A Developer in Bradford

The developer had purchased a derelict mill situated in the centre of Bradford, near the university, and had gained planning permission to develop 62 student pods. The developer had already spent substantial funds to start the development and now needed £600,000 extra to complete the required work. Importantly, they had a tough deadline and were trying to complete the building in time for the students returning for the start of the next academic year.

12-month development loan arranged

UK Property Finance quickly secured the £600,000 needed over a 12-month term. Building work was able to continue unhindered, and after only 6 months, the project was completed and the bulk of the pods were rented. The monthly interest was rolled throughout the term of the loan, meaning the client was not required to make any monthly payments, but instead, the interest was paid at the same time that the loan was repaid.

Interest on the development loan was calculated for the time that the money was outstanding, i.e., 6 months, not the full 12-month term, and we ensured from the beginning that the chosen scheme had no penalties for early repayment.