In the Cotswold village of Birdlip, a developer was able to release equity from a recently completed development to assist with future growth.
Our customer, Stuart, is a director of an experienced family-run regional property development company based in Cheltenham. Having previously worked with MSP Capital, he approached us with a funding request as he had an opportunity to quickly acquire a site off market. However, to capitalise on an advantageous purchase price, Stuart required funds within one week. It was a challenge we were happy to take on.
Seizing an opportunity
Being a successful property developer means being able to take advantage of any opportunities as soon as they become available. Ensuring access to the right funding at the right time provides an invaluable competitive advantage. As developers will know too well, unreliable funding can mean missed opportunities.
When Stuart became aware of this site, he knew he needed a reliable funding partner who could perform within required timeframes.
How our expertise helped
Having previously worked with MSP Capital, Stuart knew he could contact us for help. Speaking to his dedicated account manager Adam Tovey, we were quickly able to find a solution to provide the funds required to exchange on the purchase of the new development site.
A tailored loan was provided to suit Stuart’s unique requirements, with £750k released against the two recently completed residential dwellings. We provided these funds from application to drawdown in just under a week to meet Stuart’s timescales.
Releasing equity from completed schemes enables developers to acquire and potentially commence work on their next project, without the need to wait for existing stock to sell.
Throughout the process, Stuart was in touch with our experienced team, who are property experts as well as leading lenders of choice. This level of service combined with our in-house expertise is one of the reasons why developers have been trusting us to help with their development finance needs for the last 44 years.
About the development
Previous funding from MSP Capital had enabled Stuart to build four luxury family homes in the quaint estate in Birdlip, nestled in the idyllic Gloucestershire countryside.
The properties, presented with a mellow stone exterior to compliment the surrounding local architecture and landscape, have a classic countryside feel yet with modern design elements making them desirable for today’s market.
Single point of contact
A key advantage for developers like Stuart when working with MSP Capital is that, being a principal lender, we have direct control over the funds. As a decision maker, Adam Tovey was able to work through the options directly with him and release the funds he needed within the one week deadline he required.
We continue to work with MSP Capital as they consistently deliver on funds when needed. An opportunity presented itself to acquire a new site but this necessitated an exchange within one week.
I spoke with MSP who assured me that they could assist by providing equity release against some existing property and they were able to lend funds in six days – I cannot recommend them enough.
Stuart H
