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Buzz Capital completes loan for a property development deal in Newbury Park, London

Capital Development Homes successfully made an application to Redbridge District Council to demolish 15 single garages to pave the way for the erection of seven new flats in a popular residential area of Ilford, East London.

Each of the flats will have a different layout. The ground floor will comprise 2no. three-bedroom flats with open plan kitchen. The flats to the rear of the ground will benefit from double doors providing access to a rear garden. The first floor will comprise of 3no. one-bedroom flats each with a family bathroom. The third floor contains 2no. two-bedroom flats each with a family bathroom and an open planned kitchen.

When all works are complete the flats will have a Gross Development Value of £2,500,000.

Capital Development Homes came to Buzz looking for a short-term bridging loan to fill the gap between the auction purchase and the senior development finance. Buzz was able to turn the deal around smoothly and efficiently in order to meet the requirements and deadlines of our client.

We wish them all the best with the project and look forward to seeing the end result!