Your client has got themselves a very good deal (providing the valuations come in as stated of course). Most lenders, including bridging companies are still cautious about the new build flat as an asset type. As such there would be very few who lend just against OMV. The majority will lend against a percentage of the OMV or a percentage of the purchase price, whichever is the LOWER figure.

"The vast majority of bridging lenders will not currently lend against land, either with or without planning, as it's a specialised area with development funding particularly difficult to obtain at present. Certain lenders in the development space, such as Regentsmead or Commercial Acceptances, may be willing to consider this development land as suitable security. However, as the borrower is not seeking to develop the plots himself, this may not be viable."

While most lenders will lend a proportion of the purchase price (usually up to 65& - 70%) some might lend against the value if they are satisfied as to why there is such a difference between the two. Rates will probably range from about 1.25% - 1.5% per month. In the first instance you should phone the lenders advertising on Bridging & Commercial and they will advise you what they can do and the costs as well as their procedure.