Residential development finance for luxury new-builds, Nottingham
Our client obtained planning consent to build 15 high speciﬁcation 4 & 5 bedroom new-build detached houses in a highly desirable neighbourhood of Nottingham.
The site was purchased with the client’s own cash and building work commenced. We were approached after he had been let down by a couple of lenders who applied ‘postcode prejudice’ lending on the partially completed scheme.
We jumped at the opportunity to work on such an exciting scheme, acting quickly to put funds in place so the development programme was not compromised. We delivered an all-inclusive fee-free rate and a rolled up interest rate. This made all the difference, ensuring the project got going, the trades could be paid and work continued on site.
We happily extended the loan by three months when external funding took longer than expected. As a result, our client has made a substantial multi-million profit.
“We spoke to lots of lenders and most made the right noises but when push came to shove they didn’t deliver. This caused serious delays that put the site and the business at risk. We had to find a lender that understood development and would deliver fast. Quite simply Ultimate delivered on all levels, from initial contact to drawdown of the loan. They understood our needs, ensured our tight timescales were met and were completely flexible throughout the project. We could have asked no more from a funding partner. My only regret is that we didn’t go to them at the beginning!”
Richard Denbow, Developer