Nick Verstage shares some case studies in his Ambassador Column πŸ’«

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.. πŸŒŸ

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.. βœ¨ 

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. 

πŸ’« Making Millionnaires πŸ’«

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 Β£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 Β£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





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