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.