Supporting the completion of a property build

A customer approached us looking for financial help in order to carry out his first development. Having already secured a piece of land, the customer planned to build a two-bed detached property in the West Midlands but lacked the funding necessary to complete the project.

We were able to offer him a staged release, so that he could withdraw funds as and when needed throughout the course of the build. The gross loan amount of £120,000 offered the customer an initial release of £30,000, allowing him to progress with the build until he was at a stage where he needed further finance to continue.

How We Helped the Customer Overcome Obstacles

When providing development finance, we always discuss the planning permission with our customers. Initially, for this project, we had trouble proving that the customer had enacted the planning permission, because, as normal, it stated that the build had to begin within three years of the date the planning permission was granted.

Working closely alongside the building regulations team we were able to establish the exact dates when the building regulation officer inspected the plot, to confirm the records held by the client that the footings had been put in during the stated three year period.

Unfortunately, the customer met another issue when his ex-wife was shown to still have an interest in the property on the title. This could have prevented him proceeding with the offer of finance, because he was not the sole person to have interest in the property. However, we discussed the situation with the customer and his solicitors, and were able to resolve the complication by arranging for the customer’s ex-wife to sign legal documents stating that she was giving up her interest in the property.

After overcoming both obstacles, we were able to advance the funds in stage payments to complete the build. Our team helped guide the customer throughout his self-build project to ensure a smooth completion.