Project Location: Cornwall
GDV: Around £3,045,000
Development Stretch Facility: Around £2 million
Funding Security: First charge
Facility Period: 18 months
Development Stretch Funding in Cornwall
We always like an excuse to look at providing stretch funding in Cornwall and this development was no exception. The exciting project comprises a total of six luxury apartments and duplex units being created from a character building, each with stunning views over the town and harbour.
The existing building already comprised five self-contained flats and Calmez provided development stretch funding for the acquisition and total redevelopment into the new units. The final development included a selection of one, two and three bedroom delightful homes, each with their own charm and finished with all the modern luxuries that one would expect.
The build did not require any major structural works but did include an extension which helped create the extra accommodation and the sixth home. Particular changes also included creating a double height ceiling with mezzanine as a feature of one flat and new balconies to make full use of the views. Each property also has the convenience of a parking space which is always a valuable asset in a small Cornish harbour town.
For anyone seeking to live, holiday or retire to Cornwall, then the finished apartments will enable the new owners to enjoy an exceptional location together with a very high specification. As well as views over the harbour, the new owners will have a short walk into the historic town where a wide range of shops cater for most requirements.
Stretch funding summary
In this instance Calmez have provided development stretch funding in Cornwall of around £2 million over a term of 18 months on a first charge basis. The site has a GDV of £3,045,000 with individual unit pricing to range from £375,000 to £625,000. The developer has a great deal of experience in this type of high-quality renovation and has previously used stretch funding in Cornwall from Calmez.
CALMEZ offers development stretch funding in Cornwall to experienced property developers with a proven track record. If you are looking for stretch funding in Cornwall then call us for more information on 0207 096 1900 or contact us here.