For Redtale Holdings, securing residential planning consent for 46 houses at Lorton Park in Weymouth was the successful culmination of a long planning journey.
As experienced developers and with a long-standing contractor on board, the Redtale team thought the hard work had been done. But they discovered that securing a suitable funding package to deliver the scheme was the next challenge.
It quickly became clear that the rigid funding parameters of a high street bank simply didn’t work for Redtale on a phased scheme. The structure wasn’t flexible enough or likely to deliver the level of funding needed.
The same issues were encountered during discussions with a number of other lenders, before a call was made to Paul Miracca, Director at MSP Capital.
MSP relishes a challenge and after listening to the issues and taking time to understand Redtale’s key requirements, Paul put together a sizable funding package for the first phase. He also confirmed MSP’s interest to assist with the future phases. This enabled Redtale to commence the project, confident that they had a supportive funder on board.
Malcolm Curtis (Managing Director of Redtale) commented,
From conception to commencement on site this project has been challenging, we are now realising the delivery of 46 homes for Weymouth with exceptional quality and against all odds with regards to planning and financial support. This project is a real pleasure to work with and represents to us as a local SME the passion and enthusiasm to keep presenting previously overlooked and under-worked sites to achieve a positive result for the communities in which we live.
The Redtale Holdings team in turn have delivered exactly as they said they would. 2 years on and with 10 sales already completed, MSP Capital are now funding the third phase of what is turning out to be a very successful land mark scheme in Weymouth – but one that, without a call to MSP, was struggling to get underway.
Paul Miracca commented,
From the very start, we liked the Redtale vision for the site and enjoyed working with Malcolm, Rachel and Ramin. We looked to structure something that enabled them to achieve their goals of building and selling in phases. Redtale’s confidence has more than played out on the ground with Ramin building nearly as quickly as Malcolm can sell them!
If you are struggling to get the flexible development funding you need from your bank, please call Paul or any of the team on 01202 743400.