Director Tom Bamber has recently completed a £670k facility to support a £3.1m GDV residential scheme of 6 units in Stalybridge, Greater Manchester. The bridging loan, available in tranches, provides the experienced developer with follow on funding to refinance a development loan and release equity to build out the final two plots on the site.
“This transaction evolved over time and required a strong work ethic and collaborative approach from all stakeholders to deliver for the client. The facility significantly reduces the client’s interest cost and supports the marketing period of the project”
MD Darren Willoughby Commented:
“Part-built exits may be challenging but in this instance, Tom has used his tenacity and breadth of lender relationships to ensure a cost-efficient solution was presented to the client to enable the development to move to completion. Very well done, Tom.”