Our Client
An experienced North Norfolk developer building out a scheme of retirement homes on the Norfolk coast.
The Project
Their project required funding of £2.75 million over 18 months to build the first phase of a retirement village. Phase 1 entailed construction of the first two buildings, each with 6 units and including underfloor communal garages, as well as the infrastructure for the entire site, 68 units in total.
As the project progressed, our Client was very conscious that the specification of phase 1 was going to set the sales value of the flats for the rest of the scheme. They decided to delay the project to increase the size and specification of the units resulting in a GDV growth of over £700,000 for the 12 units, for an increased cost of over £400,000.
RQ Capital agreed to fund the additional costs by taking security over another site owned by the client. This flexible approach to funding the change in specification by RQ, resulted in the Client’s net profit increase by a further £300,000.