Our client – an experienced property developer – was looking for a loan to build a 4 bedroomed detached house. With planning permission secured, the only stipulation was that the finance needed to be available before the completion of our client’s existing project. As it turned out, the land the house was to be built on was the former site of a petrol station. The possibility of ground contamination needed to be addressed – and quickly.
Given the site’s former use as a petrol station, Mint conducted investigations to detect any contamination. Although remediation work was required, the site was deemed safe to build on. Next, the cost of building the house was confirmed and Mint provided funding on an initial release to enable the purchase of the land and a retention amount to cover the costs for the work.
Our client completed the development – an impressive home with an exceptional fit and finish, along with substantial gardens. Unsurprisingly, the property sold off-plan and our client made the repayment via the sale.