The £60,000, 1.29% rate, 12 month loan is for the finalising the constructing a circular timber structure featuring extensive glasswork, after the client found themselves in financial difficulty partway through the construction.
Though they had initially budgeted to see the build through to completion but soon encountered rising costs — the client continued progressing until funds ran out while finishing the interior.
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At the point of needing additional funds, the structure was already watertight, but bespoke elements required to complete the interior, and the landscaping remained unfinished.
The client, who had invested significantly into the project, estimated the final value to be close to £1m.
Dan Yendall-Collings senior underwriter at HFBS, commented: “Given the property’s close proximity, just a 15-minute drive from our office, we visited the site to assess the potential in person.
“Recognising the substantial value already in place, we were confident in moving forward without a full valuation report.”
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