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Barton Barns, Newton St Cyres, near Exeter - Exeter Finance

Project Description

Exeter Finance was able to support local developers Jon Hillier and Paul McGhin in the purchase and development of a substantial 4 bed barn conversion in 1 acre of land on the outskirts of Exeter.

 

Project Information

Loan amount- £500,000
LTV- 80% of purchase price and up to 60% GDV
Loan duration- 18 months

Exeter Finance provided additional flexible funding during development in order to complete the renovation.

The delightfully secluded and renovated barn is of exceptional quality and retains many of its original features. The development was sold to the first viewer without the property formally going on the market, for the guide price of £895,000.

‘With high street lenders unable to finance this deal we were recommended to contact Peter at Exeter Finance. Within a week we had an agreement in principal and were able to not only complete on the barn without delay but had also agreed a stream of development funding which gave us total flexibility.
Peter has been fantastic, not only in his approach to lending but also his support during the development. We can’t recommend him highly enough.’
-- Jon Hillier

Project Details