Short-term funding specialists Bridging Finance Limited recently provided the team at ROCC Construction with the funds to acquire a £1.1M residential development for only £550K.
Located in Mirfield, West Yorkshire, the site comprises 5 unique 3 and 4 bedroom homes, each sitting within their own plots. The construction of the properties was 95% complete at the time of the transaction and the entire development had been independently valued to the tune of £1.1M.
This was one of several sites with a charge in favour of a bank that needed to liquidate some UK assets before the close of business on Christmas Eve, and it was this fact which allowed the directors of ROCC Construction to negotiate the excellent purchase price of just £550K - provided that they could complete before the festive deadline.
Chris Baguley, Managing Director at Bridging Finance Limited said:
"ROCC contacted our offices during the week prior to Christmas to see if we could provide the capital they needed to secure the deal. Thanks to our rapid and no-nonsense service their loan was advanced on the morning of the 23rd December, just in time to complete before the deadline.
“This is a classic example of how short-term funding is the perfect tool for developers and other property professionals who need to raise capital quickly so that they can grasp a fleeting opportunity. We are pleased to have had a hand in getting ROCC Construction off to a flying start in 2010."
Chris Thompson of ROCC Construction said:
“We are over the moon to have acquired this fantastic development in such a popular area. It is thanks to the efficient service provided by Bridging Finance Limited that we were able to secure the deal and complete on schedule. We are now looking forward to a successful marketing campaign and to more great opportunities in the year ahead.”
The properties are now on the market at prices ranging from £250K to £425K.