In what has been an incredibly challenging time for the building industry our focus at MSP, throughout lockdown, has been to support our existing clients, ensuring access to our crucial development funding lines was maintained to enable project developments to progress. This project is a real success story to come out of these challenging times.
Our client is a well-established and experienced property developer in the South East but were new clients to MSP, who originally drew down their loan back in December 2019, with lockdown occurring at an early stage in their project.
The development comprised of a gated terrace of 3 three-bedroom executive townhouses located in Oxted, Surrey, offering a great location to town and road links. The site previously occupied commercial buildings and a yard, which were quickly demolished, and construction progressed on the dwellings following the successful granting of planning. See full property details here.
MSP initially provided a land loan to assist with the purchase of the site, and we are funding 100% of the build costs; with the funding, all agreed within our lending parameters and a loan to value of approximately 60%.
The Covid-19 lockdown came at a time where the development was at a relatively early stage. Due to the client’s ability to work throughout and the continued availability of MSP build loan funding, the works remain on program and the original practical completion date of August 2020 remains readily achievable.
“In what we all know to have been incredibly testing times it has been a massive relief to know that the team at MSP has had our backs. We managed to keep our developments moving forward through the lockdown and this has been in no small part due to the support of MSP. These are our first two developments with funding via MSP and the front end assurance of transparency, speed of delivery and open dialogue have been delivered in abundance.”
Working together in partnership
The continued success of this project is a testament to the partnership between MSP and Beaufort Homes. The developers’ experience and MSP’s ability to offer continued support, quick turn-arounds of requests for draws from the building loan, and continued engagement with the monitoring surveyor and other professionals have been essential in maintaining momentum throughout lockdown.
Beaufort Homes track record of high build specification, experience, and professionalism make them a highly regarded client that MSP would be delighted to partner with for future developments.
For any commercial or residential development finance requirements, and to find out more about MSP, please contact the team.