First time developer – Air build
What was the situation?
The clients owned a freehold shop and the single flat above it on a main high street in an upcoming London area. They had seen the potential to build a further 2 flats on top of the existing structure. This is often referred to as ‘airspace development’. This would also allow them to gift one of the newly built flats to their son to help him on to the London property ladder.
What was the issue?
With no experience in property development, they were in the dark as to how the process worked and needed a soft touch to help them understand the intricacies of a development project. The challenge of this type of development is that lenders do not find airspace attractive due to the higher risk involved. This, in addition to the clients being first time developers, proved to be a very challenging case.
What was the process?
We met with the clients at the site to understand their plans more closely and the expectations for timings and funding. We then discussed the situation with the most suitable contacts within the development lending and short-term finance market.
What was the solution?
We found their perfect fit with a small independent lender who met with us and the clients at the site to understand the project in full. By meeting and understanding the lender’s approach and commitment to the project, the developer gained considerable comfort and confidence to move forward.
Lending solutions with LDN Finance
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Our happy clients
My fiancée and I were recommended to LDN Finance when we started our mortgage journey, and the service we have received, and continue to receive, has been outstanding throughout. Phil Levesley initially looked after us and made what can be a very daunting process feel straightforward and easy to understand. He took the time to explain everything clearly, never rushed us, and was always happy to answer any questions we had. Nothing ever felt like too much trouble. As part of the process, we also wanted to explore a number of protection policies, and Phil introduced us to his colleague,
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Owen was absolutely amazing and supported me every step of the way throughout the mortgage process. He was always clear, patient, and incredibly reassuring, making what could have been a stressful experience feel smooth and manageable. Bharathy was also really helpful, promptly getting in touch and making sure all the relevant information was handled efficiently. I couldn’t be happier with the service and would highly recommend them both. Five stars without hesitation.
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