The planning permission provided was for a development of 5 three and four bedroomed houses. All five houses sold before construction was complete for prices well in excess of those originally anticipated.
The gross development value exceeded £2 million and we assisted the developer, who is a long-standing customer of ours, with a small mezzanine loan of £155,000 to enable him to buy the land.
The developer retained almost 90% of the profit on the development.
