Age 74, how do I raise the funds to develop my land?
Posted on 2 January 2013 by Penny Cook
My partner is 74, he is retired with no pension and he is applying for planning for a caravan park on his land but he is having problems raising funds due to his age. His house is mortgage free and a recent valuation put it at £650k. Can you assist - equity release is not an option due to the restrictions and he has family to consider.
There maybe some alternative options to consider, including either bridging or development finance, where the focus for the lender is far more on the overal proposal and the exit strategy, rather than just your partners age and income. However before we can give you a more definitive answer, we would require more information regarding the proposal, timescales, end values, etc.... as well some detail around your partners personal situation.
I therefore think it would be worth discussing your enquiry with one of our consultants, to look at the options available in more detail.
If you would like to do so, then please let me know and I'll arrange a suitable time for one of them to contact you.
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