Oxfordshire based developer Lynda King and her company By Degrees 2 Ltd have been undertaking residential developments for a number of years, most recently, the build of new, large detached houses in the village of Frilford near Abingdon.
The first phase of the development was funded by Amicus, however, following their demise, Lynda was left searching for a new funder to assist quickly with the final three units that comprised phase two of the scheme.
Our team at MSP demonstrated an early willingness to step in and after discussions with a number of lenders, Lynda chose MSP thanks to our flexible approach and ability to turnaround the funding swiftly. This resulted in a near £3m funding package, agreed in July 2019.
Despite the issues faced in 2020 with Covid-19, Lynda’s project has progressed smoothly, with Lynda undertaking the work on a self-procured basis and is very much hands-on herself. The high-quality nature of the scheme was rewarded with an early sale, secured before the development was completed.
Due to this, we were able to allow an element of cash release from the first sale, and with the development having just reached practical completion, we have now rolled the entire facility into our Premium Bridge option to fund the sales process of the final two units.
MSP’s entire team understood the challenges and what we needed as a business and have been the supportive funder we were seeking. They stepped in to fund the final three houses of our project in Frilford at a difficult time following the closure of Amicus. Their ongoing flexibility when we sold the first unit has also been much appreciated and it was great to be able to continue our relationship by switching the funding into a lower-priced Bridging Loan as we reached practical completion.
Lynda King, By Degrees 2 Ltd