able to provide the initial tranche of funds to the client very easily and had pre-agreed the conditions for the 2nd tranche to be release. Andrew Colville from Just Money UK said:
FBSE Finance was able to step in to support a client of ours who found themselves in a position many other lenders would not consider lending too. Our client had a clear plan to get the property completed and FBSE were understanding in regards to the events that led up to their current position. FBSE Finance worked closely with us and the client to get everything that was needed and proactively chased to get everything done as quickly as possible.