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%
Term: 21 months
Lender arrangement Fee: 2%
Exit Fee: 1.5%
‘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.’