Finance required for development

S

Slimbo

Registered User
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Hi all, new user here.
3 weeks ago I gave up a well paid job to start a career in property development.
I did own 2 properties and sold one to release 200k in profit/equity, the other I share with my partner.
I plan to use this capital to purchase a property that I have paid a deposit on for 210K.
I have started to look for the 70k required to renovate and modernise this property but so far the main high street banks have given me a "sorry, but we don't do that type of business".
Does anyone know who would finance this 70k with me bringing 200k to the table.
I look forward to hearing from you if you would be so kind as to show me the way.
Thank you for your time.
 
slimbo, if you dont mind me asking? - how did you get on with this as it is something i will be looking into next year.
 
Lorna - it is very difficult to find a Bank to offer development finance at the moment - especially on the parameters they have been. I am contemplating the same but find it near to impossible to find the stock at the correct price to develop. I do not think the market will see apick up in prices until second half of next year at the earliest. Sentiment has gone, but the right product in the right place and finished correctly will always sell.
 
mercman, i will soon own a couple of derelict stone cottages (inherited) that face onto the Royal Canal which is eventually going to be finished so would anticipate good increase in value when they are finished. i intend renting them as holiday lets going forward so I can create an income in the long term. i know someone already doing this and she gets 300-350 euros per week off peak and even higher in the holiday months. this ladies cottage is rarely empty.
 
Lorna, you shoukldn't have any problem getting finance when you own them, especially as you will be refurbishing rather than land acquisition and then build. You rental rate will depend on where they are located along the canal but you know others that are doing lets already. Maybe they will share the names of the letting co with you. These kind of locations for houses are good for long term and short term business lets as well. If you want to send me a Private Message that's ok or carry on this thread. Regards
 
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