Redevelopment of beach fronted property in Sandbanks.
Broadoak Private Finance provided a 12-month redevelopment facility to an established Southern based property developer. The loan was for a total of £1.8m and staged drawdowns over 15 months. The loan was repaid in full when the house was sold off plan.
Sandbanks is one of the most expensive regions of the UK for residential property, forming a unique micro-market. Successfully funding a high-value project of this nature requires detailed local knowledge. Initial due diligence involved making use of Broadoak’s network of agents, valuers and other developers active in the area.
The build was monitored to ensure that the project budget and timescales were kept to. Regular updates from the monitoring surveyor and valuer as well as site visits confirmed satisfactory progress. The loan was repaid when the house was sold off plan for £4.9m.