21 March, 2018
For Redtale Holdings, securing residential planning consent for 46 houses at Lorton Park in Weymouth was the successful culmination of a long planning journey.
As experienced developers and with a long-standing contractor on board, the Redtale team thought the hard work had been done. But they discovered that securing a suitable funding package to deliver the scheme was the next challenge.
It quickly became clear that the rigid funding parameters of a high street bank simply didn’t work for Redtale on a phased scheme. The structure wasn’t flexible enough or likely to deliver the level of funding needed. (more…)
20 February, 2018
MSP recently agreed a development funding package on a £4m house in one of the premier roads in Poole. The deal had stalled with the client’s high street funder, but having reached out to my former customer, we were able to agree a structure to refinance their current lender and get this part-built project back underway.
This was all achieved in 14 days from start to finish – we really can do deals that quickly, and we’re delighted to be assisting this prestigious project.
After 28 years in my previous role with a high street bank, I know first hand how much tougher it has become to secure residential development funding. Conditions and pre-draw down requirements have mushroomed, which has seen the lending process become massively extended. Discussions are required to start weeks ahead of a potential site purchase to ensure the lender is ready in time. However, it doesn’t have to be like that. (more…)
31 May, 2017
MSP Capital came on board to support the completion of a partially-built prime mixed-use development site with consent for 19 luxury apartments and a ground floor commercial unit.
We were able to structure a deal that incorporated lifting the previous debt on day one and providing further funds to finish the development with certification from our monitoring surveyor.
The clients were very satisfied with the service provided by the team and continue to use our bespoke lending products. We are pleased to strengthen this relationship with our continued support.
Paul and his team are very reliable, proactive and accommodating. They have supported us extremely well throughout the project. – Keiran
16 May, 2017
A new developer on the scene started their first residential development with MSP Capital.
We assisted in the loan structure at the beginning of the project and, nearing completion, helped them fund a part exchange. This helped them realise the capital to fund another project with us.
They are now in the middle of their second residential development project – the demolition of an old disused church building and construction of 7 new 3 bedroom homes.
We will happily continue to use MSP Capital in future projects. The team are extremely knowledgeable about all aspects of development, they understand the complexity of each case and appreciate not everything is black and white. I enjoy the benefit of discussing the project with them over the table and dealing with the faces that make the decisions. I find them extremely supportive, refreshingly flexible and I look forward to our continued future business. – Steve
12 May, 2017
The development, a former garage workshop, had received full planning consent for the demolition of its existing buildings and the construction of 13 residential dwellings and 2 retail units.
Rather than go to a high street bank, our borrower chose MSP for its flexibility and by using our higher loan to value ratios was able to fund other business opportunities elsewhere.
We were able to provide the borrower with swift decisions and views taken during the build process, which helped them to capitalise off-plan sales.
MSP are brilliant and offer us a fabulous service. – RJ Morrall Ltd
5 April, 2017
This fledgling residential developer struggled to get funding from high street banks in order to finance a two-storey development of five residential apartments.
Impressed by their professional team, MSP Capital supported the progression of the development from its inception through to completion.
I was very satisfied with the service and support throughout the whole project. This was my first attempt at property development and Director Paul Miracca was there when I needed him. – Wendy Keynes, TK Developments
The client approached MSP Capital with a requirement for build finance to construct eleven flats.
The client had a loan secured on a first charge against a development site, but as part of the agreement with the previous owner, our client was obligated to provide a new ‘Community Centre’.
The site had additional problems relating to access and party wall issues including basement parking, which increased the complexity and overall build costs.
After struggling to raise finance with other high street lenders, MSP Capital was able to assess the value of the land and offset the costs of providing the community centre to conclude that the project was a commercially viable development offering suitable security.
MSP Capital is now providing the build finance for the scheme, with our borrower having already secured five sales.