“Not only do Sales Guarantees bring incredible benefits for brokers, lenders and housebuilders but the support and professionalism shown by Mark Roberts and the wider team, when getting the deal done has been second to none. Both myself and my housebuilder client couldn’t be happier.”
About the developer
Imagine (Hightown) Ltd is a SPV company established by Richard Molton to deal with the development at Banbury, Oxford. Richard is the sole director and shareholder and has extensive experience in the construction industry.
Prior to 2004 he was a director of a building contractor where they built bespoke homes for clients. Since then he partnered with a mezzanine finance company who offered to finance development schemes. He has completed 9 development schemes ranging from 2 houses to apartment blocks of 24 units. Some of the developments have been completed as joint ventures with various parties and some as self builds with funding obtained by senior lenders.
The site is situated in a prominent residential area towards the south east of Banbury town centre. Banbury is a well-regarded market town situated in northern Oxford.
Horton General hospital is virtually opposite the development. A bungalow initially occupied the site which has been demolished to allow the construction of nine detached dwellings. The houses will be set back and are not visible from the main road and will be laid out to face outwards and therefore have a private rear garden.
Each property will benefit from detached double garages except plot 8 which will have an attached garage. The houses will also be a mix of brick and render/cladding to the front elevations and range in size from 1,725 sq ft to 2,400 sq ft with all but plots 3 and 8 providing five-bedroom accommodation. Plots 3 and 8 provide good sized four-bedroom houses.
Each house will have a study on the ground floor, utility room and separate living room with doors to the rear garden. Apart from plot 3 each property will have 2 en-suite rooms. They are all generously proportioned rooms with family friendly ground floor layouts.
The build period is 15 months.
How we helped
LDS provided Sales Guarantees for 9 properties and a £526,000 unsecured, interest free cash injection transforming viability and supporting the £5.2m development of 9 new homes.
Imagine (Hightown) Limited had already used their own equity to exchange on the site, demolish the existing bungalow and paid £85,000 stamp duty and other associated costs. The LDS cash deposit provided the additional capability for future developments.
It is both refreshing and exciting to have LDS Sales Guarantees in our toolkit when arranging development finance for SME housebuilders. Not only do Sales Guarantees bring incredible benefits for brokers, lenders and housebuilders but the support and professionalism shown by Mark Roberts and the wider team, when getting the deal done has been second to none. Both myself and my housebuilder client couldn’t be happier.
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