Our property expertise and flexible financial solutions enabled an Isle of Wight housebuilder to progress confidently from one development, where the final units were nearing market sale, to the next.
Element Housing took advantage of our Development Exit Bridging Loan product to continue their business growth.
The decision to source additional financing came as the final units on Element’s Spencer Park scheme in Ryde went up for sale.
Spencer Park features a mix of three and four-bedroom houses and two-bed flats.
The development site features 33 units in total, split into two phases. This final phase saw 19 homes built, including ten affordable homes. Extending to 8,880 sq ft, the site is situated between Ryde Golf Club and an ancient woodland overlooking the shore.
Spencer Park properties benefit from fabulous design, the finest build quality, contemporary finishes and glorious park and golf course views.
A well-established developer on the Island, Element has built numerous residential properties, both high-end and affordable, with Spencer Park being the latest.
Room for manoeuvre
Following a slight softening in the housing market, Element’s Directors turned to us for a Development Exit Bridging Loan, so they could pursue another 16-unit project a few miles away.
We supported their view that they had to keep moving and strive for future growth rather than take a pause while the final few units at Spencer Park sold.
To meet their needs, we arranged a fast turnaround on a £1.5 million Development Exit Bridging Loan with a 52% LTV.
Our swift decision-making process and certainty on funds gave Element the room for manoeuvre they needed financially to progress their new project.
Understanding development needs
Operations Director Tom Punter told us that he and his fellow directors came to MSP Capital because of our strong relationship with Element and the help we had already given at construction stage.
“The main factor is that MSP Capital understands development,” Tom said. “With them, you know you will have a good client-lender relationship.
“You know who you are talking to and feel like you are all working for the same goal.”
The expertise and experience to help
With over 40 years’ in-depth experience in the finance and property industry, we’re ideally placed to act as an extension of a client’s team, offering the guidance and lending solutions they need quickly and efficiently.
If you’re looking for a lender who offers more than just money, talk to our team of experts today on 01202 743400.
“We have built up a strong working relationship with MSP Capital over the years, and find all of the team extremely professional, friendly and positive to work with. It was an easy decision to work with MSP Capital for the development exit loan. This product suits exactly what we are looking for, and the turnaround time for a decision was exceptionally quick!”
– Tom Punter, Operations Director, Element Housing
