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Speedy commitment to meet new customer timetable

A new customer who had proven construction experience approached us for finance to purchase three barns and develop them into luxury dwellings. His existing bank was proving to be slow in approving the transaction at the level required

We were able to visit the property quickly and establish that the barns were both in excellent structural condition and well located.

In view of the timescales involved, a valuation was commissioned whilst we negotiated and obtained credit approval. This enabled us to meet the timetable being imposed by the vendor and secure the site for the development.

The project has proceeded in line with cost budgets whilst at the same time delivering a high quality product. Practical completion is approaching and early marketing suggests that the barns will achieve sales prices in excess of original expectations.

Loan: £1 million
Loan to value: 64%

Darego Capital Bank subscribes to the Banking Code and the Business Banking Code.

We are also a member of the Financial Services Compensation Scheme (FSCS) and are covered by the Financial Ombudsman Service.