ASC Success Story
Property development going strong
Elliott Fountain and Philip Lovelace both owned a portfolio of buy to let properties and joined forces in 2007 to take on larger scale projects. IFA Simon Elkington helped them build up their portfolio and introduced them to Paul Arnold, ASC Regional Director for Lincolnshire to help them finance a development through their limited company. Paul arranged short term funding at 85% of the total cost of a single dwelling for improvement and sale. They were so impressed that they immediately called him again for their first major project - a land purchase in the centre of Boston and construction of ten town houses. At the time they were completing a pair of semi-detached houses from their own resources.
They needed the best gearing as “cash” was at a premium until the two semi’s were sold. Paul initially obtained funding from a development bank that unfortunately withdrew from the increasingly fragile market. He quickly arranged a replacement loan at 84% of total cost with a charge on the two unfinished semi's. This project was ongoing in the toughest market conditions but Elliott and Philip received a single offer to buy all ten properties for £1,150,000 with a part exchange of development land and planning permission for multiple properties - ideal for their next project.
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