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The Old Smithy, Rockbeare - Exeter Finance

Project Description

Exeter Finance was able to provide a development loan to Milton Property Developments to enable land purchase and development of 6 luxury and spacious detached houses in Rockbeare on the outskirts of Exeter. With architects and independent quantity surveyors working for Exeter Finance we were able to approve funding to commence required building works.

Project Information

Loan amount- £700,000
LTV- 60%
Loan duration- 18 months

After initial loan terms were agreed, Exeter Finance was able to facilitate additional funding for the purchase of adjoining parcel of land to improve planning consent from 4 to 6 units.

The first two houses have been completed and Plot 4 has recently been sold at £500,000. Exeter Finance will now fund the build out of the remaining three houses.

'The high street lenders were unwilling to finance my development and after being introduced to Peter through Handelsbanken Exeter an in principal agreement was achieved with Exeter Finance within 1-2 weeks of initial contact.

Even though we have used high street banks previously for development loans, it has been the timescales of releasing funds which has caused cash flow problems in the past. With Exeter Finance being independent, they can achieve much quicker capital flow.

We will certainly be looking to use Exeter Finance again for future developments due to the close personal service received.’
-- Paul Milton of Milton Property Development

Project Details