Project Location: Cornwall
Project GDV: Around £2 million
Development Stretch Funding Facility: £1,184,000
Funding Security: First charge
Facility Period: 12 months
Calmez have been delighted to provide development stretch funding for this project which can genuinely be described as having the ‘wow factor’. With its combination of a stunning harbour frontage and spacious accommodation of 2,633sqft over three floors this is going to be a very exciting new home.
The project comprises the conversion of a Grade II listed building built in 1902 and has huge character including a Palladian style front elevation, ornate staircase, high ceilings and original fireplaces. The lucky future owner of this property will also enjoy the use of a frape (a system that enables a tender to be moored offshore).
Overall the property will have four bedrooms, four bathrooms, sun room, wet room and luxury kitchen/family room. There are views of the harbour from each level of the accommodation including from the sunroom, the rear guest bedrooms and the kitchen/family room. This duplex apartment should have broad appeal to buyers wishing to downsize, out-of-town holiday home owners or simply someone looking to enjoy a spectacular location to retire to.
Our experienced developer client has faced a few challenges in the construction, not least having to remove a reinforced vault, but has created a stylish design that will also feature a large retail shop on the ground floor.
Development Stretch Funding
Calmez have supported this client with development stretch funding of £1,184,000 on drawdown of certified works over a term of 12 months. Development stretch funding is secured with a first charge with interest and capital repaid on a rolled-up basis. At the time of writing, the construction is on schedule and strong off-plan interest has already been expressed in both the apartment and retail unit.
CALMEZ offers development stretch funding to developers and builders with proven track records and whom meet our lending requirements. For more information on development stretch funding then please contact us here or by calling 0207 096 1900.