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Property Development Facility 2

Updated: 14th February 2007 (PM)

For: Development Facility for 9 houses
Location: Cotswolds
Amount: £1,000,000

The client owned a Residential Care Home, which had closed down because it was not "fit for the future".

Planning permission was obtained for a Residential Housing Development which involved demolishing part of the existing Home and converting the remainder into two units, plus seven new build units in the grounds. The client's Project Manager was formerly the Commercial Director of one of the large building plc's.

Facility agreed of £1,000,000 covered 100% of development costs.
Bank base rate plus margin 2.5%.