Bridging Vat advance VAT loan for the purchase of Suffolk development site
Bridging Vat have supported APC Developments with a net advance of more than £100,000 as third charge lender to fund the VAT due on the purchase of the former tax office site in Sudbury, Suffolk.
Situated in the market town of Sudbury, it is a cleared site with planning permission for the development of 19 luxury one and two bedroom apartments. The site to be marketed as Belle Vue Place is the latest exciting development to be undertaken by APC Developments.
The site was opted to tax with APC Developments choosing a Vat loan rather than tying up capital with HMRC.
Alan Smith Managing Director of Bridging Vat said “We were delighted to support APC Developments on this exciting project. It is a text book example of a developer being able to pay the VAT from their own resources, but with several live projects, choosing to remain in control of their working capital and borrow the VAT instead. Now the loan is advanced all our efforts will switch to recovering the VAT as quickly as possible minimising APC’s interest costs.
Sameer Ahuja, managing Director of APC Developments commented, “I had read articles about Vat loans but had not used the product before. As a developer I am interested in anything that helps me retain working capital in the business. The service was very professional and I will definitely use Bridging Vat on future purchases.”
Bridging Vat were represented in this transaction by Morton Fraser.