Property: Chiddington Causeway, Tonbridge

Purchase price: £4,000,000

VAT facility: £775,000

Loan term: 120 days

Completion date: 24^th July 2024

BloomSmith has delivered Beaufort Homes a £775,000 VAT bridging loan for a site set to be turned into a new residential property development.

Delivered with our competitive 1.25% interest rate, this loan has been provided over 120-days and will ensure that the customer can effectively manage their cash flow in the months following the property purchase process.

The £4,000,000 site is currently home to a disused commercial property and the acquisition represents a fantastic opportunity for it to be repurposed for housing.

On the loan, Beaufort Homes Director Adrian Elshaw said: “BloomSmith’s VAT bridging loan enables us to focus on our key objective of delivering an exciting new residential development to Tonbridge. Their unique approach means that the funding is fast and simple to put in place.

“We cannot wait to begin work on this latest sustainable, energy-efficient new build development and would like to thank BloomSmith for their excellent service.”

Nigel Smith, BloomSmith CEO, said: “As Britain looks to reinvigorate its property building strategy, this deal is a prime example of how our VAT bridging loans can help pave the way for developers to get shovels in the ground quickly and effectively.”