Magnet Capital assisted with the refurbishment of an existing cottage and a new build of a detached four bedroom house in the Cotswolds in Oxfordshire. The refurbishment required the developers to keep many of the original features of the property. The loan also consisted of a bridging loan to remove the site debt and help complete the refurbishment of a third unit on site. The scheme required a completely tailored facility, which helped the borrowers finish the project and sell in good time.
The client Mr Ducker commented:
Magnet Capital were recommended to us a company who could help fund our development. On meeting the team at their headquarters, my brother and I were struck by their friendliness, openness and interest in the project we were undertaking (two house renovations and a new-build). Once the loan was agreed Sam, Ashley and Debra continued to liaise closely and were enthusiastic in seeing the project move forward. Importantly, they were receptive and flexible when needed, and ensured that appropriate payments reflected the changing needs of the project. The team was always ready to discuss any issues that arose and their response was always positive.
Magnet Capital were delighted to provide funding for a mixed scheme, which involved the new build of 2 x three bedroom bungalows and a complete refurbishment and extension of an existing house at the front of the site. The total loan covered the full build costs of the project and 50% towards the purchase price.
The clients noted: ‘ We were introduced to Magnet as an ideal funding partner for our first solo development project and have been delighted. They are interested in the project, show flexibility and understand the issues which can arise’.