Development:
6 houses in a rural location near Maidstone, the scheme involves converting an old, poor-quality derelict semi-agricultural/semi-industrial buildings.
Originally a Permitted Development scheme, it faced a huge planning issue 6 months into the build with the planners deeming not enough of the original structure having been maintained to warrant the retention of the PD status, even though having previously advised the developer the development was in accordance.
BLG worked closely with the client throughout the period including further funding to bring the scheme to a weathertight status and assisting the client where else possible in obtaining full planning for the scheme.
Planning was ultimately approved and BLG continued to support the client with a newly underwritten facility and practical completion of the entre development is now expected in Feb 2023 with the first sale expected in January.
Developer:
A local building / construction firm with relatively strong construction credentials.
Location: Maidstone
GDV: £2.51m
Residential Development Finance
Loan term: 15 months
