Case Type – Development Finance

Understanding the client – First residential property development project but with a wealth of relevant construction experience. The long term objective was to complete multiple developments in the locality.

Project – Construction of sixteen family homes in rural Nottinghamshire.

Challenge – Secure a competitive finance package for first time property developers. Mitigate potential risks associated with the rural location and lack of tangible experience.

Strategy – Undertake a detailed analysis of the developer’s relevant associated experience and provide a formal presentation to suitable funders for the project. Manage the continuing process through two development phases.

Lender – Specialist development lender

Gross Loan – £2,800,000

Loan to G.D.V. – 64%

Rate: 9%

Term: 21 months

Lender arrangement Fee: 2%

Exit Fee: 1.5%

Quotation:

‘The guidance and support we have received from Wharf Financial Services throughout the funding application process has been hugely valuable. Despite some challenges, Marc has delivered a result for us that enables us to achieve what we need for our development, with the help of a very supportive lender. Although a successful application is the ultimate measure of success, the way in which Marc has conducted himself has impressed us the most. Reliable, responsive, professional and genuinely a pleasure to work with.’