This is an ongoing development loan.
We found Wellesley & Co. online when we were searching for funding. We telephoned and were immediately put through to a Director that helped us with our enquiry and explained the process by which we are now at. We were granted a development loan in the region of £2 million over one year to build five high specification houses with unique views over both the Dorset coast and rolling hills. The expected finish date is August 2015 and our exit strategy is the sale of plots on completion.
Why we picked Wellesley:
Wellesley simply picked us. Wellesley looked at our ability to build, saw our vision and recognised the need for high end houses in the Lyme Regis area. Of course they have not been flippant about lending the money and have a strict system of funding in place which sees all applications being rigorously processed by the Wellesley Credit Committee. However, this process was efficient and our initial application process was accepted in under four hours. This ensuring that we and Wellesley were not wasting each other’s valuable time.
Feedback on Wellesley:
The whole process from the start has been straightforward. We really believe that Wellesley has a ground-breaking model and other institutions should follow their lead. We have a development manager not only looking after the interests of Wellesley, but also giving us advice along the way which is invaluable. Maybe all lenders should adopt this approach, even Clint our loan officer has an understanding of construction, and it’s so refreshing.
Throughout gaining funding for this development, every person I have been in contact with at Wellesley from Anthony Fane, Clint White, Colm O’Sullivan to our development manager who was put in place by Wellesley, has been an absolute pleasure to deal with.
Wellesley goes to visit:
Wellesley took the first train out of London Waterloo to visit Steve and Gay in Lyme Regis to see how Chatterton Heights was developing. We were pleased to see how the site is progressing and were impressed by the incredible variation of views on offer. The houses will be an idyllic place to live and to visit, Wellesley are already looking forward to the updates from Steve and Gay and visiting the site again to ensure all works are on schedule. We have no doubt that the exit strategy will be reached with no trouble at all as Steve and Gay have already been approached by potential buyers. Steve and Gay’s passion paired with the financial backing of Wellesley Lenders has proved that Wellesley & Co. are fulfilling their aim of getting Britain building again by cautiously lending our trusted investor funds on a secured basis only.