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.
Whilst banks are happy to operate in the funding slow lane, and dictate the pace of a deal, we understand that developers are looking for speedy decisions with a focus on rapid deal delivery. As a result, specialist property lenders like MSP Capital are flourishing and we continue to go from strength to strength. Our aim is to keep developers active.
Agreeing the deal within 24 hours and the promise of delivering the funding quickly were the primary reasons the customer chose MSP Capital. 14 days later we drew down the funds. That really is operating in the fast lane.
We are pleased to be supporting a local developer in our home market, however we operate across the south (with deals from Cornwall to Kent) and support a range of unit types, sizes and values.
If you want to experience Funding in the Fast Lane then contact MSP Capital today and let’s talk about your next opportunity.
Lee Merrifield
Underwriting and Credit Team Coordinator
