Here at Goldcrest, we’ve prided ourselves on having consistently provided funding for property development for many years. Even during the difficult period of the Credit Crunch, we continued to support hardworking developers to keep on building.
We have funded many development schemes, from one-off houses, numerous flats/apartments, to large developments of up to 50 houses. We’ve provided funding in all corners of the country from Cornwall to Kent, Pembroke to Anglesey, and Cumbria to Northumberland, and everywhere in between.
If you or your client has a great development in mind, but it needs finance to take it through to completion, then Goldcrest could be your ideal funder.
Contact us now to see how we can help you build your future.
We have recently received an upsurge and completed on several transactions for applicants who are trying to secure the purchase of an additional property and are concerned by the increased taxation cost they may incur post 1st April 2016.
From buy-to-let, buying a holiday home, or even a University property for the children. Why you and your clients should be concerned about new stamp duty.
From 1st April 2016 under current proposed legislation, individuals or companies purchasing additional residential properties in England, Wales or Northern Ireland are to be hit with an extra 3 per cent stamp duty bill.
For example, anyone buying a £200,000 second home or buy to let before April pays stamp duty of £1,500.
This is based on paying zero per cent on the first £125,000 of the property value and 2 per cent on the portion between £125,001 and £250,000.
But from April, landlords will have to pay 3 per cent for the first £125,000 and 5 per cent instead of 2 per cent on the amount between £125,001 and £250,000.
This gives them a total bill of £7,500.
We can assist with the funding of any potential acquisitions of these properties within a week to avoid any delays on completions beyond April 1st 2016 caused valuations, or other funders.
Contact us now to discuss any enquiries you may have and we can bridge the purchase without the requirement for a valuation.
It maybe winter and hibernation season for some but at Goldcrest we remain active and focused within all our business sectors and as a result we have had a dazzling start to 2015.
During September, we completed the initial funding for the purchase price on a substantial JV deal for a development of 36 dwellings (mix of houses and apartments) in a Cheshire village.
The deal totals £4.465m including construction finance and was completed following our internal due diligence procedures, meetings with the clients and a site visit, but without the requirement for a valuation.
Along with the highest summer temperatures to date Goldcrest have enjoyed a record breaking summer with July and August proving to be our most successful summer months in trading history.
The number of actual enquiries converted into completed deals has been phenomenal which we presume gives rise to the continued increase in confidence in the recovery of the UK economy.
Enquiries for both Trade and Property finance continue to flow as we remain focused to provide our bespoke lending services to assist British businesses to nurture and develop.
We look forward to hearing from you to see if we can be of assistance.
Coast to Coast
With the arrival of Summer, we’ve seen encouraging signs of investment into some of our favourite British coastal areas. Second homes / holiday let investment properties are increasing in popularity with the rise of the ‘staycation’, and we are likely to see demand increase further from next Spring, once the pension rules allowing those over 55 to withdraw their entire pension. Whether purchasing as a long term investment, holiday home, or retirement home, coastal properties provide a versatile property investment, which might also provide some fun along the way!!
For these reasons, we like providing development funding in such areas, and have recently been repaid on two deals on the Cornish coast comprising 12 flats in Newquay and a pair of houses on The Lizard peninsula. We also have several other ongoing developments which we are funding in Cornwall. We are also funding a 13 house development on the Isle of Anglesey – the experienced builder sold the initial release of 10 within weeks of starting the development.
Housing Shortage pushing up Property Prices
A recent report by the RICS has suggested that a shortage of homes is pushing house prices higher in many parts of the country. The number of houses coming up for sale across the UK during January was at its lowest level since July 2012 despite rising numbers of potential buyers. There is a shortage of homes to satisfy this demand with the inevitable result being rising prices; a trend likely to continue for the foreseeable future.
The pent up demand for houses across England is estimated to be as high as 350,000 households, and so the issue of supply is likely to continue apace. With economic, property and demographic factors, this pressure is not just limited to London and the South East, with the blend of factors giving many areas capacity for growth.
Goldcrest are seeing a large number of development enquiries currently, and we are looking to grow this area of the business to assist those developers who can see the opportunities but continue to be frustrated by the development finance market. We will consider developments throughout the UK and will also consider JV deals of up to 100% of purchase and development costs.