Loan amount: £3,233,764
A repeat borrower approached us for funding for this ground-up development in Lincolnshire.
They had a good record of working with us previously, and the facility was to acquire the greenfield site and then construct nine properties over 21 months.
The build would consist of 2x three-bedroom, 6x four-bedroom and 1x five-bedroom property, which would be constructed and sold on a phased basis.
Mike Jessop, Relationship Manager, said about the deal:“This is an ambitious project to bring a diverse mix of homes to the local area, led by a developer that we’ve worked with successfully over several projects.
“When structuring the facility we considered the client’s plan to mitigate sales risk by phasing the development, further supported by pre-agreed sales milestones, which allowed us to meet the client’s funding needs.
“This level of pragmatism and our case-by-case approach to lending is what we believe sets our development lending product apart.”