Development Finance in Hertsfordshire

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?

Funding Headlines:

• Project Location:  Hertford, Hertsfordshire
• Project GDV:  Around £4.8 million
• Funding Type: Development
• Facility Period: 18 Months