28 November, 2016
A Wiltshire based client approached MSP Capital with an opportunity to purchase a partly-constructed development site with planning to construct eleven flats from a builder in financial difficulties.
The other lenders our client approached would not lend on partly-constructed schemes but MSP Capital carried out due diligence and was satisfied with the feasibility of the site and security offered.
We were then able to fund the acquisition of the development and provide the outstanding costs to complete it.
20 November, 2016
Our client approached MSP Capital as they had a development site with planning consent for redevelopment in Poole but limited cash reserves for acquisition.
MSP Capital initially agreed to fund 70% of the purchase price, but increased the funding to 80% after agreeing to take a second charge over an additional off-site asset.
MSP Capital was able to fund a build loan for the development which was completed within eight months and sold for a profit.