Nick Verstage shares some case studies in his Ambassador Column 💫

Nick has spent the past 25 years building his expertise, so that he can help navigate the convoluted and ever-changing lending requisites and guide you to the ideal finance for your specific needs.

Here he sets out some brief case studies to give you a flavour of how 1st Business Finance has helped investors and developers progress in their journeys, from helping novices take on their first project to making millionaires! 

🌟Starting out.. 🌟

I was asked by two local architects to raise funding for the development of 2 luxury houses. Lenders normally ask for actual development experience, but this was their first development. However, as they had a track record of project managing developments for their clients, our lender was happy to help them. The architects had done a deal with the vendor, so I was only asked to obtain 100% of the development finance. The lender provided this at a rate of 7.99%. 

Building momentum.. ✨ 

I was approached by a local builder who, having just completed a new build, needed help to purchase his next property which needed to be refurbished and had 3 development plots. Our lender provided a development exit bridge on the completed new build property and this was used as the deposit for the new purchase. We were able to obtain 100% of the purchase price. Our client will now be refurbishing the property for onward sale, and has decided to sell the development plots. 

💫 Making Millionnaires 💫

This is a deal we did a couple of years ago, which I always like to talk about as it gives an idea as to what we can do.

A client wanted to purchase a Grade 1 property of 21,000 sq ft. The property was on the ‘at risk’ register and owned by the local council. My client had agreed the purchase of a 125 year lease on the property on condition it was repaired. We raised 100% of the nominal purchase price and £500,000 to do the property up.

When it was complete we put in place a long term investment mortgage and, at that time, the property was valued at £3.5m. The client was very happy as he became a millionaire!

If you want to discuss any finance needs for your projects, give Nick a call or drop him an email to see how he can help you..

T: 07773 228 331

E: info@1stbusinessfinance.co.uk

W: www.1stbusinessfinance.co.uk

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