- 13th June 2023
- Posted by: DMM
We were pleased to have found development finance in Hertsfordshire for a client doing his first commercial project. Our client obtained planning consent for 5 detached bungalows on his site which enjoys river frontage and a great location around just two miles from the historic town of Hertford. The design made the best of the secluded site with a T-shaped cul-de-sac keeping each property well separated and then with all future residents having a shared meadow that fronts the River Beane.
Each bungalow has been designed with spacious accommodation of 1,330ft² or 1,440ft² with features including an open plan kitchen/living room, three bedrooms with fitted wardrobes and an ensuite to the master. The specification includes eco-friendly heat source pumps, underfloor heating and EV charging points. Private gardens and parking complete an attractive proposition for potential buyers.
Whilst the developer had completed a previous new build of a substantial new build house, this was his first commercial project as a developer. However, indicative terms for development finance in Hertsfordshire were received from several lenders who recognised the combination of great design, strong management team, and lovely location. The facility included a refinance of existing debt, plus repayment of costs already incurred and cashflow requirement.
The build is now well underway with completion due for early summer 2023 and prices from around £1,000,000 each.
Are you seeking development finance in Hertfordshire?
- Project Location: Hertford, Hertsfordshire
- Project GDV: Around £4.8 million
- Funding Type: Development
- Facility Period: 18 Months