When an experienced London developer needed £2.4M in development finance to secure a time-sensitive site acquisition, they turned to StatusKWO. Here is how we delivered.
The Challenge
The developer had identified a prime development site in South London with planning permission for 12 residential units. However, the vendor required completion within 7 working days, and the developer’s existing lender could not move fast enough.
Our Approach
From first enquiry to funds transfer, we completed the entire process in just 5 working days:
- Day 1: Initial enquiry received, terms issued within 4 hours
- Day 2: Valuation instructed and legal due diligence commenced
- Day 3: Valuation received, credit approval obtained
- Day 4: Legal documentation finalised
- Day 5: Funds transferred, completion achieved
The Facility
- Loan amount: £2.4M
- LTV: 70% of site value
- Term: 18 months
- Purpose: Site acquisition with subsequent development drawdowns
The Result
The developer completed on time, commenced construction within weeks, and the project is now on track for completion. The development is expected to generate a gross development value of £4.8M.
Key Takeaways
This case demonstrates the value of working with a specialist lender who can move at speed without cutting corners. Our dedicated team, streamlined processes, and in-house decision-making enabled us to deliver where others could not.
If you have a time-sensitive development opportunity, contact StatusKWO today.