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…)