Pauline and Andy have a small holding in Herefordshire. Inching closer to retirement, they made the bold decision to try their hand at property development, something neither had done before, to help build up their pension pot.
Their grand plan was to build four new four-bedroom properties all with high spec eco-credentials including solar panels, charging points for electric cars, underfloor heating, water storage and bio mass septic tanks. To counteract their lack of experience in property development, they secured a multi award-winning architect to help manage the project and bring their design dreams into fruition.
After receiving planning permission, Pauline and Andy approached their bank of 18 years for a business loan but were astonished when they were turned away: “We had some savings to invest in our project, land as security for a loan, and planning permission for the build but the bank was nervous of development. We couldn’t see a way forward after being turned down by other banks, then one referred us to FOLK2FOLK and our luck changed.”
FOLK2FOLK took an holistic and common-sense approach to Pauline and Andy and the project. “FOLK2FOLK’s attitude was different from the start. We felt like they wanted to help and were friendly and helpful throughout the process.”
Pauline and Andy have employed fifteen local tradespeople to work on their current development and build project, and having been bitten by the property bug are already planning future projects.
“We’re so grateful to FOLK2FOLK for giving us the chance to do this. Not only is it great to obtain the finance we need for our project, but it feels brilliant to be able to create jobs for local people and it’s also nice to know we’re helping FOLK2FOLK’s investors grow their retirement pots – just like we’re growing ours.”
(Stock image used)